Income Protection Insurance
You depend on your ability to work to generate an income. An injury or illness which sidelines you for an extended period of time could be detrimental to you and your family.
Income protection insurance (or salary continuance) can help you manage that income gap while you recover. Income protection insurance does what its name implies: it protects you from losing your income when injury or illness disrupt your ability to work. Having such a financial safety net reduces stress on you, your family or your business. You then get to focus your energies on your recovery.
Income protection cover provides a replacement income of up to 85% (including 10% contribution to super) of your income. It provides a monthly benefit for up to 2 years or to age 65 and offers various waiting periods to suit your needs.
The premium cost of income protection insurance depends on your age, waiting period and benefit period selected, your gender and occupation rating.