How much income protection cover can I get?
The cover available for Income Protection typically depends on your policy and insurer, but it is generally up to 70% of your pre-tax income. This ensures that while you are unable to work due to illness or injury, you can still meet your financial commitments, such as mortgage payments, bills, and daily living expenses.
You can increase this benefit by adding the Super Guarantee Option, which will pay a portion of your super guarantee payments, generally up to 10%, into your super fund.
Typically, the maximum sum insured is $30,000 monthly benefit, however, your maximum level of cover is determined based on your income at the time of application and may also be influenced by factors like your occupation and consistency of your employment and income.
