With income protection policy, one can have benefit approximately 75% of monthly pretax income for special cases, when the insurance holder is ill or met an accident and due to that unable to work. The protection can be availed in two ways to secure your income: one agreed value, where you must decide the receiving amount for every month or second is indemnity, where you must prove the income at the claim time, but not at the time of applying for the same.
It depends on the policy type you go with, still, we can suggest you with the best plan you can get maximum possible cover with. After looking for all points, including how much percentage of your wages, the waiting period before the start of payment and for how long you will receive the payments, we suggest you to get insured with certain limits.
There are three main types of Income Protection Insurance Australia.
Income protection insurance Australia is helpful to pay your necessities if you are unable to rejoin the work in case of met accident or illness. To get the insurance claim there are some of the eligibility you need to be with