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Income protection insurance substitutes the income lost through your inability work due to injury or sickness. It provides you with a regular monthly payment for a specified period to replace a proportion of the taxable income you’d usually earn from your primary occupation.
If you are only able to return to work reduced hours you may also be able to claim the difference between what you are now earning and what you would have earned had you not been injured or ill.
To be eligible for income protection benefits you will need to provide evidence of your illness or disability. Your disability does not need to be caused by work, it can be any injury suffered anywhere, even while overseas.
Income Protection can cover you for up to 75% of your monthly income, depending on the insurer which you have a policy with. You’ll receive a monthly payout to help cover things like household bills, rent or mortgage, school fees and general everyday costs.
If due to sickness or injury you are:
Unable to perform all the important income producing duties of your primary occupation;
Not working (whether remunerated or not); and
Under the care, treatment and following the advice of a registered doctor.
If you are capable of working part-time in your primary occupation or if you are working in any capacity, you would not be considered disabled. ‘Primary occupation’ is the occupation in which you were mainly engaged just prior to becoming disabled.
Income protection cover is an important consideration for anyone who relies on an income. It is beneficial towards self-employed people, small business owners or professionals whose business relies heavily on their ability to work. It gives you financial security and peace of mind if you can’t work due to sickness or injury. It can provide valuable financial support which lets you focus on getting well again.
- Income protection insurance should be considered by those who rely on an income for daily life
- Have bills, credit card, rent or a mortgage to pay
- Want extra security for you or your family
- Want to maintain your lifestyle regardless of what happens
