What is Income Protection?
When illness or injury prevents you from working in your occupation, Income Protection Cover supports you by paying a monthly benefit which can be used for loan repayments, children's education, daily living expenses and so on, giving you a peace of mind to focus on what matters most – your health and recovery.
Key Benefits
Monthly Benefit
In the event of not being able to work due to injury or illness, the insured will receive a monthly payment up to 70% of the annual income.
Tax Benefit
Income Protection that is held outside super is generally tax deductible for policy owner.
Waiver of Premium
The premium will be waived for the life insured while the life insured is on claim.
Claim Indexation
The monthly benefit will increase by the indexation factor (CPI) for every 12 months while the life insured is on claim.
Who needs Income Protection?
People with mortgage, dependant, or income, tend to have the following wealth protection needs in the event of not being able to work:
-
To receive a continuous monthly income.
-
To leave financial support for children, spouse, parents.
-
To repay the mortgage to protection properties.
-
To protect their business by ensuring a continuous flow of funds.
-
To supplement cash flow gaps to cover essential living expenses.
-
To cover out-of-pocket medical expenses and ongoing rehabilitation costs that Medicare or Private Health cannot reimburse.
-
to fund loss of income due to inability to work.
-
To access health and consumer benefits as an insurance member, saving on costs.
How to customize Income Protection?
1. Calculate the sum assured
How much do you need to repay the mortgage? Are there other debts? How much income needs to be protected? How much does it cost to educate children? How much is the necessary living expenses?
You can also refer to the following sum assured calculators:
2.Confirm Premium Coverage
What is your budget to fund your protection in place?
3. Find the Balance Point
Are you comfortable with both the cover amount and premium level?
Your Trusted Insurance Partner
Hippo Insurance has been delivering top-notch insurance services across Australia for more than 4 years. Our team of specialists have an accumulated experience of more than 20 years in the insurance and finance industry, protecting over 1,000 families and business.
We value our clients' trust and time. Especially, we treat them as individuals, not just numbers. Our team of experts is dedicated to providing you with the best insurance coverage at an affordable price.
We understand that every individual or business has unique needs, which why we empower you to tailor your own protection to your specific requirements.