In short

Income protection is available to working Australians, full-time or part-time, with a valid and current tax file number.
You need to be over 18 and earn an income from employment, self-employment or an independent contractor arrangement.
The amount of cover you can get depends on your income, age and occupation.
Policies typically exclude pre-existing conditions, self-inflicted injuries and high-risk activities, so read the policy documents carefully.

Income protection is an important form of insurance for many Australians, providing financial support in the event of an unexpected illness or injury. It can give you peace of mind knowing that your and your family’s financial security is protected. But how do you qualify for income protection in Australia? This blog post will provide an overview of what you need to know.

What is Income Protection?

Income protection is a form of insurance that pays a regular benefit if you are unable to work due to illness or injury. It is designed to replace a portion of your income while you are unable to work so that you can cover your bills, mortgage, and other expenses.

Who is Eligible for Income Protection?

Income protection is available to all working Australians, including both full-time and part-time workers, with a valid and current tax file number. To qualify, you must be over the age of 18 and earn an income from employment, self-employment, or an independent contractor arrangement.

What Types of Cover are Available?

There are two main types of income protection cover: short-term and long-term. Short-term cover pays a benefit for up to 12 months, while long-term cover pays a benefit for up to two or five years. The amount of cover you can get will depend on your income, age, and occupation.

What are the Benefits of Income Protection?

Income protection provides peace of mind knowing that you and your family are financially secure in the event of an unexpected accident or illness. It can help cover your living expenses, medical bills, and other costs while you are unable to work while also providing you with the time and resources to recover and get back to work.

What are the Exclusions?

Income protection policies typically have a range of exclusions, including pre-existing medical conditions, self-inflicted injuries, and activities that are considered dangerous or high-risk. It is important to read the policy documents carefully and understand what is covered and what is not.

How Do I Apply for Income Protection?

Applying for income protection is easy, and the process is usually straightforward. You can apply directly with an insurance company or through a financial adviser. Before applying, make sure you have all the necessary information and documents ready, such as your tax file number, employment details, and medical records.

If you need assistance finding an income protection product that meets your needs, contact Absolute Insurance. We can help you compare different policies and find the right cover for you.

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Reviewed by Greg Maguire

Greg Maguire reviewed this article to make sure the information is accurate and reflects current insurance practice. It is general advice only and does not take your personal circumstances into account.

Greg Maguire is an Authorised Representative (No. 255354) of AD Advisory Services Pty Ltd, ABN 68 005 830 802, AFSL 237058.

Greg Maguire

Principal

Greg Maguire is the founder and principal of Absolute Insurance, a family-run Perth life insurance broker he runs with his wife Steph. Greg has spent more than 20 years helping Western Australian families and business owners protect what matters most, with life insurance, income protection, TPD and trauma cover from Australia's leading insurers.

Before insurance, Greg was a primary school teacher, and that same patient, one-to-one approach is how he still works today. He takes the time to understand your situation, explains your options in plain English, and stands beside you and your family if you ever need to claim.

Greg holds an Advanced Diploma of Financial Planning from Deakin University and a bachelor's degree from Edith Cowan University. He is an active member of the local community through the Chamber of Commerce and Industry WA and Baldivis Rotary.

Greg Maguire is an Authorised Representative (No. 255354) of AD Advisory Services Pty Ltd, ABN 68 005 830 802, AFSL 237058.

After putting it off for years, my wife and I finally bit the bullet and had Greg assist us in renewing our insurance policy’s. In doing so Greg worked professionally and diligently to find us the best policy. We would both strongly recommend his services.

Nick Ursulic

Greg was amazing to work with and really helped me receive the insurance I wanted for my financial protection when no others were able too. Absolutely fantastic!

Natasha Maitland

Greg has been absolutely amazing with his level of service provided to us for our life insurance and income protection needs. Nothing was too much trouble for him. Great communication skills, knew exactly what we were hoping to achieve and did everything in a very timely manner and made the service to us very personal. He listens and delivers what he promises. Truly grateful for his time and highly recommend his services.

Scott Rountree

Very happy with the service Greg Maguire at Absolute Insurance has provided. He took the time to understand our situation properly and worked hard to find cover that suited our needs and budget. His understanding of FIFO and mining-related roles made a real difference. Clear communication, responsive service and practical advice throughout. Happy to recommend.

Robert Keilar

Super happy with the insurances Greg set up for us and love supporting local businesses

Samantha P

I would absolutely recommend Greg’s services. Before working with him, I had a difficult time obtaining insurance due to complexities in my medical history. Greg guided me through the process from start to finish, acting as a liaison with the underwriters and helping ensure the necessary information and evidence were provided. Nothing ever seemed too complicated or too much trouble for him. I really appreciated his advice, persistence, and willingness to advocate on my behalf with the insurers. Thanks to his support, I was able to secure several policies with some exclusions but no premium loading, which was a much better outcome than I had expected. Thank you, Greg!

Jessica Scholle

Greg has helped us with our insurances for many years. Over that time he has always taken incredible care to ensure that he is suggesting really sensible and considerate options for our needs. Insurance is complicated, but Greg makes it so much easier.

Val Smith

My parents, my partner and I have been with Absolute Insurance for well over 20 years. Greg has been amazing and would highly recommend him to anyone that needs a trusted advisor.

Gregory Allen

We have had Greg’s support and guidance managing our Life Insurance Policies over many years. He has always sought the best options for us and has provided sound advice as our circumstances charged over time. We have always appreciated his flexibility and efficiency. It has been a pleasure doing business with him.

Philip O'Connor

From the start to the finish, Greg was a pleasure to deal with, very professional and most importantly found me and my family the best insurance cover to suit our needs, very happy with the service provided.

Craig

How Do You Qualify for Income Protection?

What is Income Protection?

Who is Eligible for Income Protection?

What Types of Cover are Available?

What are the Benefits of Income Protection?

What are the Exclusions?

How Do I Apply for Income Protection?

Reviewed by Greg Maguire

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