Income Protection Insurance Guide for Women
While we are a privately-owned business, the offers that appear on this site are from companies from which www.comparingexpert.com.au receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site.
While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our site as any endorsement or recommendation from us.
www.comparingexpert.com.au compares a select range of products, providers and services, but we don’t provide comparisons or information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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?
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.
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.
Find the best income protection policy for your requirements and budget. We compare up to 9 insurance brands and provide you with a review of each company.
Find out how much income protection you need and what your premiums will cost. 7 ways to find cheap income protection insurance. Get quotes online now!
Discover which type of income protection policy best suits your unique requirements and budget by comparing agreed value vs indemnity value side-by-side.
Disability and insurance varies depending on the definition, which in turn can affect your claims payment
Income protection premiums for women are different to men based on historical, health & probablity to claim factors
Insurance for women is becoming more important, especially now as women are often key income earners in the family & need their income protected