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Income Protection

Income protection insurance, also known as salary continuance insurance, pays a monthly benefit of up to 75% of your pre-tax salary if you are disabled due to an illness or injury for longer than the nominated waiting period. Income protection benefits after a predetermined waiting period (e.g. 30 days, 90 days or 2 years) that you nominate when you take out the cover. Generally, a longer waiting period means a lower premium however it also means you'll have to wait longer to receive your first benefit payment. The policy will continue to pay a benefit for as long as you remain unable to work up to a maximum predetermined period. This can be a set timeframe such as two years or age based (e.g. up to  age 65).