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Income Protection Australia

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Income Protection Insurance Australia

Income Protection Insurance is created to provide partial income substitution in the event you become unable to work due to injury or illness. If you are not working this means no income to pay your daily expenses.Who is going to take care of your family? Income Protection Insurance will cover you until you can begin collecting your normal salary again. Income protection insurance very good option for the self-employed people because if they cannot work, their business could fail. During a period of high stress and disability, it is very important to have the peace of mind that comes with knowing that you have fulfilled your financial obligations.

Income Protection Case Studies

Case Study 1

Gloria is a single mother of 2 children who does not have any income protection insurance since she felt that income protection plans are unnecessary. Gloria works as a sales representative for a company and earns $35,000 annually and her salary package includes superannuation benefits. A few months ago, Gloria was injured in a car accident due to which she was temporarily unemployed for 3 months. Gloria did not have sufficient paid leave hence she was forced to manage her finances on her own till she could resume work again.( read further)
Case Study 2

John works as a manager in an establishment and earns $55,000 annually. He was offered income protection insurance by a leading insurer however he decided to opt for a basic plan in order to save money. John pays $7 a week towards premiums and in return he is offered a few benefits such as monthly compensation payments, a few additional benefits and a 2 year benefit period. A few months ago John was involved in a motorbike accident that caused him to suffer serious injuries. Due to this accident, John was unable to work for 1 year. ( read further)

Income Protection For Professionals

Income protection plans are meant to help both employed and self employed people get financial security when they cannot earn money due to problems such as temporary disability. Although income protection plans are ideal for people working in all professions, people who work in 3 professions are most likely to benefit the most by opting for an income protection cover : Medical Professionals, Blue Collar Professionals, Self Employed Individuals

read more about income protection for professionals

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Types of income protection insurance

Indemnity value insurance

The policy is assessed when the policy holder files the claim which means that the policy holder’s financial documents have to be supplied directly at the time of filing a claim...( more)

Agreed value insurance

The policy holder has to submit his financial documents at the time of applying for the insurance which means that ... ( more)

Guaranteed agreed value insurance

This type of insurance is similar to the agreed value policy cover. The policy holder is financially assessed with all corresponding financial evidence... ( more)

Benefits Of Income Protection

The main benefit of income protection is that the policy holder gets monthly amounts when he cannot work due to sickness, injury or certain other reasons. This not only ensures that the policy holder doesn’t have to worry about money while he is unwell but also ensures that the policy holder’s family doesn’t have to suffer additionally. Income protection ensures that, people who cannot work due to medical reasons can still live their life in a dignified manner. ( more)

Income Protection Benefit Period

Income protection insurance offers various benefits that help people who are unemployed due to medical reasons to live life normally and with dignity. The benefit period is a term used to imply that the policy holder will be covered by the insurance policy for a certain number of years. Good policies offer an extended benefit period of 65 – 70 years of age where as cheaper policies offer a benefit period of 50-60 years of age. This means that the policy holder can make claims and enjoy benefits offered by the insurance company until he reaches a certain age....( Continue reading income protection benefit period )

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Income Protection Insurance Articles

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Latest Income Protection & Insurance Industry News

Life insurers require more sophisticated accounting rules
posted 18 Feb 2012

Life insurers need to do a better job of explaining how they create value and earn profits, according to a new report by Swiss Re. Milka Kirova, one of the authors of the report “Understanding Profitability in Life Insurance”, says most financial reporting is undertaken using standard international accounting practices. But while the statutory accounting-based indicators ...

More web content for life insurance advisers
posted 7 Feb 2012

Life insurers are continuing the push to put more information online for advisers and their clients.  OnePath has launched an online application called OneView Life that will enable advisers to see client and policy information.  Meanwhile AMP has added a series of educational videos on its customer website while also simplifying its layout. OnePath Head of ...

The life documents everyone needs
posted 27 Jan 2012

HAVING a few legal documents in order can save you and your family if disaster strikes. Nobody likes to think about dying or being incapacitated through injury or illness, but the Aussie ethos of “she’ll be right” could be leaving millions of underprepared Australians vulnerable to significant financial, emotional or legal pain when disaster strikes. Research ...

ING Starts New Retirement Income Protection Program
posted 13 Jan 2012

The ING Lifetime Income Protection Program is initially being offered to customers in ING’s corporate defined contribution plans. It provides participants with a series of target date asset allocation models, or “portfolios,” that help build critical retirement savings followed by an income benefit for life, guaranteed by multiple leading insurers. ...
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