Income Protection Insurance
Income Protection is designed to cover you temporarily if you are unable to work due to injury or illness, so that you’re able to maintain your day-to-day living expenses during your recovery period.
Generally speaking, Income protection will cover you for up to 75 percent of your normal income, until such time as you’re able to return to work – or at the end of the prescribed benefit period as noted on your policy.
While there are some policies that offer a higher percentage of cover, you should check the product disclosure document (PDS) of any insurance policy you are considering before making a decision.
Can you afford to not have income protection?
While nobody expects an interruption to their income as a result of an injury or illness; accidents and sickness can strike when you least expect it. With income protection, at least if your situation does change temporarily, you will be able to continue to pay your bills and support your family.
At comparethemarket.com.au, we can help you find income protection insurance to suit your unique situation. You’ll be able to compare quotes online with a number of Australia’s insurers, and review the policies that fit your needs.