Income Insurance: Protect Your Payday

Why income insurance?

Income Insurance is arguably one of the most important insurance policies that your will ever own.

Whilst the majority of people insure their physical assets, such as their home & contents, car, etc, many forget that, without a continuing income, these assets may be at risk also.

Licensed insurance brokers from our referral panel can help you select income protection insurance that may provide financial support if sickness or accident affects your ability to work, subject to the policy terms.

What is income insurance?

Income Insurance can provide an income benefit payment if you are unable to work as a result of disablement through sickness or accident, subject to the policy terms.

In some cases, income insurance premiums may be tax deductible depending on your personal circumstances. You should seek advice from a registered tax adviser or refer to the Australian Taxation Office for more information.

Income Insurance benefits are normally paid as a monthly income after the waiting period, while you meet the policy's claim conditions and up to the benefit period limit .. rather than as a lump sum.

Income Insurance policies limit the amount of cover you can purchase to a proportion of your total monthly personal exertion income. Limits vary by policy.

Income Insurance may be available alongside life insurance, trauma insurance and total permanent disablement (lump sum) insurance, depending on the insurer and policy arrangements.

Competitive Rates

Income Insurance rates can vary dramatically for one company to another - partly due to the fact that, often, the features and benefits are different from one to another.

But there are a multitude of factors that are used to determine the price that you will pay for your cover and each insurer will treat each criteria within their own guidelines.

With access to a range of income insurance policies from selected insurers, brokers in our network can source competitive, value-for-money options for you. Quotes are based on products they select and may not include all insurers or policies in the market.

Compare Options

Disability Income Protection Insurance policies vary greatly from company to company ... not just in price, but in features, benefits, options, flexibility ... and even in their definitions.

For example, most companies have a slightly different definition of the term "disabled" - meaning that you could be considered for a claim with one company but not be entitled to claim with another!

Due to the complex nature of Income Insurance, we recommend that you discuss your personal circumstances with a licensed insurance professional prior to buying or renewing a policy.