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Income Protection Insurance - June 16th
The economic challenges Australia is facing as a result of the coronavirus pandemic may mean that some people who have lost their jobs may be considering self-employment opportunities. Budding entrepreneurs may also see these turbulent times...– Read more
Income Protection Insurance - June 2nd
The coronavirus outbreak has taken a toll on many Australians’ mental health. In March, crisis support service Lifeline answered almost 90,000 calls, which was an increase of 25% over the same time last year. A recent...– 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 before getting a quote online.
To learn more about income protection insurance, read the latest star ratings report for direct income protection insurance before proceeding to get a quote.
Written by: TJ Ryan