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All Income Protection Articles

Planning • 3 min read

Compare your Income Protection Insurance

It is important to compare different Income Protection policies. We have broken down some of the important features to look out for.

Not all forms of Income Protection insurance are the same.

When it comes to protecting your assets and your family, you want to make the best choices.

There are lots of things to weigh up, so let’s start with the basics. When it comes to choosing Income Protection Insurance, or deciding whether to keep the policy you already have, two important things to think about are:

1. How much can I afford to pay in premiums?

2. How much will I need each week to live on?

It can be tempting to go for a cheap option, and whilst lower premiums are attractive—chances are the cover may not be as comprehensive as you'd like. The result may be a shortfall in funds when you can least afford it. You could also end up with less cover than you need.

When it comes to income insurance a little bit of planning and research can go a long way.

Which Income Protection Insurance is for me?

Carefully check the terms and conditions on policies, and the way the key terms of each policy are defined. It is also important to read the policy so you know what is and isn't covered. The first things to look at when you’re comparing Income Protection Insurance, however, are the basics:

Which Income Protection Insurance is for me?

Insurance items

Percentage of income paid out

Upper limit of payout per month

Claiming process

Additional benefits

Pre-existing medical conditions

Checklist

What percentage of your monthly income could you realistically live on? If your insurance doesn't match your needs, it is not ideal.
There may be a benefit limit for high-income earners.
A transparent and quick claiming process is crucial when it comes to getting your payout without added stress or waiting.
Are there benefits provided in addition to income insurance? What is the customer service like?
Does the policy cover you for a pre-existing medical condition?

Insuranceline Income Protection

Our income insurance provides up to 75% of your income.
Our monthly payout can be as high as $10,000 per month.
We ask that you complete a claim form and send it to us with supporting materials such as your most recent payslips as soon as you can.
You can choose optional cover with the Accident Benefit Option so you can access benefits faster if you suffer an Accidental Injury.1
In addition, we offer flexible payment plans and exceptional customer service, as well as a 30-day money-back guarantee.
When you apply for an Insuranceline Income Protection policy, we'll ask you about your health and lifestyle. If you have a pre-existing medical conditon, we'll let you know whether it will be covered or not, before you take out a policy.

Why should I keep my Income Protection Insurance?

  • It safeguards your standard of living and can help you keep your assets, by protecting your ability to make loan repayments.
  • It protects your family from the risk and stress of financial hardship.
  • A small price to pay for peace of mind and financial security.
  • Premiums are generally tax-deductible where cover is held outside of superannuation.
  • I couldn't cope on a government benefit and/or selling my assets to pay living expenses.

If you would like to talk to us about Income Protection Insurance, give us a call on 13 77 87.

 

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 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.

For more information please refer to the Combined Product Disclosure Statement and Financial Services Guide.

1 The Accident Benefit Option is only available as an option when a Claim Waiting Period of 14 or 28 days is chosen. Where the Accident Benefit Option is selected, in the event of an Accidental Injury that results in total disability for the entire Claim Waiting Period, we will backdate your monthly benefit payments to the date of disablement. Refer to the PDS for details.

 

 
Backed by TAL

Any financial product advice is general in nature only and does not take into account any person’s objectives, financial situation or needs. Before acting on it, the appropriateness of the advice for any person should be considered, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by Insuranceline should consider the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) for the product (where applicable) is also available.

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. Hallmark General Insurance Company Ltd ABN 82 008 477 647 AFSL 243478 issues the Involuntary Unemployment Cover.

The ways in which Insuranceline collects, uses, discloses and secures your personal information are set out in the Insuranceline Privacy Policy, which is available free of charge on request.