Waiting Period and Benefit Period in Income Protection

Income protection insurance can provide you with an income if you are unable to work due to sickness or accident. Many policies will cover up to 75% of your salary.

Income protection policies are very flexible and can be tailored to suit your individual and family circumstances.

Waiting Periods

When selecting a waiting period it is important to understand your financial commitments such as, home loans, credit cards, debts and the availability of short term access to money you have at your disposal. Having a substantial amount of sick or annual leave is also worth taking into consideration before choosing an appropriate waiting period.

You can generally choose a waiting period between fourteen days and two years. A shorter waiting period usually means a higher premium.

Benefit Periods

The benefit period is the period during which you receive your income protection payments.

You can generally choose between two or five year benefit period or up to age 65.

You may also like to know that premiums for income protection are usually tax deductible whether you are employed or self employed.

Who offers best Income Protection Insurance in Australia?

We compare all major life insurance companies in Australia. Please fill out the form on this page or call us on 1300 793 143 if you would like to find out who offers best income protection insurance in Australia for your particular situation.