What is Income Protection Insurance Australia
Income Protection Insurance or Income Insurance (also known as Salary Insurance) is a replacement income if you are unable to
work at full capacity, or at all, due to sickness or injury. It is basically Income Insurance protection. If
you do not have an alternative income to rely on upon your illness
or injury, you need Income Protection Insurance or Income Insurance Protection cover. Australian Income Protection Insurance will help you maintain
your home, lifestyle, provide for your dependants, while you spend
what ever time is needed to recuperate.
Income protection insurance (or Salary Insurance) is a monthly benefit that pays you up to 75% of your salary or income and covers you for accidents, illnesses or major traumas.
It is not unemployment income protection or income protection insurance for redundancy. Income Protection insurance pays you up until you return to work (after your waiting period), if you cant return, up until retirement age being age 65
(depending on your occupation).
Income protection is designed to ensure that you can continue to pay the mortgage and school fees and the like and put food on the table and carry on financially
until you return to work.
Income Protection Insurance (or Salary Insurance) has benefits which can be varied to suit the individual,
and which have a direct affect on the premium cost.
It is wise to compare Income Protection Insurance policies or Salary Insurance policies as they vary substantially in their conditions.
And we do recommend using an insurance broker such as ourselves to help you compare income protection insurance policies so you can get the best income insurance for your situation. This is important as not all Australian Income Protection Insurance Policy covers are the same. It is wise to obtain a Salary Insurance or an Income Protection Insurance comparison for this reason. We are income protection insurance providers and can help you find the cheapest income protection insurance for your personal income protection insurance particular situation.
Why not submit a query for income protection online here!
Self Employed Income Protection
Income protection insurance is available for self employed persons. Income protection and self employed persons is a workable combination! To obtain self employed income protection insurance you will need to provide proof of income for the past three years. To obtain a quote for self employed income protection insurance, please submit a income protection insurance quote request.
Is Income Protection Insurance Tax Deductible in Australia?
We are often asked the question: "Is income protection insurance tax deductible?" Basically, income protection insurance is a tax
deductible expense in Australia so you no longer need to question whether Income Protection Insurance or Income Insurance is Tax Deductible.
Income Protection Insurance Quotes
If you are looking to compare Income Protection Insurance or want an Australian income protection insurance comparison, or want the best income protection insurance, or want cheap income protection insurance for your situation, or want life and income protection insurance or just wish to submit an online income protection insurance quote request, go to the
income protection insurance request quotation page.
Income Protection Insurance Definitions
Is the monthly amount of replacement salary or income you
will be paid. The maximum is 75% of your monthly gross salary or income (i.e.
Is the length of time your replacement salary or income will
be paid for any one uninterrupted claim. Choices of benefit periods
are available; 2 yrs; 5 yrs or to aged 65 years. The longer the
benefit period the more the premium cost
Is the length of time you must wait before your
replacement salary or income will commence. Choices of waiting period are
available; 2 weeks; one month; two months; three months; six months;
one year; two years. The shorter the waiting period the more the
Other factors affecting the premium cost of Income Protection Insurance in Australia:
|Type of work you do
i.e. manual work will attract a higher premium
cost than office work
|Male or Female
There are variances between male and female premium
The older you are the higher the premium cost
|Smoker / Non Smoker
People who smoke attract a higher premium
cost than non smokers
|Pre-existing medical conditions
If you have a pre-existing medical condition, this
may affect the income protection insurance premium cost. Depending upon the actual
condition and the severity of it, you may be considered at normal
premium rates, or the Underwriters of the Insurance may deem you
to be at higher medical risk and therefore offer you a loaded (increased)
premium, or they may offer you cover at ordinary rates but exclude
anything connected to your pre-existing condition, or they may decline
your application for income protection cover totally.
These issues can only be determined during Underwriting which occurs
after you have submitted your original application for income protection insurance.
You will be advised of these issues once the Underwriters have assessed
your application. The income protection insurance application cannot proceed with any alternative
terms without your written consent.
Note: As soon as you are medically defined as being able to return
to work, your Income Protection Insurance benefit or Salary insurance benefit will then cease. This is because
you are then well enough to return to work.
For the best life and income protection insurance policy, personal income protection insurance, income protection and life insurance combination, life and income protection insurance comparison, or income insurance policy for your situation, submit an online income protection quote request form for income protection insurance by going to the
income protection insurance quote page.
Insurance Brokers, we welcome inquiries on our Life Insurance, Trauma Insurance, TPD Insurance & Income Protection Insurance products
and insurance broker services. We can help you compare life insurance policies, compare income protection insurance policies, compare trauma insurance or compare tpd insurance policies from various sources and ensure you get the most appropriate policy for your particular circumstances.
Please feel free to send us an email,
call us on 1300 766 467,
use our contact us page to send us an online inquiry for any form of insurance quote
or submit a
life insurance quote,
income protection insurance quote,
trauma insurance quote or
tpd insurance quote form.
We will contact you within 24 hours to answer your inquiry.
This web site does not provide financial or investment advice. The information
herein is general material and does not take into account your personal and
particular insurance, personal, or investment data or objectives or relevant
needs. If we can assist with specific advice please contact us.