Tell us about your work and what you would need to keep paying for if you couldn't earn. A verified insurance professional who covers your postcode will get in touch to explain how income protection works, what affects the price and what to compare, before you commit.
A verified professional will get in touch.
There is no single right answer. It depends on your savings, your leave and how much risk you want to carry yourself.
How long you must be off work before payments start. Longer is usually cheaper.
How long a claim pays for, from a couple of years to age 65 or more.
Your own job, a suitable job or any job. The wording changes what you can claim.
A proportion of your income, and how that is worked out at claim time.
Whether the premium rises with your age or starts higher and changes less.
How the policy is held, which changes the cost, tax and the terms.
You usually have no employer sick leave to fall back on.
You want your bills paid if you can't work.
Your employer pays for only a limited time.
You want them protected if you couldn't earn.
You couldn't cover several months without pay.
The first conversation is about whether it is worth it for you at all.
Ask for the adviser's details and check them on the ASIC Financial Advisers Register.
And how does that compare with other policies?
And what happens if I claim again later.
What proof of income would I need?
Including conditions I already have.
The 30-day cooling-off period, and any fees after it.
We connect you with one verified provider who understands what you need. No hard sell, and no obligation.
The waiting period, how long payments last and what counts as being unable to work all decide whether a policy helps. You hear how each one works.
Sick leave, super cover and savings may cover part of what you'd need. You hear how to work out the gap before you pay for cover.
You get the options explained. Whether to buy, and from whom, is always your decision.
It pays you a regular monthly amount if you can't work because of illness or injury, until you return to work, the benefit period ends or you reach the policy's end age. It is different from life cover, which pays out if you die, and from trauma cover, which pays a lump sum for specified conditions.
Sick leave is limited, and if you are self-employed or casual you may have none. Work out what you would receive and what your bills would be, and the gap is what a policy would need to cover.
It's how long you must be unable to work before payments start, commonly from a few weeks to a year or more. A longer wait usually makes the policy cheaper. Match it to how long your savings or sick leave would last.
It is the longest time the policy will pay for one claim, such as two years, five years or until you reach a certain age. A longer period costs more. Ask exactly how long benefits are paid.
Usually a proportion of your income, often up to around 70 per cent, so that you still have a reason to return to work. Ask how the limit is worked out, especially if your income changes, as it does for many self-employed people.
Newer policies generally pay a benefit based on your actual income around the time you claim, rather than a figure fixed when you took the policy out. Ask how your benefit would be worked out, and what proof of income you would need.
This is one of the most important parts of a policy. 'Own occupation' means you can claim if you can't do your own job. 'Any occupation' is stricter, and can mean you can't claim if you could do another type of work. Check the definition carefully.
Premiums for cover outside super are often tax deductible, and payments are generally taxed as income. Cover inside super works differently. Check your position with a tax adviser.
Some super funds offer income protection, often with a shorter benefit period and more limits. Check what your fund offers, what it costs and what it excludes before you buy more.
Income protection policies come with a cooling-off period, usually 30 days. The terms differ, so check what applies and read your documents.
Complain to the insurer first. If you're not happy with the answer, you can take it to the Australian Financial Complaints Authority, which is free to use.
Your job and earnings, whether you're employed or self-employed, your age, whether you smoke, how long your savings or sick leave would last, and your postcode. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It doesn't sell insurance or give advice. Any quote or advice comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
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Namoye is a free matching service. It is not an insurer, broker or adviser, and it doesn't give insurance, tax or legal advice. Any quote or advice comes from the firm that contacts you. Check that a firm or adviser is licensed on the ASIC Professional Registers (asic.gov.au) before you share personal or payment details.
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