Income Protection Insurance
Providing a monthly benefit to assist with living expenses whilst you’re unable to work due to illness or injury.
What is
Income Protection insurance?
Being sick is hard enough, without having to also worry about your finances. As your ability to earn an income is one of your greatest assets it makes sense to protect it. This is where income protection or salary continuance can help as it insures you against loss of earnings through injury or illness, providing a monthly benefit (generally) up to 75% of your pre-disability income.
Income Protection Insurance
facts & figures
The below points are drawn from claims experience of Austbrokers Life from 1 July 2021 to 30 June 2022.
47
years
Average age
at claim
118
Number of clients
on claim
71
%
Related to illness
$
6,941
Average monthly
benefit paid
More Information
Income Protection comes with many variables and options; all of them impacting the level and comprehensiveness of cover along with the premium. No matter which options are taken up, it’s important to realise that even a small monthly benefit of a few thousand dollars can add up to millions in payments for long term claims. Cover can be held personally, through superannuation or a company. If held personally premiums are generally tax deductible with benefits received as assessable income.
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