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Income Protection

Income Protection Insurance (Salary Continuance) - this type of cover is designed to pay a regular income for an agreed period of time in the event that the insured loses their ability to earn their income due to accident or illness, after an agreed exclusion or waiting period has passed.

The policy proceeds are generally paid to the policy owner and they are taxable income.

The benefit amount payable is up to 75% of your employment income, including superannuation.  The waiting period is the time during which you self-insure.  Normally the shorter the waiting period the higher the premium.

There are two styles of benefit, these are:

Agreed Value Benefit: Means that the monthly benefit received will be the amount upon which your benefits are based when you claim.  Your benefit will not be reduced because your earnings are lower when you claim than they were when your policy was issued;

Indemnity Benefit: Means that the monthly benefit received may be reduced when you claim so that it does not exceed more than 75% of your earnings before the disability.


 

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