The length of time your income protection policy will pay out for will depend on the term you’ve selected and agreed upon in your application, or the term that is stated in your policy, known as your benefit period. It will also depend on how long you remain unable to work and whether you meet the claim conditions.
Your benefit period (how long your income protection pays out for) may last for a number of months, a few years, until a certain age (e.g. until you turn 65) or until your claimable sum is paid out; your benefit period will also come to an end if you recover and are able to work.
For any income protection claim, you may need to provide ongoing medical proof of your sickness or injury to keep receiving payouts throughout the benefit period.
A waiting period also applies to income protection, and cover is only provided (where otherwise eligible) for periods you’re unable to work due to sickness or injury after you’ve served this waiting period.
Refer to your Product Disclosure Statement (PDS) to find out how long your income protection will payout for. Read more about how income protection payouts work, or easily compare income protection policies in minutes to help you decide your insurance needs to maintain your lifestyle if something unfortunate were to happen.