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Income Protection Insurance - Protect your family and your future. Talk with an insurance broker about your income protection needs.
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Over 64 insurance brokerage for Income Protection Insurance
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More information about Income Protection Insurance
Annemarie Jamieson | ADVISR04 Apr
About Insurance Brokers
Insurance brokers operate on behalf of their customers. Insurance brokers understand both the potential risks that an individual or business may face and also the various insurance policy options and insurance providers that exist across the market.
Insurance brokers can help customers with hard to place risks to find an insurance provider that can meet their needs.
Insurance Brokers work for the customer and are independent of the insurers that they engage with on behalf of their clients. Insurance Brokers work for their customers and have their customers' best interests at heart. Insurance Brokers do not work for the insurer. Insurance Brokers help their clients to find and source available insurance that matches their needs and requirements.
Insurance brokers help clients to reduce their risk by sourcing and matching their clients with appropriate insurance products. Insurance brokers work for their customers. Insurance brokers focus on understanding their customers' risks and exposure and their insurance requirements.
With almost 4000 Australian Insurance Brokers on Advisr, Advisr is the best place to find an insurance broker right for you. Asking for recommendations from others in your industry or area is a good place to start in looking for an insurance broker. You can search for that insurance broker on Advisr by name.
You can also search for an insurance broker by the type of insurance you need (insurance category), by your industry or by location depending on what is most critical to you. You can learn more about what a broker is like to work with by reading customer reviews left on Advisr. Educating yourself and reading articles by insurance brokers that explain different insurance lines, or dissect exposure to risk in different industries also helps you to find and select an insurance broker that understands your business or personal risk. We have hundreds of articles on Advisr to help you understand your insurance needs and find an insurance broker right for you.
Income Protection Insurance FAQs
Advisr has 433 insurance brokers and 64 insurance brokerages specialising in Income Protection Insurance. To find the right insurance broker who specialises in Income Protection Insurance, check out this page for specialist Income Protection Insurance Brokers.
- Read real customer reviews to learn more about them
- Educate yourself about Income Protection Insurance by reading articles written by insurance brokers that explain Income Protection Insurance
- Ask friends or colleagues to refer their Income Protection Insurance broker to you and look them up on Advisr to read their reviews and connect with them.
Advisr is built to help you understand your insurance needs and find an insurance broker that is right for you.
Income Protection Insurance
Income Protection Insurance protects your income if you're unable to work due to partial or total disability. It will generally pay up to 85% of your pre-tax income for a period of time to help cover living costs while you recover.
Income Protection Insurance covers your income (paying back up to 85%) in the case that you suffer an injury that leaves you unable to work due to partial or total disability. The definition of partial or total disability is different for different policies and there will be exclusions in place. You should check policy coverage and exclusions with your insurer or insurance broker.
Income Protection Insurance does not cover unemployment or redundancy.
Income Protection Insurance cost is dependent on various factors about you including:
- the income level you want to insure
- your occupation
- your age
- your gender
- lifestyle factors, including if you smoke
- pre-existing conditions
Your Income Protection Insurance premium is also dependent on how you choose to structure your insurance cover, including your choices around:
- waiting period
- benefit period
- whether you pay annually or monthly
- whether you choose a stepped or level premium
Your insurance broker can guide you to choose a cover and policy structure that is right for you. They can shop around with different Income Protection Insurance providers for the best deal for your situation.
Using an Insurance Broker for your Income Protection Insurance ensures that you have managed your unique risks. Every personal situation is different and an insurance broker can help by assessing your specific risk profile and providing advice on the best Income Protection Insurance cover for you.
An insurance broker is able to compare policies from different Income Protection insurers and take into account your financial preferences around excesses and payments, any pre-existing medical conditions you may have and what your occupation is.
An insurance broker will also help when it comes time to claim, advocating for you to negotiate the best outcome in the settlement of your claim with the insurer. So whether you're a doctor or nurse, CEO or builder, your Insurance Broker can assist you to find the best cover for you.
Life Insurance is an insurance policy taken out with an insurer to pay out a specified sum to a designated beneficiary upon the death of the policy holder.
The cost of life insurance will depend on the amount your life is insured for. It will also depend on a number of other factors such as:
- your age
- your gender
- your medical history and pre-existing conditions
- your lifestyle, including smoking
- your occupation
The cost of your life insurance will also depend on factors that are more under your control such as:
- the insurer you choose
- how you choose to pay, eg. annual versus monthly
- if you bundle the policy with any other policies
An insurance broker with experience in life insurance can help you to find the level and structure of cover that is right for you.
Life insurance may provide a lump sum payment to a nominated beneficiary on the occasion of the death of the policy holder.
A standard Life Cover Insurance policy does not cover costs to do with permanent disability or critical illness such as rehabilitation costs, treatment costs or loss of income. Insurance policies such as TPD, Trauma Insurance and Income Protection are the insurance policies associated with disability and critical illness, and they may be referred to as types of life insurance.
A life insurance broker is able to help you select a life insurance policy that is right for you. A good life insurance broker will take the time to understand your personal situation and use that understanding to recommend one or more life insurance policies from a range of different insurers.
Life insurance brokers also have access to a range of more complex life insurance products to choose from. Working with a life insurance broker may provide you with the optimal level of cover for your unique situation.
TPD Insurance, also called Total and Permanent Disability Insurance, provides cover for when you become permanently disabled due to illness or injury. Definitions of Total and Permanent Disability vary from insurer to insurer.
TPD Insurance is designed to provide financial support in the case that you are unable to continue in your occupation and earn an income. You may choose to use this financial support for medical and rehabilitation treatment, paying of debts, general living expenses and saving for the future.
TPD insurance may cover you for either being unable to work in your current occupation, or you may choose to cover yourself for if you are unable to work in any occupation suited to your training, skills and experience. The type of cover you choose will impact the cost of the premium as well as the definition of total and permanent disability. You should be careful to ensure you have set your level of cover high enough to cover your ongoing expenses should you become totally and permanently disabled.
Types of insurance that you may also consider alongside TPD Insurance include Business, Small Business, Key Man, Key Person, Business Interruption, Life, TPD, Trauma and Health.
Talk to an insurance broker specialising in TPD Insurance to find out if you need TPD Insurance.
The cost of your TPD Insurance depends on various factors, but is directly related to the lump sum amount for which you are insured. Other factors that impact the cost of TPD include:
- your age
- medical history
- family history
- lifestyle choices including smoking and participation in dangerous hobbies
- your job
The cost of your TPD Insurance also depends on how you structure it and what type of cover you choose. For example:
- whether your cover is for your current occupation or all occupations
- whether you obtain your TPD insurance through your Super or not
- if it is packaged with Life Cover Insurance
- whether the cover is structured to increase in cost over time
- the inclusions and exclusions of the policy
- which insurer you choose
Be sure to speak to an Insurance Broker with experience in TPD Insurance to make sure that you purchase a policy that suits your unique set of circumstances.
Using an Insurance Broker for your TPD Insurance ensures that you have managed your unique risks. Every person is different and an insurance broker can help by assessing your specific risk profile and providing advice on the best TPD insurance cover for you.
An insurance broker is able to compare policies from different TPD insurers.
An insurance broker will also help when it comes time to claim, advocating for you to negotiate the best outcome in the settlement of your claim with the insurer. So whether you work in a high risk environment or know that your family would need financial assistance if you suffered a permanent illness or injury, your Insurance Broker can assist you to find the best TPD cover for you.
Trauma Insurance and Total and Permanent Disability Insurance, or TPD, can be easily confused but they are different types of insurance covering you for different events.
The key is the word "permanent" in TPD. TPD insurance covers you for a situation where you are impacted by an illness or injury that is permanent, you won't recover. This will have an ongoing impact on your ability to work or even look after yourself physically. In this case, TPD insurance may be applicable to your situation.
Trauma Insurance, on the other hand, is generally applicable to a situation where you will be able to make a significant recovery following an illness or injury. Trauma insurance is designed to help with the financial burden of this recovery and make the path back to work easier.
Trauma Insurance provides cover for when you are impacted by a serious illness or injury which usually require extensive medical treatment and may prevent you from working. Illnesses and injuries included in "Trauma" vary from insurer to insurer.
Trauma Insurance is paid out as a lump sum and is designed to provide financial support to help you manage your costs of living and treatment while you are recovering. You may choose to use this financial support for medical and rehabilitation treatment, paying of debts, general living expenses, home modifications or even saving for the future.
Trauma insurance generally covers major and debilitating illness or injury that requires extensive treatment to recover. Some examples of illness or injury that are covered by Trauma Insurance include:
- head injury
- organ transplant
- some types of cancer
- heart conditions
Different policies will cover different illnesses or injuries, and for any illness or injury you will need to pass the severity criteria specified by your policy to be eligible for payment. Mental Illness is generally not covered by Trauma Insurance.
You should be careful to ensure you have set your level of cover high enough to cover your ongoing expenses should you become critically ill. Types of insurance that you may also consider alongside Income Protection Insurance include Business, Small Business, Key Man, Key Person, Business Interruption, Life, TPD, Trauma and Health.
Talk to an insurance broker specialising in Income Protection Insurance to find out if you need Income Protection Insurance.