Are You Ready For Life After JobSeeker And JobKeeper? What You Need To Consider As The ‘Helping Hand’ Nears An End


Considering the capacity of your insurance provider to pay onwards of  75% of your income is paramount to your security should you fall ill or victim to injury. Below are some factors to consider in a post-pandemic society and why income protection is as important as ever.


Your Payments Will Now Come From One, Centralised Source.

Most insurers will offset their claimants’ payments against what they’re already receiving in statutory benefits from the government such as Workers Compensation, NewStart, and JobKeeper. Having your payments being split between government benefits and an insurer typically means two sets of criteria to guarantee your next paycheck and an increased possibility of bureaucratic errors & delays.

With a reputable and customer-first approach, Aspect Underwriting’s small team of experts means that you will deal with a familiar provider who can efficiently update your details, walk you through the process and implement the admin changes needed so you can focus on your recovery unfettered.



Unfortunately, Risk Never Disappears.

As the impact of the Coronavirus was felt globally, the local economic damage has been concentrated in areas predominantly comprising bricks and mortar trade. A recent Sydney Morning Herald article cites the COVID-19 Financial Impact Index Developed by analytics firm Taylor Fry “financial conditions are most difficult in postcodes with a high proportion of people employed in hospitality, construction, freight and transport, and general retail”. As these payments cease, many employers will be forced to consider leaner staff numbers and extended opening hours as a way to balance their books in the short term.


After many workers experience such a difficult period of unemployment, once they return to work, they are aware of how awful it can be to have no income. Many then become aware of the possibility that this could just as easily happen again if they are ill or injured. Therefore, an Income Protection Policy from Aspect Underwriting provides a rainy-day strategy to ensure 85% of your income can be paid to you without any roadblocks or sprawling bureaucratic approvals.


A Considered Approach To Cost-Cutting Is Encouraged.

With the impending end of JobKeeper, new evidence suggests employees value income protection amongst the main perks of their jobs. According to a survey by financial aggregator site ‘Finder’, “26%” of respondents listed Income Protection Insurance in their top 5. As Finder also estimates Australians will have around “$485 million less. per fortnight” to spend, there may be an impulse to cut your current income policy out of the budget and proceed through life unprotected. As negotiations between employees and employers to include income protection in workplace agreements can be lengthy, Aspect Underwriting’s Income Protection Policy can immediately adjust your benefit period or extend your waiting period to help reduce premiums to suit your budget. This small but dedicated team of industry leaders are there to give you peace of mind and help you through details. Whether your injury is physical, mental, home or office bound, Aspect Underwriting wants to make sure you are covered.



Safeguarding Against The Virus Itself.

The end of JobSeeker and JobKeeper coincides with the federal government’s confidence in businesses to return to self-sufficiency with less social distancing measures to hamper them. Although this bodes well for a return to normalcy, last year proved that the risk of another outbreak always looms, and you should be covered if you were unlucky enough to fall ill or get injured. Aspect Underwriting’s quick and easy online quoting process will give you an immediate idea of the viability of Income Protection for you and allow you to consider the immediate benefits of being covered.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.