INSTANT INCOME PROTECTION INSURANCE QUOTE

What is the difference?

This policy can also be known as Salary Continuance (SC) or Total Temporary Disablement (TTD), but they all offer the same protections.

The major areas of choice when designing this policy are:

• Waiting Period (usually 14, 30, 60 or 90 days)
• Benefit Period (usually 1, 2 or 5 years or ‘To Age 65’)
• Percentage of your income (usually 75%, Aspect offers up to 85%)
• Maximum Benefit – Some insurers will cap your benefit, regardless of how much you earn. Our policy pays up to $42,000 per week, as long as your income justifies it, for the nominated waiting period.

As a specialist insurance agency in Australia, we offer customised income protection covers to our clients tailored to their specific needs.

What is covered?

While requesting quote for this policy, you must understand that you can be only covered if an illness and/or injury prevents you from working after the expiry of your selected waiting period. It does not cover involuntary unemployment or redundancy.

Here are some situations in which you would not be eligible to claim policy benefits:

• Your disability is due to you deliberately exposing yourself to unnecessary danger/harm.
• Your disability is as a result of self-inflicted harm or an attempt to commit suicide.
• Your disability is due to pregnancy unless it’s a complication that occurs within the first 33 weeks of pregnancy.
• Your disability is related to professional sports, war or any pre-existing condition.
• Your disability is due to an elective surgery (unless you’ve purchased the additional benefits bundle as part of your Aspect Income Protection cover).

Read our PDS for further details, or contact us.

What is the waiting period?

This insurance policy comes into effect on the day you choose, but you start receiving policy benefits, if eligible, after your waiting period is over. A waiting period is the duration of time the insured must be unable to work before a claim can commence.

Aspect offers four waiting periods to choose from. You can choose from either 14, 30, 60 or 90-day waiting periods. Suppose you chose a 14-day waiting period, you will start receiving policy benefits from the 15th day of being unable to work. You won’t be paid for the first 14 days of your disablement.

For shorter waiting periods, the premiums will be higher, which will help reduce the reliance on your savings and annual leave. If you choose longer waiting periods, the premiums will be lower, which will increase your dependence on your savings or annual leave.

What is a benefit period?

A benefit period is the period during which you will be paid benefits by the insurer. The benefit period starts after the insurer has verified your claim and your selected waiting period is over.  This cover offers the option to choose a benefit period of 1, 2 or 5 years.

For instance, if you have selected a 1-year benefit period, you will receive benefits for a year after your waiting period is over. The longer your benefit period is, the higher your income protection premium.

Some insurers offer a ‘To Age 65’ benefit period which pays you a benefit until your retirement age. Aspect does not offer this benefit period. The cost is significantly higher and may not be worth your while. After all, it’s likely that a medical condition that keeps you off work for 2-5 years will result in total permanent disablement. Therefore, a Total & Permanent Disablement insurance policy coupled with a two or five-year Income Protection policy may be best suited for you.

What other insurance products can I purchase?

This cover can be purchased as a standalone product or can be combined it with any or all of the following insurance products:

Trauma Insurance

Trauma insurance provides you with a lump sum payment, payable on diagnosis, if you suffer a serious medical condition like a heart attack, stroke or cancer. The sum insured could range from $50,000 to $500,000, depending on whether it’s a standalone cover or purchased in conjunction with other products.

Total & Permanent Disability Insurance

Total and Permanent Disability insurance pays you a lump sum amount if you suffer from a severe illness or injury that restricts you from working permanently. Aspect TPD cover is available for wide range of occupations. Whether you are in a white blue-collar worker, we cover the majority of professions. Insure for up to $1,000,000 benefit cover. 

Accidental Death Insurance

Accidental Death Insurance (death by injury) is an easy and low-cost alternative to Life Insurance (death by any cause), or a good way to supplement an existing life benefit. Accidental death cover will pay your estate a benefit amount upon your death as a result of an accident/injury.  Generally, the sum insured would be $100,000 to $1,000,000, depending on your circumstances.