- Worldwide Cover
- Recurrent Disability Benefit
- Vocational Training Benefit
- Home Modification of Equipment Support
- Bed Confinement
- Waiver of Premiums
- Suspension of Cover Benefit
- Future Insurability Benefit
Safeguards your income when you are unable to work.
Income protection can provide you with a regular monthly payment if you are unable to work due to sickness or injury.
Why Income Protection?
After your health, your ability to earn an income is one of your most valuable assets. If your health were to suffer a setback, your finances and lifestyle shouldn’t have to.
Types of Insurance
Agreed Value: This type of cover provides an agreed monthly benefit based on a proportion of your income (before tax) disclosed at time of application. This means that you don’t need to supply proof of pre-disability income at claim time in order to receive a benefit
Indemnity: This type of cover pays monthly benefit based on a proportion of your pre-disability income (before tax) at claim time. The benefit is paid up to a specified selected at the time of application. This means that you need to supply proof of pre-disability income when you lodge a claim.
Loss of Earnings: This type of cover offers you the flexibility to chose either an Agreed Value or Indemnity Benefit. At claim time, you have the option to receive an Agreed Value Benefit or you can elect to provide evidence of your pre-disability income in order to receive a potentially higher benefit.
What should I know?
Depending on what type of income protection policy you have, some offsets may be applied. Please refer to your policy wordings for further informations.
The length of time between you becoming disabled and the time when you are eligible to receive a claim payment can vary to suit your personal requirements.Longer waiting periods can decrease your monthly premiums. We can offer waiting periods from 4-104 weeks.
Benefit Payment Periods
You can select the amount of time you receive payments. Selecting a shorter benefit payment period can decrease your premiums. We can offer from 1- 5 year payment periods with options for your policy to end at the ages 65 or 70 years old.