What is Income Protection Insurance?

An Income Protection policy replaces a portion of your income if you are unable to work due to accident or illness.  Unable to work is defined as:

• being unable to perform at least one important income producing duty of your regular occupation
• not currently working in any gainful occupation
• being under the care of a medical practitioner.

In the event of disability and after a pre-selected waiting period, the insurer will make regular payments to you either for the term of the benefit period or until you are able to return to work.

Income protection is generally not available unless a person is gainfully employed for a minimum number of hours per week depending on the policy.