Compare income protection insurance

In Australia, income protection insurance can be taken out by employed Australian residents of working age, who work at least a minimum amount of hours per week, and can be available through superannuation or direct insurers. For the policies that can be arranged directly through Choosi, you’ll be able to apply for a policy if you’re an Australian resident aged between 18 and 60 and working at least 15 hours per week.

If you are unable to work because of sickness or injury, income protection insurance can provide you with a regular monthly payment, so that you can continue to manage your expenses and bills while you recover.

An income protection insurance policy can be taken out by Australian residents who rely on their income to manage their expenses and cost of living, or don’t want to dig into any savings they may have if something unexpected happens. The policyowner can receive monthly benefits if they are unable to work due to sickness or injury.

With Choosi, cover can be taken out over the phone with no medical, blood test, forms or proof of income needed to apply, and you have the flexibility to apply for the benefit period and waiting period that suits your individual needs and budget.

Income protection insurance can provide you with monthly benefits if you’re unable to work due to a sickness or injury. For policies available directly through Choosi, you can apply for cover up to 70% of your pre-tax income, up to $15,000 per month. To claim for your injury or sickness, you must be:

• Unable to perform the usual duties of your occupation, where you earn your source of income from; and
• Receiving ongoing care from a medical practitioner in relation to the injury or sickness you are claiming for; and
• Unable to earn your income and are suffering a loss of income; and
• Unable to work for longer than your chosen waiting period of 30 or 90 days; and
• Not earning money from any other source, such as Workers Compensation or sick leave benefits.

Income protection insurance may be worth considering if you rely on your income to pay your bills and maintain your lifestyle. Life’s unexpected twists, like an injury or sickness, can disrupt your financial stability – whether you’re earning a salary, running a small business, or are self-employed. Income protection insurance can pay you a monthly benefit to help cover your living costs while you recover.

To decide if you need this type of cover, you should consider your regular financial obligations – utility and grocery bills, rent or mortgage, school fees, fuel or cost of commuting, and other weekly or monthly expenses. If you are unable to work, consider whether you would be able cover these expenses without facing financial stress.

Income protection insurance could be beneficial if you don’t have enough funds to cover your expenses while you’re off work and not earning an income for a period of time due to sickness or injury.

Everyone’s financial situation is unique to them, so if you are uncertain whether income protection insurance is something you need, speak to a financial advisor.