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Income Protection Insurance - October 19th
While these loans may assist with short-term goals, they can carry a number of fees and usually require you to pay off the amount owed within specific timeframes. Missing a loan repayment could have a negative…– Read more
Income Protection Insurance - September 6th
This may be particularly important when it comes to the service you receive when making a life insurance claim, as it can be an emotional and difficult time. What is the Code? The Life Insurance Code…– Read more
Income Protection Insurance - April 5th
ANZ OnePath’s PAW was one of a select number of Australian products within the financial services industry recognised and celebrated by Canstar through its annual Innovation Excellence Awards for making life easier for consumers. The PAW…– Read more
Income Protection Insurance - April 3rd
You never know when a tragedy may strike that will leave you unable to work and support your family. Income protection is designed to pay you a benefit if you are unable to work for a period of time because of illness or injury.– Read more
Income protection insurance pays you a benefit if you are unable to work for a period of time because of illness or injury. This insures you for a set level of income and will pay you until you can return to work or for the agreed period – whichever is sooner.
Income protection insurance is not to be confused with redundancy insurance, which offers limited financial protection in the case of involuntary redundancy.
Every year, Canstar researches and rates income protection that is available either direct from an insurer or through your financial adviser. Whichever you choose, there are some common things you should compare in a direct income protection policy or an advised income protection policy:
Since things like waiting periods and benefit periods vary so much from insurer to insurer, it’s important to compare your options on the Canstar website and choose the insurance provider that gives the best value for your needs.
Keep in mind that the level of cover you have and the different features of your policy will make the insurance premiums more or less expensive. That’s why Canstar also compares insurance on price.
Use the comparison tool at the top of this page to compare direct income protection, or click the “Income Protection (through adviser)” button to compare advised income protection.
To learn more about income protection insurance, read the latest star ratings report for direct income protection insurance.
Written by: TJ Ryan