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Income Protection

When comparing income protection policies, there are some critical issues surrounding the amount of your monthly benefit that need consideration.

Firstly, most companies limit the amount that you will be paid to a proportion of your income, irrespective of the benefit amount that you are paying for.

This proportion may be a percentage of your pre-disability earnings for a specified period immediately before your claim.

Some policies will calculate your maximum monthly benefit payout based on the highest average monthly earnings over the previous year and others will base on your earnings at the time you applied.

Most companies include annual indexing of the monthly benefit amount where you are automatically offered an increase in the amount you insure based on increases to the consumer price index (CPI).

These CPI offers are in relation to the amount that you insure each year on the anniversary of your policy. They are not the same as an indexed claim benefit that allows for an annual indexed payment when subject to a claim.

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