Income Protection Insurance Super

It means you ll have financial security for your living expenses so you can concentrate on your health.

Income protection insurance super. This type of cover provides you with a regular income of up to 85 of your monthly salary for a period of up to two years giving you peace of mind knowing you will continue to receive a regular income. Instead of a lump sum income protection generally pays you on a monthly basis to cover part of your lost income. If it is not part of default cover just about all funds offer it as an optional extra. Keep adding to super with income protection.

They pay out for a set period usually up to two years while you get back on your feet and return to work. Super funds have different names for income protection insurance. Income protection covers total or partial disablement only. Insurance against loss of income from business closure or lack of shifts can t be provided by super funds.

Income protection ip can provide you with a regular income if you get sick or injured and as a result are unable to work. Income protection insurance can also be useful where what initially appeared to be a short term injury is later diagnosed as permanent. Having income protection insurance in super means that your premiums are paid directly from your super account. It doesn t cover redundancy.

Depending on the type of cover you select you can choose to receive 50 or 75 of your monthly income paid directly to you as well as 10 of your monthly income paid as a contribution into your super account. Income protection insurance covers you in the event that you become ill or injured and are unable to work for an extended period of time.