Income Protection Insurance Guide for Women

Published: July 28, 2013

Wouldn’t it be great if you didn’t need to worry about becoming ill or injured and having to take time off work? Whether your single, married or having an ever expanding family, income protection insurance is vital to for women.

There’s no denying that women work hard, both in the workplace and at home. There’s always someone relying on us, but who do we rely on if we have to take extended time off work due to illness or injury?

Policy Maximum Monthly Benefit Percentage of Income Covered Benefit Period Waiting Period  
NobleOak Direct Income Protection AIA
$25,000
75%
2 years or up to age 65
30 or 90 days
Receive up to 75% of your monthly income with Income Protection Insurance. Cover essential living expenses when you’re unable to work due to an illness or injury. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.

Income protection insurance for career women

Whether you are working full time or part-time, income protection insurance can offer you worry-free financial freedom. It provides up to 75% of your income from personal exertion if you happen to fall sick or injured. It means more independence, more flexibility, and more financial security.

Income protection insurance specifically for women

Select insurers in Australia have insurance policy features created specifically for women in mind. These include things like:

  • Pregnancy premium waiver – select insurers will pay the premium for you for up to 6 months over the life of the policy.
  • Cover for part time workers – providing you work at least 20 hours at least 3 days a week in an insurable occupation, then you are eligible for cover from select insurers. This is great news for working mums who struggle to balance both work and family life.

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Types of income protection for women

There are two main types of income protection, agreed value and indemnity value cover. Each has its own pro’s and con’s depending on your situation and what you are looking for.

Agreed Value Policies may benefit women who are likely to have children in the future and plan to take maternity and/or unpaid leave. Proof of income is supplied at application stage, so your benefit payment amount is calculated before claim time. Choosing this option may maximise benefit payments, as opposed to choosing indemnity value income protection insurance.

Indemnity Value Policies may result in lower benefit payments if you are paid a lower salary once rejoining the workforce (after taking extended time off to raise your child). This is because proof of income for indemnity value is made at claim time.

However indemnity value premiums are generally cheaper than agreed value policies.

Be worry free by choosing an income protection insurance that’s specific to your unique circumstances. 

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