Income Protection Insurance pays up to 75% of your average annual income in monthly benefits, to cover your living expenses if you are unable to work due to accident or illness.
Income Protection has waiting periods, which refer to the amount of time until you can start receiving income benefits. These can range from 14 to 30 days, or even years after the initial claim. So you can draw out how long your benefits will be paid to you by specifying a benefit start time.
You can even choose how long you will receive benefits for after the initial claim, you can choose 1 or 2 years, or even up until you turn 65 when you can access superannuation benefits. Obviously the premium for Income Protection will vary based on how long you wish to be covered for, and when you would like benefits to be paid by.
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