Disability Insurance

Income protection if you're unable to work due to disability.

Disability insurance, often referred to in Australia as income protection or total and permanent disability (TPD) cover, provides financial support if you become seriously injured or ill and can't work. Income Protection policies typically pay a monthly benefit (a percentage of your usual income, such as 75%) for a set period if you're temporarily or permanently unable to work due to illness or injury. TPD insurance usually pays a one-off lump sum if you become permanently disabled and are unlikely to work again. This type of cover helps ensure you can continue to pay living expenses, mortgages, and support your family when you can't earn an income due to disability.

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Key Benefits

Income Replacement

Provides a replacement income (often up to around 75% of your normal salary) if you can't work due to illness or injury. This means you can still pay your bills and support your family even when your own paycheck stops.

Covers Illness & Injury

Protects against a wide range of health issues – from serious illnesses like cancer or a heart attack to severe injuries from accidents. Whether you're hurt on the job or outside of work, you're covered (unlike workers' compensation which only covers work-related incidents).

Long-term Financial Security

Offers peace of mind that even if you're permanently disabled and can't return to work, you'll receive financial support (through a lump sum with TPD cover or ongoing payments with income protection). This security helps protect your family's lifestyle and future if the unexpected happens.

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Frequently Asked Questions

Income Protection provides regular payments (like a monthly income) for a specified period (e.g., 2 years, 5 years, or up to age 65) if you can't work due to temporary or long-term disability. TPD (Total and Permanent Disability) insurance pays a one-off lump sum if you become permanently disabled and are unlikely to ever work again. Both are types of disability cover but function differently.

Sick leave covers short-term absences and is limited. Workers' compensation only covers injuries or illnesses that are directly work-related. Disability insurance (income protection or TPD) covers you for health issues whether they're work-related or not (like a cancer diagnosis or an injury from a car accident), and can extend for longer periods, providing broader protection than sick leave or workers' comp alone.

Yes, many superannuation funds offer default income protection and/or TPD insurance for members. The premiums are paid out of your super contributions. However, the coverage levels vary and might not be sufficient for your needs. You can usually increase cover through super or buy a separate policy outside super for more tailored coverage.

Premiums depend on factors like your age, occupation, health, whether you smoke, and the level of cover you choose. Riskier jobs or older age can increase premiums. For income protection, the waiting period (how long before payments start) and benefit period (how long payments last) also affect cost. A shorter waiting period or longer benefit period will cost more in premiums.

In Australia, TPD lump sum payouts are generally not taxable if you hold the policy personally (outside super). Income protection payouts, however, are typically treated as income and are taxable (but the premiums for income protection outside super are usually tax-deductible). If the cover is through super, tax treatment can be a bit different, so it's best to get advice or check current ATO rules.

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