When you start to think about getting income protection, you’ll need to ask yourself three big questions.

Do I need income protection?

Once we buy our first home, get married, or have kids, our circumstances change dramatically. Expenses go up, and most of us need to tighten our belts and bring in a consistent income to stay on top of everything.

But what if you couldn’t work, due to serious illness or injury? In this event, you’ll be glad you have income protection. It can replace up to 75% of your income each month for a set period of time, and, subject to the policy, contributes an extra 10% towards your superannuation nest egg.

In a marketplace that also offers Life Insurance, TPD and Trauma cover, and health insurance, many ask, ‘Is income protection a necessity?’ We think it has tremendous value, and we explain why in this article.

How does the application process work?

Like most insurance products, your premium will vary depending on how risky you are to insure. Your income protection insurer will assess this risk and your premium will be calculated accordingly.

We aim to make the application process as seamless as possible. In most cases, applications are generally completed over the phone. An application specialist will ask a series of questions, which range from your occupation, income details and past times through to personal and family medical history. Your application will then be lodged with our insurer; it will then be assessed and underwritten.

Find out more about the underwriting process.

How do payouts workout?

If it comes time that you need to make a claim on your income protection, there are a few things you’ll need to know to ensure the process runs smoothly. The first thing you should do is contact your insurer, who’ll explain the process in greater detail. Some claims can be completed over the phone, while others may require some forms to be filled out.

Certain conditions may need to be met in order to qualify, however. You may have to spend a certain period of time away from work before you can claim (in some cases, for example, this will be 30 days). Additionally, you should ask your insurer whether or not they waive premiums during the claims period. We explain all of this and more in our article on income protection payouts.

If you’re happy that you know the answers to those questions, then it’s time to compare! We can show you policies from across the country to help you find better cover.

Ready to go? Compare income protection with us.

The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.