What is Income Protection Insurance?
Our Income Protection Insurance provides a payout of up 75% of your monthly income up to $10,000 per month if sickness or injury leaves you unable to work. It is a way to help replace your income and help protect yourself and your dependants from financial stress. You can choose how to use your payment - to help with rent or mortgage repayments, car repayments, household bills, credit card payments or even the basics like food and clothing. Income protection is a monthly benefit that pays up to 75% of your income while you're unable to work, and is based on your earnings prior to claim.
Why Insuranceline Income Protection?
Insuranceline is committed to offering flexible and affordable Income Protection Insurance to Australians to help protect them and their families if they're unable to work. Our affordable and easy to apply for insurance cover can provide you with up to 75%** of your monthly income and Insuranceline will provide a discount for paying your premiums annually – find out more below.
With our Income Protection Insurance, you can cover up to 75% of your income, up to $10,000 a month**. Premiums are also tax deductible.
Here you can find answers to the most common questions we’re asked about our Income Protection.
For anything else, call us on 13 77 87 or download the Income Protection Insurance Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG).
What is Income Protection Insurance?
Our Income Protection Insurance provides a payout of up 75% of your monthly income up to $10,000 per month if sickness or injury leaves you unable to work. It is a way to help replace your income and help protect yourself and your dependants from financial stress.
You can choose how to use your payment - to help with rent or mortgage repayments, car repayments, household bills, credit card payments or even the basics like food and clothing.
Income protection is a monthly benefit that pays up to 75% of your income while you're unable to work, and is based on your earnings prior to claim.
How much Income Protection can I get?
Sickness and Injury Cover insures up to 75% of your income, with a maximum payout of $10,000 per month and you can choose a benefit payout period of 6, 12, 24 months or 5 years.
Want to know more about our Income Protection? Get a quote online or call 13 77 87 today.
What is a Waiting Period? When would my Income Protection payouts start?
The Waiting Period is the amount of time after a Sickness or Injury occurs that you have to wait before your payments commence. You can choose a Waiting Period of 14, 28, 60 or 90 days for Sickness and Injury claims or 14 or 28 days for the Accident Benefit Option. The longer the Waiting Period you choose, the lower the cost of your Cover. If you are off work and make a claim, you will not receive any payments for the duration of your Waiting Period. Once you’ve been continuously off work for the duration of your Waiting Period, you’ll start receiving payments a month later, as they’re paid a month in arrears. If you have a waiting period of 14 or 28 days and you have the Accident Benefit Option as part of your policy, your claim will be back dated to the date your accident or injury occurred and the waiting period will be waived. Terms and conditions apply, read the PDS for more information.
What is a Payout or Benefit Period? For how long will I get Income Protection payouts?
The Payout Period or Benefit Period is the maximum amount of time you can receive payments when you are unable to work due to Sickness or Injury. You can choose a Payout Period of 6 months or 1, 2 or 5 years. Benefit payments will continue until the Payout Period you’ve chosen runs out, or you’re able to return to work.
Will my Income Protection premiums go up?
Premiums generally increase with age each year at the anniversary of your insurance, or if you increase cover. Unless otherwise requested, premiums also increase each year for the automatic adjustment for inflation (your level of cover will also increase by the same percentage).
Premiums will increase if we change our underlying premium rates. The underlying premium rates are not guaranteed, but once your Policy has started, you will never be singled out for a premium increase. Any increase will be applied to all policyholders to whom the same premium rate table applies, with 30 days written notice.
If I make an Income Protection Insurance claim, how much will I get?
Your monthly payouts are based upon either your cover amount (that you have applied for successfully), or 75% of your pre-claim monthly income – we’ll pay you whatever amount is lower.
Generally, we calculate monthly income as a before-tax average over the last 12 months before you became sick or injured. If you’re self-employed, we’ll deduct business expenses to calculate this amount.
We may reduce your payouts if you receive other payments while you’re not working – for example, a payout from another Income Protection policy, workers’ compensation or social security. If these extra payments plus your cover payments add up to more than 75% of your pre-claim monthly income, we’ll reduce your payouts proportionally.
Remember that while your premiums are tax-deductible, your monthly payouts are assessable for tax.
What’s not covered in Insuranceline's Income Protection Insurance?
For more details about what isn’t covered, see the Combined Product Disclosure Statement (PDS) & Financial Services Guide (FSG)
What happens if I leave information out when I apply for Income Protection?
You must give us the information we request when you apply for Income Protection, and answer all of our questions honestly and completely. That’s because if you do make a claim, we’ll need to check your medical, employment and financial records. If it turns out you didn’t tell us something important, we may have to refuse your claim.
When does my Income Protection cover end?
As long as your premiums are paid when due, your Sickness, Injury and Permanent Disability cover will continue right up until the renewal date after you turn 65. On that date, your policy will end.
If I cancel my Income Protection policy, will I get a refund?
When you take out Income Protection, we give you a 30 day money back guarantee - so if you cancel your policy in the first 30 days, we’ll give you a complete refund.
After that, there are no refunds. Your policy simply gives you Income Protection Insurance cover - it is not a savings plan.
What happens if I can’t pay my Income Protection premiums?
If you think there will be a problem with paying your premiums because your budget has run over that month or you're unsure you'll have the money, please give us a call on 1300 880 750 at least 3 business days before your payment is due and we can help you with an alternative payment arrangement.
Who will I be dealing with during my Income Protection claim?
Want to know more about our Income Protection? Get a quote online or call 13 77 87 today.
Our Income Protection Insurance provides a payout of up to $10,000 per month if sickness or injury leaves you out of action. You choose how to use your payment - to help with rent or mortgage repayments, car repayments, household bills, credit card payments or even the basics like food and clothing.
To keep your premiums as affordable as possible, some exclusions do apply. They include alcohol-related illness or injuries, and injuries caused by an intentional self-inflicted act or an act of war. The complete list is found in the Combined Product Disclosure Statement (PDS) & Financial Services Guide (FSG).
Always consider how cover exclusions and restrictions may affect you if you need to claim.
Alternative products and cover options may be available through other insurance providers, including directly from the insurer of Insuranceline products TAL
Get a quote online or call 13 77 87 today.
Income Protection Insurance provides an income to you when you can’t work due to sickness or injury. So, if you or anyone else relies on your income to cover living expenses, it’s worth thinking about Income Protection Insurance.
With our flexible payment plans, including fortnightly, monthly or annual payments on a date you choose, it’s easy to afford. And there are no medical checks required.
Want to know more about our Income Protection? Get a quote online or call 13 77 87 today.
Download our Combined Product Disclosure Statement (PDS) & Financial Services Guide (FSG).
Request an Income Protection Insurance information information package today and have it delivered to your home.