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If you are injured or ill and are out of action for an extended period of time, then disability insurance is intended to make up a percentage of your income. Also known as income protection insurance, disability insurance varies in a great degree with some of the cheaper policies only covering you for a period of five years and better quality insurers making sure you are looked after until retirement age. Either way, if you become disabled, that will greatly impact your potential for income and disability insurance is your best way of staying solvent during this time.

Who needs disability insurance?
If you are not financial independent or able to maintain an income in the event of disability or long term illness then you should consider disability insurance. As disability insurance replaces your income, can you afford not to pay for this disability insurance premium? There is no requirement by law to have this type of insurance, but given the large number of issues that could arise without this insurance, it is definitely an investment worth considering.

What typically does a disability insurance policy cover?
Disability insurance typically pays an income stream to you in the event of disability or long term illness. Disability is a broad term and covers a host of afflictions that would cause you to stop working. For the exact list of conditions that you are covered for, check with your potential insurer.
Most policies cover terms from 5 years up to retirement age. The payment level you receive is purely down to the premium you pay. The higher the premium, the higher the payment. Some insurers even include complementary health sessions as part of their package to assist your recovery. Insurers are beginning to offer more and more with disability insurance as they know the sooner you get fit and well, the sooner they can stop paying.

What typically does a disability insurance policy not cover?
A standard disability insurance will not cover disability or illness to a blue-collar worker. Blue collar workers are in a higher risk group so wont be covered by a basic policy. Normally, blue collar workers will have to pay a much higher premium to have the same kind of cover as a white collar worker.

More information:

Once you have completed our Enquiry Form, one of our experienced consultants will be able to discuss your circumstances with you. 

For all your questions, contact a Consultant on   Freecall 1800 080 129