If you ever get hit with a workplace injury that means you cannot work, you’ll be left in the dark without sick and annual leave. Income Protection Insurance Australia is a monthly benefit paying up to 75% of your usual income if you become unable to work due to an accident, injury or trauma. With a higher premium, you can get more benefits out of your insurance in any unfortunate circumstances.
With the help of income protection, you’ll be able to meet your bills, rent and family income needs without any hassles. What’re more, income protection insurance is tax deductable in Australia. It is important to consider all your options when drafting up an insurance plan and how much premium per month you will need to pay upon final agreement.
In order to ensure you’re getting the best income protection insurance for you, weigh up the following:
- Agreed value – How much you get upon injury or accident.
- Indemnity – Whether your monthly payments match your current income, or the income at the time you make the claim.
- Waiting period – The length of time between the claim and getting your payment. A longer waiting period will mean less premiums per month.
- Term – The length of time you receive monthly payments after making a successful claim.
- Own occupation – Where the claim is made if you lose the ability to perform work in your current occupation after injury.
- Any occupation – Where the claim can be successful only if you cannot perform that occupation after injury.
- Superannuation Cover – whether your superannuation can cover part of your injury by default and if it can be used in conjunction with income protection insurance Australia