Insurance

Income protection insurance is where the insurer will pay you a specified amount of money if you become disabled and unable to work.

How Income Protection Insurance Works

Income Protection Insurance policies involve the transferring of risk from yourself to the insurer. Instead of you paying for the loss yourself the insurer agrees to compensate you for any losses that arise. When applying for an insurance policy the insurer will complete an assessment on the information you provide and will decide whether to accept the risk (and on what terms). You will then have to decide whether the terms the insurer offers meet your requirements. Be sure to read the product disclosure statement and any terms and condition statements.