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Top 5 things to know about income protection insurance

1

Income protection covers a percentage of your income

When you make a successful claim on an income protection policy, you could receive up to 70% of your income through monthly payments once your chosen waiting period has finished. You’ll also select a benefit period, which is how long you will receive payments while you’re unable to work. This supplementary income could help keep your family afloat in a time of need.

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2

Premiums may be tax deductible

The premiums you pay on an income protection policy may be tax deductible if your policy isn’t structured through your superannuation.

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3

Take advantage of benefits and optional extras

There’s a range of built-in benefits available on income protection policies that you can receive in certain circumstances. Optional extras like partial disability and death benefits give you more choice in your cover.

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4

Available to the self-employed

There’s nothing stopping you from taking out an income protection policy as a sole trader or self-employed worker. You may want to consider income protection if you don’t have annual leave or sick leave. However, you might need to meet some criteria to be eligible.

5

You can get insurance through superannuation

You can choose to take out income protection through your superannuation fund. Of course, where insurance premiums are funded out of super, this does reduce your super balance or retirement income.

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A guide to income protection insurance

Updated February 19, 2024
Written by Joshua Malin
Reviewed by Steven Spicer

David Koch: What if you can’t work due to an illness or injury?

David Koch takes you through the benefits of income protection and gives you some tips to help you choose a policy.

David Koch
Economic Director

Expert tips for choosing the right income protection insurance for you

Our income protection expert, Steven Spicer, has some helpful tips on how to help you find the right income protection policy for you.

Steven Spicer
Executive General Manager – Health, Life & Energy

Check your waiting period

When searching for an income protection policy, always check the waiting periods that may apply should you make a claim. While choosing a longer waiting period can make your policy cheaper overall, you may want to consider this option if you think you have enough savings or sick leave to cover you if you’re unable to work.

Know your benefit period

Check the benefit period carefully when comparing income protection policies, as this will determine how long your monthly payments could be paid if you’re unable to work due to sickness or injury.

Consider cover outside super

While it’s possible to get income protection with your superannuation fund, it’s always a good idea to weigh up your options to ensure you’re getting the best product available. For certain incomes and insurance needs, protection within a superannuation account will be most beneficial, while a separate policy will be better for others.

Income protection basics

What is income protection insurance?

How does income protection insurance work?

With income protection, you’ll be insured for up to 70% of your income through monthly benefits if you’re unable to work because of an injury, illness or certain medical conditions.

Why should I compare income protection insurance?

Difference between life insurance and income protection

Income protection benefits

What benefits should I look for in an income protection policy?

Premiums may be tax deductible

Meet our income protection expert, Steven Spicer

As the Executive General Manager of Health, Life and Energy and our expert in income protection insurance, Steven Spicer knows just how valuable it can be to have a policy that could support you and your family through a difficult time. Steven is passionate about making income protection more accessible to everyday Australians by helping them understand and compare their options.

Steven has 20 years of experience as a people-first business leader, with a focus on creating services that put customers first.

Steven Spicer, Executive General Manager