It is one of our aims to educate our readers on the importance of financial protection and the options available on the Australian market. Below are the main categories clients frequently ask about.
Income Protection Guides
Benefits of income protection
Income protection insurance covers you for 75% of your income should you suffer from a sickness or accident and be unable to work.
Income protection insurance premiums are one of the few policies that are fully tax deductible.
Sickness and accidents do occur, and protecting yourself from the unexpected can help ensure your finances aren’t left in dire straights.
A claim benefit payment can help cover:
- Mortgage repayments
- Day-to-day living expenses
- Medical costs
Who needs income protection?
If you or your family relies on your income, then income protection is for you. Think of it this way, if you suddenly suffered an injury or illness and couldn’t work, could you cope financially? Could you pay for your bills and living expenses for a long period of time? If the answer is ‘no’, it is vital to get adequate income protection insurance to cover that risk.
ComparingExpert comparison service
Our award winning service is backed by a responsive team of financial advisers and customer service staff. We offer the following:
Free comparison of Australia’s top policies
We’ll discuss the top policies to suit your particular situation, and help you understand any jargon.
Free annual policy review
We’ll conduct an annual comparison to ensure your policy is still competitive. We’ll then call you to discuss your options, and whether you need to update your details or levels of cover.
Free claims management
If you need to make a claim we’ll:
- take you through the claims process
- help you fill your claim form properly and outline any additional documentation you may need
- speak to the insurer on your behalf to ensure best claims outcome
Income protection for specific occupations
Different insurers offer income protection policies more tailored towards certain occupations or industries. They do this by offering certain benefits or options for specific occupations, or by offering specific coverage for those in certain occupations or industries.
Tailored income protection insurance policies or particular benefits are available for the following occupations or industries:
Since some work sites require mandatory cover some insurers have created policies geared towards tradies & construction workers. Apart from the standard benefits, the following are specific benefits or options offered by Australian insurers for these types of occupations:
- Specific injuries benefit
- Accident benefit option
If you are a contractor or self-employed person with a fluctuating income, we can advise you on the best policy structure to suit the nature of your job. Doing this can maximize benefit payments at claim time.
As one of Australia’s main industries, competitive rates are available for mining, oil & gas industry workers. To meet demand, select insurers have created policies geared towards people in these industries. For a quick quote please have information about your job ready when calling us, including your title, duties, and hours worked in a standard work rotation.
Competitive rates are available for those in the medical industry. If you are a general practitioner or dentist with your own practice, we can also explore best policy structures to suit the nature of your job. Specific benefits or options for this occupation include:
- Needle-stick cover
- Cover for occupationally acquired blood born diseases such as HIV, HEP B & C
- Non-offset clause (doctors, surgeons, dentists)
The main benefit for these specific occupations includes the ‘non-offset clause’. This particular clause can potentially increase your benefit at claim time. Please contact one of our financial advisers for more information.
Due to the seasonal nature of farming and agricultural work, fluctuating income is one of the many hurdles that Australia farmers face. To reduce this burden, select insurers now calculate benefits on the basis of 30% of the farm’s gross turnover.
The other option available is to calculate your benefits based on your net income.
Consider your past times
Select income protection policies can offer cover for sports related injuries when playing:
Select insurers also offers level of coverage or injuries related to higher-risk past-times such as:
- Motorbike riding
- Trail bike riding
- Sky diving
- Base jumping
- Rock climbing
It is, however, best to carefully read through your product disclosure statement (PDS) to determine which pastimes you receive coverage for and to what extent.
Income protection comparisons are a good place to start when looking for the best possible cover at the best possible price.
Disability and insurance varies depending on the definition, which in turn can affect your claims payment
Income protection insurance covers both sickness and accident, in or outside of work, unlike workers compensation which only protects you at the work place
Insurance for women is more tailored as income protection companies now offer specific benefits for women such as pregnancy premium waivers, part time work cover
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
Asset protection strategies come in all forms, however not many people know their personal income is probably their greatest asset, and can be covered by income protection