Income Protection Insurance Calculator

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To calculate your monthly income protection insurance benefit enter the gross income in the text space below and then select the frequency of your wages from the drop-down box.

The information provided to you in the Income Protection Calculator does not constitute “personal advice” for any purpose. The Calculator is for general use Only

Why Income Protection Insurance

Income protection insurance is offered to people who would like to protect themselves in case they cannot work in the future due to illness or injury. Income insurance plans protect up to 75% of the policy holder’s regular gross income and some insurance plans offer an additional 8% protection if the policy holder has additional benefits such as retirement benefits as part of his payment package.

There are primarily two types of contracts offered to buyers in Australia. An agreed value contract ensures that policy holders receive a fixed amount every month after filing a claim where as in the case of an indemnity contract, the insurance company will decide how much to pay the buyer every month after considering the policy holder’s current financial status. Based on the tenure of the policy, income plans can be categorized into long term plans and short term plans.

What Is Income Protection Insurance

Listed below are a few things that will help you understand in detail, what is income protection insurance...read more

Income Protection Case Studies

Case Study 1 Judy is a self employed individual who earns $45,000 annually and she opted for a comprehensive income protection insurance policy that allowed her to enjoy various benefits in case she was injured in an accident. Since Judy believed in being careful she had also opted for a basic health insurance policy that allowed her to get treatment in a public hospital if he was injured or ill. However, this basic health insurance policy required Judy to pay 30% hospital excess in cases he was hospitalized. In the year 2010 Judy was injured in a car accident while she was driving home from work. Judy suffered serious injuries that left her hospitalized for over 3 months....read more

Case Study 2 Judy is a self employed individual who earns $45,000 annually and she opted for a comprehensive income protection insurance policy that allowed her to enjoy various benefits in case she was injured in an accident. Since Judy believed in being careful she had also opted for a basic health insurance policy that allowed her to get treatment in a public hospital if he was injured or ill. However, this basic health insurance policy required Judy to pay 30% hospital excess in cases he was hospitalized. In the year 2010 Judy was injured in a car accident while she was driving home from work. Judy suffered serious injuries that left her hospitalized for over 3 months....read more

Benefits Of Income Protection

1. a ‘waiting period’ between 14 days and 2 years. This is the time between you becoming disabled and receiving your first income protection payment. Please note a shorter waiting period usually gives a higher premium
2. a ‘benefit period’ of 2 or 5years, or up to age 65
3. generally covers up to 75% of your gross income
4. and much more