Income Protection which you can obtain directly from the provider.
Direct Income Protection - March 2nd
Income Protection insures your income in the event that you cannot work due to illness or injury. Here are the three main ways to buy this cover.– Read more
Advised Income Protection - March 2nd
Also known as “income security insurance” or “unemployment cover”, redundancy insurance can add another layer to your financial coverage.– Read more
Income protection insurance offers to pay you a monthly benefit if you are unable to work for a certain period of time because of illness or injury. This insures you for a set level of your income (commonly 75% of your gross salary) and will pay you at that level until you are able to return to work or for the agreed benefit 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.
Written by: TJ Ryan