How long does income protection insurance last for?
On the surface, Income Protection is a relatively straightforward concept; as the name suggests, it is a form of life insurance designed to provide you with an income in the unfortunate event you cannot work through injury or illness. The monthly payout can support you and your family financially during these turbulent times.
When looking into Income Protection as a means to cover your potential loss of earnings, you will naturally be curious as to which insurers offer best value for money and how the process works.
One key question which tends to pop up often among NobleOak customers is “How long does income protection last for?” It’s important to raise this question in order to know the exact duration for when you will receive monthly payouts while out of work.
At NobleOak, your Income Protection cover can last for either:
A standard two-year period, or
Up until you reach 65 years of age.
NobleOak customers can choose between the two options above based on their current circumstance and budget. This amount of time is known as the Benefit Period.
The Benefit Period takes effect after the 30 or 90 day Waiting Period, which is the time you must wait from the time when you become unable to work to the time when you become eligible to start receiving income protection benefit payments.
Am I eligible for Income Protection insurance?
To receive Income Protection cover with NobleOak, you must be an Australian resident and aged between 18 and 59. Our premium direct life product uses stepped premiums, which means the amount you pay will increase each year in accordance with your age and factors such as CPI (where your monthly benefits are indexed to keep pace with inflation).
Income protection through NobleOak
Applying for cover online can be a simple and straightforward process with NobleOak. The three main steps in the process are:
Obtaining a quote – One of our dedicated insurance specialists will help you complete your Income Protection quote online or over the phone.
Applying for cover – If you’re satisfied with the quote provided, you can apply right away over the phone or book, or arrange a time for a call back.
Receiving cover – NobleOak will review your application. In the event that you require medical tests, don’t fret as this will be covered by NobleOak.