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Australia’s Best Income Protection Insurance – Compare Online Now

Every upstanding citizen of Australia knows the importance of maintaining a secure income. A regular income offers the peace of mind that your finances will be safe. With a quality salary, you can provide financially for yourself, your spouse, your children and your future. But what do you do if suddenly you were unable to return to work? How would you be able to financially provide for your family?

That is where we come in. At Superhero Insurance, we provide our clients with the best income protection insurance quotes online, allowing them to compare with our reliable calculator. When your income is insured with us, you can count on a steady stream of money, even if you cannot return to work for a while due to a major injury or a severe illness. Here’s how it works:

Insure Your Biggest Asset!

Current Gross Salary:
Expected salary increase per year (0% to 10%):
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How it works in Australia:

In order to be eligible for a claim, certain characteristics must be met, such as:

  • The life insured has been seriously injured or has become greatly ill
  • Due to these circumstances, the life insured is unable to work for an extended period of time
  • The life insured is following the directions of their health care provider to become healthy enough to work again
  • In a situation such as this, the best Income Protection insurance will provide up to 75 percent of your regular income while you are out of work. That way, you can keep earning money and being the financial superhero for your family Income Insurance in Australia has never been easier!

In a situation such as this, the best Income Protection Insurance will provide up to 75 percent of your regular income whil you are out of work. That way, you can keep earning money and being the financial superhero for your family Income insurance in Australia has never been easier!

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What you get when you compare Income Protection with our calculator:

Once the waiting period has passed, the pros at Superhero Insurance, will provide you with up to 75 percent of your regular income, until you are ready to go back to work. This money can be used to pay your mortgage, make car payments, buy groceries, supplement your health costs or used to pay any number of other costs that may arise. Our online tool will allow you to compare Income Protection insurance from leading providers across Australia, all of whom will take care of you in your time of need.

Our insurance calculator offers a wide range of customisable Income Insurance plans so you can compare and find the best choice for you and your loved ones. We work only with the best Life Insurance companies in the country so you can be confident that the plan you choose will be a good one. No one wants to use their insurance, but everyone deserves to be covered in case of a disastrous situation. With Superhero insurance, you can rest easy knowing that your income and finances are safe.

When you are injured or become ill, a waiting period needs to be met before your benefits will be able to pay out. When choosing your policy, you can pick the plan that features the right waiting period for you.

The importance of Income Insurance in Australia

Once the waiting period has passed, the pros at Superhero Insurance, will provide you with up to 75 percent of your regular income, until you are ready to go back to work. This money can be used to pay your mortgage, make car payments, buy groceries, supplement your health costs or used to pay any number of other costs that may arise. Our online tool will allow you to compare Income Protection insurance from leading providers across Australia, all of whom will take care of you in your time of need.

Our insurance calculator offers a wide range of customisable Income Insurance plans so you can compare and find the best choice for you and your loved ones. We work only with the best Life Insurance companies in the country so you can be confident that the plan you choose will be a good one. No one wants to use their insurance, but everyone deserves to be covered in case of a disastrous situation. With Superhero insurance, you can rest easy knowing that your income and finances are safe.

When you are injured or become ill, a waiting period needs to be met before your benefits will be able to pay out. When choosing your policy, you can pick the plan that features the right waiting period for you.

Compare different kinds of Income Protection

There are there are three kinds of Income Insurance available in Australia:

Retail Income Protection – This form of offers the most comprehensive array of benefits and features compared to the other kinds of Income Insurance cover.

Group Salary Continuance – This is a form is normally a policy taken out by employers on behalf of their full time employees. Generally the cover offered is pretty basic and does not take into account unique features relevant to the life insured.

Sickness and Accident – This form of is usually supplied by general insurance companies and is widely regarded as the most basic form of Income Insurance protection available. The insurance company is entitled to cease the policy or refuse to renew the policy once a claim has been made. Obviously this will leave the insured in an extremely vulnerable place.

How are the Income Protection premiums calculated?

There are a number of factors which contribute to the cost of your premiums in Australia. Make sure you consider these when you compare quotes online.

  • If you are a smoker then your insurance premiums will be higher due to the many health risks associated with smoking.
  • As you grow older, your premiums will also grow to reflect the higher risk of making a claim at older ages.
  • There is a different cost for insurance based on gender. Women will generally pay a slightly higher premium for disability insurance than men. Men will generally pay a slightly higher premium for Life Insurance than woman.
  • Your occupation will be assessed to look for the degree of danger you encounter inside your everyday activity. For instance, somebody who operates on an oilrig reaches higher- risk, and certainly will consequently pay higher rates, than somebody who operates at home in their own company, or within an office.
  • Dangerous hobbies such as rock climbing or sky diving may result in an increase of the premium payable.
  • The premium type is Stepped or Level.
  • The waiting period refers to the length of time you are willing to wait until the benefits begin to accrue. Generally speaking the waiting periods range from 14 days to 720 days. The shorter the waiting period, the more expensive your premiums will be.
  • The benefit period refers to the length of time you would like to receive the benefit payments. These are generally 2 years, 5 years, or until age 65/70. Generally speaking, the longer the benefit period selected, the higher the premiums, as the policy will pay you for a longer period should you be unable to return to work.

Agreed value policies are often 10% higher in cost compared to indemnity value policies. And finally your level of cover. The higher the sum insured, the higher the premiums will be.

Some Super Great Tips on How to Find Great Income Insurance Protection

Get inflation protection – You can choose to have your monthly benefit increased in line with inflation if you have a long term claim. All Income Protection quotes with our calculator Superhero Insurance have this option.
Find a non-cancellable policy – A non-cancellable policy implies that your insurer cannot cancel the policy if your circumstances change or you make a claim. All Income Protection quotes with Superhero Insurance have this feature.

Total Disability Definition – This is the criteria the insurance company uses to assess if you are eligible for a claim. Simply put, the most liberal definition is one that allows you greatest flexibility in this area with a “3 Tiered” definition. This is offered by TAL and an online quote can be accessed on our website.

Disadvantages of Income Protection Through Superannuation – If you need to make a claim on your Income Protection insurance and the policy is held through your superannuation plan, you must meet stringent requirements to be able to access your monthly payments. For example, you not only need to satisfy the insurer of the legitimacy of your claim, but also the superannuation trustee. The reason for this is because the monthly benefit is paid to your trustee and then you then have to meet a condition of release to receive the funds. All Income Protection quotes with Superhero Insurance are self-owned and do not have this process. The funds are paid directly to the life insured.

Total Disability Definitions

The definition of total disability is a major part of the Income Protection policy. In order to get a claim paid, you must meet the requirements of this definition. Different insurers have different variations of this definition.

There are currently four variations of this definition:

Duties Based Disability: When you are in state that restricts you from being unable to conduct one or multiple duties in your line of work, due to an injury or illness. Duties may involve manual work, desk work, meetings with clients, presentations and supervisory roles.

Income Based Disability:  When you have experienced a sudden decrease in income, due to sickness or an accident.  The amount of reduction required will vary from provider to provider.

Hours Based Disability: Means you are unable to perform your work duties for a certain number of hours per week, for example 10 hours per week, because of sickness or an accident.

3 Tier Disability Definition: Effectively is a combination of all three definitions that gives you the choice of which definition you would like to have your claim assessed under. This choice is made at claim time, meaning you can choose the definition most suited to your circumstances.

TAL was first company to introduce this definition.

In most instances, policy holders will also need to be under the advice and care of a certified medical practitioner in order to make a successful claim for a benefit.

The best Income Insurance in Australia

With Superhero Insurance, you can count on the best protection in the land, especially for your income. The best policy provides you with a steady income when you are out of work. It also comes with peace of mind if you ever need to use it. So what are you waiting for? Discover the right level of Trauma or Income Insurance in Australia for you and your loved ones today.

Be careful out there, fellow superheroes, your family is depending on you! Use our Income Protection insurance calculator now compare quotes.