With JobKeeper Winding Down, What Impact Does This Have On My Income Protection?


Protecting Your Income In A Post-Pandemic Australia.

As March looms and the government’s JobKeeper scheme winds down, many Australians are seeking answers around the security of their future income and the stability of the job market in a post-pandemic economy. We can certainly take some solace in being more prepared in 2021, but a bigger question being asked of us is: how can I be better protected if something happens again?

Typically, Income Protection Insurance payments are offset by other Statutory Benefits you may receive from the Australian Government. For example, if you have been receiving $1,500 a fortnight from Workers Compensation, it will reduce your Income Protection payments by the same amount. Wage subsidies, such as JobKeeper, would also have been offset against your income protection payments.

A tailored Income Protection Insurance Policy from Aspect Underwriting will allow you to alleviate any unforeseen financial pressure in trying times. If you’re covered in the event of illness or injury, it will further help rectify any income loss you might incur.



We Take Mental Health Very Seriously

Suffering from sickness or injury alone is devastating but suffering this in a volatile economy has the potential to impact anyone’s emotional threshold. The Australian Institute of Health and Welfare reports Medicare and subsidised mental health services (psychiatrists, psychologists) increased 20 per cent in Victoria in 2020 (the biggest jump out of any Australian state).

An Aspect Underwriting policy helps negate the resounding stress of being unable to work due to mental or physical illness. Our end-to-end online quote system is free and removes the standard barriers to entry upheld by many other insurers. 


Workers Compensation VS Income Protection

Many income insurance providers cite Hargreaves and Telstra Corporation Limited [2011] AATA 417 in which the Administrative Appeals Tribunal ruled that Telstra had to pay the medical and legal costs of an employee who was injured while working from home. The Tribunal found the injury (falling down the stairs to get cough syrup from her kitchen) happened during her employment and deemed it like any employee on break at work. Although fortunate the plaintiff was compensated for her injuries, one must consider the increased risk of working in a home that is not primarily fitted to comply with OH&S standards as well as the legal fees and opposition you could face at tribunal. Dr. Anthony Coxon, president of the Australian Chiropractors Association weighed in on the rise of lower impact injuries during the pandemic- “Sitting is now being called the new smoking… that’s because sitting can not only cause spinal problems, but it’s also an independent risk factor for type two diabetes, obesity, heart disease”. Ongoing working from home lends itself to an increased risk of both high and low-impact injuries out of sight of anyone.



It is of no importance to Aspect Underwriting if you were working or not at the time of injury, what is important is that your income is protected and that you can take the time to recover properly before returning to work.

Aspect Underwriting’s income protection policy is backed by Lloyd’s which is the world’s specialist insurance market.

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.