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Income Protection Insurance FAQ

How long can I keep my Income Protection Insurance?
As long as you pay the premiums the policy will be kept in force up to the expiry age.

How are premiums payable?
Either monthly, quarterly half yearly or yearly. If it is monthly you have to pay by direct debit from a bank account. Some insurance companies allow you to pay be cheque, credit or even BPay (if paying annually).

Are there any age restrictions?
Income Protection is usually to age 65 (see policy details to confirm)

I work part time; can I still be covered?
Yes – usually you have to work more than 20 hours per week ((see policy details to confirm as this can range from 18 to 28 hours minimum)

Do I have to pay premiums while I am unable to work?

I have life insurance; do I need income protection insurance?
If you want to protect your income if you are too ill you work this is a must

How much income protection cover do I need?
Enough to cover your lost income. Most people tend to get the most cover available (usually 65% of their income)

What happens if I get sick or injured overseas, would I still be covered?
Yes. Cover is 24 hours world wide. Some insurance companies will insist that you return to Australia in order to keep paying the claim (see policy details to confirm)

When does my cover begin?
As soon as you have paid the first premium.

Can I change my level of cover when I need to?
Yes. Contact your broker to change this.

Does my occupation affect my premium?
Yes. The higher risk you have of being injured in your job the higher the premium you will pay. As an example; a Police Officer will pay more than an office worker.

I play a competitive sport, does this affect my application for Income Insurance?
Yes this can, however you may find that the insurance company may exclude the sport from a claim.


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