Do I need Income Protection Insurance?

Income Protection Insurance pays a monthly benefit of up to 75% of your regular before-tax income if you can’t work due to a serious illness or injury.

Having this type of cover in place can help ensure your family will not be left with a major financial burden if you’re left without an income. For example, your monthly benefit payments may be used to ensure:

  • you can keep up with your rent or mortgage repayments
  • you can cover your ongoing bills and everyday expenses
  • you don’t need to rely on family or friends for financial support.

How Income Protection Insurance can help

Robert, aged 29, is a qualified chef. He is married to Catherine and they have three children. Catherine also works, and their family is reliant on both Robert and Catherine’s incomes.

Robert was diagnosed with Non-Hodgkin’s Lymphoma in July 2015. Unfortunately he needed to undergo several rounds of chemotherapy, meaning he was off work for several months.

When Robert married Catherine seven years earlier, he commenced Income Protection Insurance on the advice of his father.

After his diagnosis, Robert made a successful claim on his Income Protection Insurance and started receiving monthly benefit payments after the conclusion of the 30-day Waiting Period.

After five months Robert returned to work on a part-time basis, and his cover continued to provide ongoing partial monthly benefit payments until he returned to full work duties three months later.

Income Protection Insurance enabled Robert and Catherine to meet their monthly mortgage payments, and to also cover the costs of the essential school and household expenses.

Benefits of NobleOak’s Income Protection Insurance

High cover levels

You can apply for up to $25,000 per month cover, without having to go through a financial adviser. That’s much higher than most direct insurers.

Low premiums

We don’t pay fees or commissions to advisers, or spend money on big ad campaigns. That means lower premiums for you.

Fully underwritten cover

We take the time to get to know you upfront, so we can tailor your cover and premium. That gives you more certainty at claim time.

Please note that the information we provide is not advice but general information only.