Don't let illness or injury leave you without an income.

You need income protection because your ability to earn an income is likely one of your most valuable assets. If you were unable to work due to illness or injury, you may find yourself unable to pay bills, meet mortgage repayments, or support your family. Income protection provides you with peace of mind that you can continue to support yourself and your family while you recover.

Illness and injury can strike at any time, and it's important to have a plan in place to protect yourself financially. While you may have some sick leave entitlements or workers' compensation coverage, these may not be enough to cover your living expenses over an extended period. Income protection can provide you with a regular payment to cover your essential living expenses, allowing you to focus on your recovery without worrying about your financial situation.

Income protection is particularly important if you are self-employed or run your own business, as you may not have access to sick leave or workers' compensation. It can also be valuable if you have a family to support or if you have significant financial commitments such as a mortgage or other debts.

Overall, income protection is a valuable investment in your financial security, providing you with peace of mind that you can continue to support yourself and your family even if you are unable to work due to illness or injury.

The amount of income protection you can get cover for will depend on a number of factors, including your income, occupation, and the level of cover you choose. Typically, income protection policies provide coverage for up to 75% of your pre-tax income.

To determine the amount of income protection you need, you should consider your essential living expenses, such as mortgage or rent payments, bills, and other day-to-day expenses. You should also consider any dependents or family members that rely on your income for support.

When you apply for income protection, your insurer will assess your income and other factors to determine the level of cover you are eligible for. They may also consider your occupation and any pre-existing medical conditions you have.

It's important to note that while higher levels of cover may provide greater financial protection, they may also come with higher premiums. You should carefully consider your budget and financial situation when selecting a level of cover.

It's a good idea to speak with an experienced insurance professional who can help you determine the appropriate level of cover for your needs and budget. They can also help you compare different policies and providers to find the best option for you.

Income protection covers you for any illness or injury that prevents you from working and earning an income. This can include physical injuries, mental health issues, and chronic illnesses.

The specific conditions and events covered by income protection will vary depending on the policy and provider you choose. However, most policies will cover you for a range of medical conditions and injuries, as well as accidents and other events that result in you being unable to work.

Typically, income protection will provide you with a regular payment to cover your essential living expenses while you are unable to work. This can include mortgage or rent payments, bills, and other day-to-day expenses.

Some income protection policies may also include additional benefits, such as rehabilitation services and counselling support, to help you recover and return to work as quickly as possible.

It's important to carefully review the terms and conditions of your income protection policy to understand exactly what is covered and any exclusions or limitations that may apply. You should also speak with your insurer or an experienced insurance professional if you have any questions or concerns about your coverage.

The age at which you can take out income protection insurance will depend on the policy and provider you choose. However, most insurers will offer income protection to individuals aged between 18 and 65 years old.

Some insurers may offer income protection to individuals outside of this age range, but the premiums may be higher or the coverage may be more limited.

It's important to note that the cost of income protection may increase as you get older, as the risk of illness or injury generally increases with age. Additionally, some insurers may require you to undergo a medical examination or provide details of your medical history before they will provide coverage.

If you are considering income protection insurance, it's a good idea to speak with an experienced insurance professional who can help you understand your options and find the best policy for your needs and budget. They can also help you compare different providers and policies to ensure that you get the best possible coverage at a competitive price.

Yes, your occupation can have an impact on your eligibility for income protection and the level of coverage you can receive.

Some occupations may be considered higher risk by insurers, meaning that you may face higher premiums or more restrictions on your coverage. For example, individuals working in manual labour or high-risk professions such as mining or construction may be considered higher risk due to the physical demands of their work.

Conversely, individuals working in low-risk professions such as office administration may be considered lower risk and may be eligible for lower premiums.

Insurers may also consider the level of income you earn from your occupation when assessing your eligibility and level of coverage. If you have a high income, you may be eligible for a higher level of coverage, but this may also result in higher premiums.

It's important to carefully review the terms and conditions of your income protection policy to understand how your occupation may impact your coverage. You should also speak with an experienced insurance professional who can help you understand your options and find the best policy for your needs and budget.

Yes, there is usually a waiting period before income protection payouts start. The waiting period is the length of time you must be unable to work due to illness or injury before you become eligible to receive income protection payments.

The waiting period will be specified in your policy, and it can range from 30 days to six months or more, depending on the policy and provider you choose. Generally, the longer the waiting period, the lower your premiums are likely to be.

It's important to carefully consider the waiting period when choosing an income protection policy, as it can have a significant impact on the level of financial protection you receive. You should also ensure that you have enough savings or other sources of income to cover your expenses during the waiting period, as you will not be eligible for income protection payments until the waiting period has expired.

If you have any questions or concerns about the waiting period or any other aspects of your income protection policy, you should speak with your insurer or an experienced insurance professional for guidance.

The length of time that income protection will pay out for will depend on the specific policy and provider you choose.

Some policies may provide coverage for a fixed period of time, such as one, two, or five years, while others may provide coverage until you reach a certain age, such as 65 or 70 years old.

In general, the longer the coverage period, the higher the premiums are likely to be. However, longer coverage periods can provide greater financial protection in the event of a long-term illness or injury.

It's important to carefully review the terms and conditions of your income protection policy to understand the length of time that you will be covered for. You should also speak with your insurer or an experienced insurance professional if you have any questions or concerns about your coverage.

Additionally, some income protection policies may have waiting periods before the benefit payments start. The waiting period is the length of time you must be unable to work before you become eligible to receive payments.

Waiting periods can range from 30 days to six months or more, and the length of the waiting period will impact the cost of your premiums.

No, income protection insurance only provides coverage if you are unable to work due to an illness or injury. It does not cover redundancy or job loss.

If you need to make a claim on your income protection insurance policy, you should follow these general steps:

1. Notify your insurer: Contact your insurer as soon as possible to let them know that you need to make a claim. Your insurer will provide you with specific instructions on how to proceed.
2. Gather documentation: You will need to provide documentation to support your claim, such as medical records, a doctor's certificate, and proof of your income. Your insurer will provide you with a list of the specific documents that you need to submit.
3. Submit your claim: Complete the claim form provided by your insurer and submit it along with the required documentation. Make sure to submit your claim as soon as possible to avoid any delays in processing.
4. Wait for a decision: Your insurer will review your claim and may ask for additional information if needed. They will then make a decision on your claim and let you know if it has been accepted or denied.
5. Receive your benefit payments: If your claim is accepted, your insurer will start making regular payments to you based on the terms of your policy. These payments will continue for as long as you remain eligible under the terms of your policy.

It's important to carefully review the terms and conditions of your income protection policy and follow the instructions provided by your insurer when making a claim. If you have any questions or concerns about the claims process, you should contact your insurer or an experienced insurance professional for guidance.