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Income Protection Insurance
Your income is important, and people can worry about losing these regular payments. Our Income Protection Insurance is designed to provide you with peace of mind that you'll still have some money coming in if you are unable to work due to getting sick or hurt.
Getting the right cover is important though. That's why our products are available through Advisers. They have the knowledge, experience and take care to help you get the right cover.
94% of claims accepted and $121m paid to customers from 1/7/22 - 31/6/23
What is Income Protection Insurance?
Your income is often your biggest asset and losing it can turn life upside down. If you’re unable to work—either temporarily or permanently—because you’re sick or injured, Income Protection Insurance will provide you with money to live on as a monthly payment while you’re not receiving your salary or wage.
Income Protection Insurance benefits
Optional benefits you can choose to include:
Boosts your monthly benefit in the early stages of a claim.
Pays you a benefit while you're waiting for your claim payments to start, if you're confined to bed or diagnosed with a specified condition.
Increases your monthly benefit each year to help keep pace with inflation.
Covers medical workers who contract Hepatitis B or C or HIV during work.
Provides a discount if you choose to limit your benefit payment period to two years for any claims related to mental illness.
Lets you cover your kids too.
Receive this benefit if you suffer any of 29 specified injuries (ranging from broken bones to paralysis). The benefit is payable even if you are still able to continue working. Check the policy document for the full list of injuries and payment periods. Depending on the option you have selected the payment(s) will be either your monthly benefit for the payment period or a multiple of your Specific injury support benefit – lump sum sum insured.
If you have an existing policy with Asteron Life, your policy may be different from our current on-sale products, so it’s a good idea to check things with your adviser.
There are terms and conditions that apply to all benefits within Income Protection Insurance. Don't worry though, your adviser can take you through these and what they mean.
Your wellbeing, our priority
With Asteron Life Connected Care, you’ll have access to leading local and global experts. Get the best medical, mental health and wellbeing advice for you and your family at no extra cost.
Other types of cover
Another alternative to Income Protection is Workability Insurance which is designed to support you to get back into the workforce. This is a form of Income Protection without all the bells and whistles.
Unsure?
Talking to an adviser will help you focus on what’s important to you, and it's even more effective with a little preparation.
Use our handy LifeSnap tool to prepare for your conversation with an adviser so you don't have to think on your feet!
Frequently asked questions
How long will I have to wait before my payments start?
When you set up your policy, you’ll decide how long the wait period is before you start receiving payments. Chat to your adviser about the different options – there’s a 2, 4, 8, 13 or 26 week wait. In some cases a 1 or 2 year wait period might suit you best. It all depends on how well you’d cope financially before payments kick in.
Will I get paid if I also receive ACC?
This may depend on the type of cover you take out. Asteron Life’s Loss of Earnings cover may top up the amount you receive from ACC. However, everyone’s circumstances are different and an adviser can recommend the best cover for your situation.
Resources and forms
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