financialservicesonline

Australian Insurance, Finance, Superanuation & Investment Resources

Income Insurance Calculator
Need a Quick Income Protection Insurance Quote? Start Here

Compare Income Protection Insurance Monthly Benefits

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.

start your income protection insurance quote


Important: Financial Services Online is a referral service. We provide general information only and we do not offer financial advice. We refer all insurance, finance and other enquiries that are initialted on this and our associated websites to specialist advisers who are licensed in their respective fields. You should always seek professional advice before making important financial decisions.
';