What is Income Protection Insurance?
Income Protection Insurance, also known as income insurance, provides you with a monthly income stream while you are unable to work due to accident or illness. These regular payments can help you meet living expenses and maintain your standard of living during periods you are without your income. An income protection policy with a benefit period to age 65 can provide long term financial security and wealth protection.
Income protection insurance policies in Australia generally have the following features:
- 75% of your income is the maximum that can be covered
- A waiting period will need to be served before benefits start
- A benefit period defines the maximum period payments will be made
- Premiums are tax deductible to individuals
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We don’t just compare quotes, we compare income protection insurance benefits
Income protection policies vary widely in the benefits that they offer. Most insurers offer basic and comprehensive policies. The cheapest income protection policies are therefore unlikely to offer the best cover. See our tips and traps when buying income protection insurance.
We compare 50+ income protection policies highlighting what to look for when comparing policies such as:
- Differences in total disability definitions
- Differences in partial disability definitions
- Additional benefits offered
- Star ratings based on product features and benefits
- Full Product Disclosure Statements from the insurers
If you are looking to keep costs down but still obtain quality income protection see our 20 tips to lower income protection insurance premiums.
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