Protect Your Lifestyle with Income Protection Insurance

What Is Income Protection Insurance?

Income Protection Insurance is designed to replace a portion of your income if you are unable to work due to illness or injury. At Covermate Life, we help you find tailored income protection policies that safeguard your financial wellbeing, ensuring you can still cover everyday expenses such as your mortgage, rent, bills, and living costs.

Why Income Protection Matters

Your ability to earn an income is one of your most valuable assets. Without it, maintaining your lifestyle and supporting your family can quickly become a challenge. Income Protection provides peace of mind by offering:

Regular monthly payments (usually up to 70% of your income).
Flexible waiting and benefit periods to suit your needs.
Protection that helps cover living expenses, loan repayments, and medical costs.

Key Features of Covermate Life Income Protection

Tailored Cover: Choose benefit and waiting periods that suit your budget and circumstances.
Tax Advantages: Premiums for income protection may be tax deductible.
Flexible Options: Policies available for salaried employees, sole traders, contractors, and professionals.
Long-Term Security: Ensure stability for you and your family even during extended recovery periods.

Who Needs Income Protection Insurance?

Income Protection is ideal for:

Employees: Protecting your salary and lifestyle if you’re unable to work.
Self-Employed & Sole Traders: Securing income when sick leave or workers’ compensation may not apply.
Professionals & Business Owners: Ensuring personal and business obligations can still be met.

Frequently Asked Questions

1. How much cover can I get?
Most policies cover up to 70% of your pre-tax income.

2. How long will payments last?
This depends on the benefit period you choose—commonly 2 years, 5 years, or until retirement age.

3. Are premiums tax deductible?
Yes, income protection premiums are generally tax deductible if the policy is held outside of super.

4. Is income protection the same as TPD or trauma insurance?
No. TPD and trauma cover provide lump sums, while income protection provides regular monthly payments.