Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

Tailored Income Protection

Continue to receive a level of replacement income if you can't work due to illness or injury.

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 Planners 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.

Customer case study

Maria, 41

Maria was 41 and worked full-time as an assistant store manager in a large supermarket, earning around $65,000. The work was hectic and often stressful but the store was conveniently close to Maria and husband Paul's home.

Paul worked as a national sales manager and travelled frequently, so Maria often had to juggle her time between work and looking after their 12-year-old twin girls. One of the girls, Kylie, was very unhappy at school, which was causing great concern and putting more demands on Maria's time.

When the twins were born, Maria and Paul were concerned that they might not have enough insurance protection. They saw a financial planner who recommended they insure their lives so that the children's care and education would be taken care of. The planner worked out an appropriate sum of life cover, and advised that they both take out income protection cover.

Paul was away interstate in the run up to Christmas. It was the busiest time of year at the supermarket, and Maria was working extra shifts. Maria also had to go and see Kylie's school Principal several times. This high-stress period of juggling responsibilities as a mother with her work commitments caused Maria to suffer a mental breakdown. Several other stress factors, which had been building over many years, worsened her condition.

Maria began receiving medical treatment for severe depression and with her planner's help, made a claim under her income protection policy. The claim was approved and she began receiving the full benefit of $4,100 a month.

Maria is recovering well. The knowledge that the family's ability to pay their home loan and other expenses was unaffected by her time away from work has greatly helped her recovery.

Based on a real claim. Names have been changed. This is an example only. Grounds for making a claim and level of benefit can vary from one policy to another depending on their terms.

Based on a real claim. Names have been changed. This is an example only. Grounds for making a claim and level of benefit can vary from one policy to another depending on their terms.

Want to know more?

To find out more about income protection from the Suncorp Group, please read the Asteron Life Complete Product Disclosure Statement

To discuss your own insurance needs, please make a no-obligation appointment with a Suncorp Financial Planner.

Book an appointment

or call 13 11 55

Make a claim