Tailored Income Protection insurance
If you’re unable to work because of an illness or injury, it’s unlikely you’ll be receiving a steady income that’s similar to what you were earning.
Income Protection insurance is designed to pay a monthly benefit to give you the freedom to focus on your recovery, without worrying about where the money is going to come from for your every day bills like your mortgage, groceries or utilities.
Most income protection policies are flexible and can be tailored to suit your personal circumstances. For instance, you can generally choose:
- A ‘waiting period’ between fourteen days and two years. This is the time between you becoming disabled and receiving your first income protection payment. A shorter waiting period usually means a higher premium.
- A ‘benefit period’ of two or five years, or up to age 70. This is the period during which you receive your income protection payments.
- How much income protection insurance you require, although the maximum is generally 75% of your gross income.
- An 'agreed value' contract or an 'indemnity' contract. An ‘agreed value’ contract usually means that the monthly payment stipulated in your policy will be the amount you receive if you make a claim. An ‘indemnity’ contract means the monthly payment will be assessed when you make a claim.
How much is enough?
How much income protection insurance you require depends on a number of factors, but many people factor in any other sources of income they’d have if they weren’t working, along with ongoing expenses. The maximum cover you can request is usually 75% of your gross income.
Income Protection premiums are usually tax deductible, although tax is payable on benefit payments.
Income protection insurance from Suncorp
Suncorp Financial Advisers can work with you to determine an appropriate level of cover for your needs. And because we undertake an assessment of your current situation and medical history, the insurance you’ll receive is likely to be more relevant and cost-effective.
To discuss your own insurance needs, please make a no-obligation appointment with a Suncorp Financial Adviser.
To find out more about income protection from the Suncorp Group, please read the Asteron Life Complete Product Disclosure Statement.
This information is general advice and doesn't take into account your objectives, financial situation or needs. You should consider the Product Disclosure Statement and consider obtaining financial advice before making any decision about this product. This product is jointly issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 and Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 RSE L0002059. This product is not a bank deposit or other bank liability. Financial product advice is provided by representatives of Suncorp Financial Services Pty Limited ABN 50 010 844 621 AFSL 229885. Products and services are provided by different entities in the Suncorp Group and each entity is not responsible for, does not guarantee and is not liable in any respect for products or services of other Suncorp entities.