Income Protection Insurance
Safeguard Your Future With EIG
What is Income protection?
Income protection insurance provides monthly payments to replace a portion of your income if you’re unable to work due to accident, illness or injury. At EIG, we can assist you in finding the right policy to safeguard your financial stability and support your recovery during challenging times.
Benefits of income protection
Replaces lost income, ensuring you can meet expenses if you’re unable to work.
Helps cover loans and bills so financial stress doesn’t add to your recovery.
Provides assurance that your finances are secure during tough times.
Keeps your savings on track, protecting your long-term goals.
Getting you the best from Australia's top life insurers
Peace of mind
Customised, comprehensive solution tailored to you
Strong insurer relationships means a better deal for you
Expert claims management in your time of need
Premium support & Personalised service
Frequently asked questions
Income protection provides a safety net by paying a percentage of your income if you are unable to work due to illness or injury. It replaces a portion of your salary to help cover essential living expenses while you recover. Policies can be customised with options like benefit periods, waiting periods and coverage levels to suit your needs.
Eligibility varies depending on the insurer, but generally, individuals who are employed or self-employed can apply. Insurers may assess factors such as your occupation, age, income level and medical history. Certain high-risk jobs or pre-existing medical conditions might result in exclusions or higher premiums.
The amount of cover depends on your financial commitments, such as rent, mortgage payments, utilities and other living expenses. Aim for a policy that will cover at least your essential expenses.
The duration of payments, known as the benefit period, depends on your policy. Common options include two years, five years or until a specific age, such as 65. Choosing a longer benefit period provides more security but may result in higher premiums.
Yes, income protection payments are generally considered taxable income in Australia. This is because the premiums are often tax-deductible, meaning the benefit payments are treated as regular income by the Australian Taxation Office (ATO).
