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 up to 10 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 the most competitive income protection insurance from our panel of insurers, for your requirements.

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Published on February 2-th, 2010 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.