Income Protection Insurance is something that all of us working Australians should think about. If you have financial commitments or a family to support, it’s worth considering.
Debilitating illness or injury can strike suddenly and without warning. If you are unable to work and there’s no spare cash, the bills can soon pile up, assets you worked hard for may have to be sold, and the standard of living you've enjoyed could be lost—maybe for just weeks or months, perhaps even permanently.
Insuranceline Income Protection Insurance provides a safety net to help you meet your existing financial obligations in case you are unable to work due to illness or injury. It’s all about minimising risk and helping you to recover, get back on track and start earning again.
The benefits of Income Protection
If you rely solely on your income or you're the family's main breadwinner, then taking out income protection could be one of the best financial decisions you can make. If you become sick or injured and unable to work, you and your family may receive regular payments to help you keep up with your financial obligations like your home loan, utility bills and groceries, and support you to keep living your life to the fullest.
Income Protection Insurance is also important if you’re self-employed or are paying off big purchases or debts.
- Unlike worker's compensation insurance, income protection insurance covers you 24/7, not just while you’re working or travelling to and from work.
- The premiums for Income Protection Insurance are usually tax-deductible.
- Insuranceline can provide a benefit of up to 75% of your income for up to 5 years.
- You could cover yourself up to $10,000 per month.
- You can choose to pay premiums fortnightly or monthly, whichever suits your pay cycle.
When you need to make a claim
When you need to make a claim, an experienced Claims Manager will make the process as stress free as possible.
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.