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Planning • 2 min read

What is Income Protection?

Income Protection Insurance provides a temporary replacement of part of your income if you're unable to work due to illness or injury. Here's what you need to know.

Have you ever thought about what would happen if you weren’t bringing home the same money you’re earning now? What if you were suddenly getting less—or nothing—for a long time?

Income Protection Insurance insures you against loss of earnings through injury or illness. So it’s an excellent way to replace your lost pay packet and protect yourself and your dependents from temporary and long-term financial hardship.

How much does it pay?

Generally, Income Protection is a monthly benefit that pays around 75% of your income while you’re unable to work, and is based on your earnings prior to claim. 

Income Protection Insurance is usually tax deductible and designed to cover living costs. So even if you’re not earning your usual income, you can continue putting food on the table, paying the bills, and enjoying a quality standard of living.

Do you need Income Protection Insurance?

Very few families could get by without the main breadwinner’s salary or wage coming in.

Income Protection Insurance is essential if you are:

  • Keen to maintain your financial independence in the event of illness or injury
  • Paying off a mortgage
  • Supporting a family
  • Self-employed
  • A small business owner
Insuranceline Income Protection at a glance:

  • We can pay up to 75% of your income, up to $10,000 per month when you're out of action. Pre-existing medical conditions are excluded
  • We offer affordable, tax deductible premiums from approximately a dollar a day+
  • Once you return to work, your plan stays in place in case you ever need it again

Apply for Income Protection with Insuranceline by getting quick Income Protection Insurance quote to see where you stand.

 

Important Information

Qualifying Periods apply after the Cover Commencement Date for Sickness and Injury Cover and Mental Health-Related Conditions. You will not be paid a Benefit amount for Sickness, Injury or Mental Health-Related Conditions during Qualifying Periods. A Qualifying Period applies when you first take out cover, and if you increase your Monthly Benefit amount.

Please refer to the Combined Product Disclosure Statement and Financial Services Guide for more information.

+ Premiums vary depending on personal circumstances, waiting periods, and generally increase with age and level of cover. Payouts are tax assessable.

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^Insuranceline Win 1 of 5 $1000 Visa Cards (Competition). Subject to the Terms and Conditions, the Promotor is offering customers a chance to win one of five Digital Visa Gift Cards valued at $1,000, in one of the four draws. Entry commences on the 1st of April 2024 and will run for four months until 11:59pm AEST on the 31st of July 2024 (Entry Period). During the Entry Period, to be eligible to participate in the Competition, customers must get a quote and take out a new Insuranceline Life Insurance, Income Protection Insurance, or Funeral Insurance policy to enter the Competition. A maximum of one (1) entry into the Competition will be awarded per eligible policy. The Promotion is not open to existing customers, or customers who have cancelled a Promoter branded policy in the 12 months prior to the commencement of the Entry Period and then taken out a new Insuranceline branded policy. Each of the four Prize Draws will take place at Level 16, 1 Denison Street, North Sydney NSW 2060 on the respective Prize Draw and Time, as listed in the table in Condition 13 (and if any Redraws if there are any unclaimed prizes, Condition 19) of the full Terms and Conditions, and the winners will be sent an email and will be attempted to be notified via phone within two (2) business days of the Draw and published on https://www.insuranceline.com.au/campaigns/competition-terms. Max. retail value of the total prize pool is $20,000. To be eligible at time of the draw, customers must still have an active policy and have paid 1 month of premiums in full. View eligibility criteria and full terms and conditions here. Promoter: TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. Permits: NSW NTP/09255, ACT TP24/00483, & SA Licence No. T24/388.

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

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The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

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