Income Protection

Income protection is a type of insurance policy that provides financial support if you are unable to work for an extended period due to illness or injury.
It offers a regular monthly benefit, typically up to 70% of your income, for the duration specified in your policy.
This type of insurance is crucial for sole income earners, regardless of whether you have dependents.
If you do have people relying on your income, it helps alleviate the financial stress for both you and your loved ones if you become ill or injured and unable to work.
By having income protection in place, you can ensure that you and your family can maintain the lifestyle you've worked hard to achieve, even in the face of unforeseen health challenges.

You can make a claim on your income protection insurance if you are sick or injured and unable to return to work for a period that exceeds the waiting period specified in your policy.
You may need to provide evidence to confirm that you meet the insurer's definition of being unable to work.
The specific illnesses and injuries covered, as well as their definitions, will vary between policies.
Coverage can range from minor injuries like a broken bone to major health events like a heart attack, depending on your occupation.
It is important to thoroughly review the product disclosure statement to understand exactly what is covered and what is not.

No, income protection insurance does not cover redundancy or job loss. It is important to understand that the basis of income protection is the inability to work due to illness or injury, and redundancy does not constitute an inability to work, hence it is not covered.