Income Protection Insurance Australia
Income Protection Insurance in Australia pays an ongoing monthly amount that is used to replace your regular income if you are unable to work due to illness or injury. The payments will continue for a specific period of time whilst you remain unable to work due to being totally or partially disabled. Premiums are generally tax deductible.
How Income Protection Insurance can help
Payments can be used to:
- Meet the usual household monthly costs, or
- Reinvested to provide a further ongoing source of income.
Income protection insurance cover becomes even more important when you’re providing for a family. And income protection insurance can be a huge source of stress-relief for those of us if you own a businesses or play a key role in running it.
Work out how much cover you need
Income Protection generally covers up to a maximum of 75% of your regular income with a maximum benefit period of up to age 65. To calculate an estimate of the amount of income protection cover you may need click here.
Get expert advice
If, like most Australians, you’re dependent on your income to cover living expenses and maintain your current standard of living, then you should consider Income Protection cover.