Live and worker in South Australia? Get the right income protection insurance for your needs.
South Australia is one of the country’s economic powerhouses, with a thriving manufacturing industry, renowned vineyards and an immense retail sector. No matter which occupation or what industry you work in, whether you’re in Adelaide or the greater state area, having the right income protection insurance will ensure you and your loved ones continue living the life you’re accustomed to if disaster strikes.
Income protection insurance will pay benefits if you suffer an illness or injury that prevents you from working. It does this by paying out a portion of your usual income, typically 75%, until you’re able to return to work.
How can I get income protection if I'm a SA resident?
You can compare policies online and get a quote with an adviser. Alternatively you can compare directly with an income protection brand.
Compare cover directly SA workers with these brands
- How do I apply for income protection in SA?
- Do I need income protection insurance if I get SA workers compensation?
- How much stamp duty do I pay for income protection in SA?
- Income protection for SA manufacturers and factory workers
- Should I use an insurance broker in SA?
- What income protection conditions must I follow?
To apply for income protection insurance in Adelaide, you can opt to visit an insurance broker or provider in person and speak with them directly. This gives you a chance to ask about both the cover and the conditions associated with their income protection policy. SA insurance brokers typically help business owners get the best cover for themselves and their employees, but are also popular for individuals seeking help with insurance policies.
If you can’t or don’t want to actually visit an insurance broker, no matter where you are in South Australia you’ll almost always be able to contact an insurer online or over the phone to set up an insurance policy without actually being there in person.
What are some important things to look out for when applying?
To find the most suitable income protection insurance policy for your needs, you will always need to look carefully at limits, exclusions and claim requirements. Many SA income protection insurance providers will give you the option of bundling your income protection with life insurance or health insurance. Sometimes this can save you money, but sometimes it may not the right level of cover for you. This is why you should make sure you carefully compare income protection insurance policies before deciding.
When applying for a policy, your insurer will consider the following information:
- Whether you have pre-existing health conditions
- Your occupation, its risk levels, and whether you work full time, part time or casually
- Any risky pastimes or hobbies you might have
- Smoking, alcohol, drug use and other lifestyle factors
Details needed when you apply
You will need to provide details about your:
- Health issues
- Lifestyle factors
- Anything else they ask for
Options to consider
Select your ideal level of cover and consider the available flexibility options and extras. Lower premiums generally mean less cover, so work out both your spending limit and your minimum cover requirements, then look for policies that suit both. Other options you will need to consider include:
- Do you want lower excesses and higher premiums, or higher excesses and lower premiums? Some providers will offer you a choice.
- Do you want to pay more for a longer cover period? Most policies have a maximum cover period, after which they will no longer pay your benefit amount. This can vary from months to years.
- What’s your typical monthly income? The more you earn, the more your premiums will cost, but also the more your insurance company will pay you if you make a claim.
- What are your essentials? If you’re at particular risk of non work-related sporting injuries, car accidents or anything else that might cause injury or illness, make sure your income protection insurance policy covers it. Alternatively, you may just have to choose between predefined policies to find the one that suits you best, even if there are no perfect options.
Income protection insurance and SA worker’s compensation (Return to work SA) are two different things.
What does workers compensation in South Australia cover me for?
SA worker’s compensation schemes only apply to work-related injuries and illnesses. In other words, they only pay out if your sickness or injury is directly caused by work. If you have a car crash on the way to work, it doesn’t count. If you have a car crash while driving to pick something up at your boss’s request, it does count.
How does income protection cover me?
Income protection insurance covers both, and offers around-the-clock coverage anywhere in SA and Australia as a whole, for both work-related and non work-related injuries and illnesses.
Stamp duty is a tax placed on a variety of financial service products, including income protection insurance. In South Australia the stamp duty is 11%, which will be declared and paid for by your insurer and factored into the cost of your premiums.
Income protection stamp duty in SA vs other states and territories
|New South Wales||5%|
Manufacturing is one of South Australia’s biggest sectors. SA alone makes almost half the cars produced in Australia. Manufacturing and assembly jobs like these, as well as steel fabrication, metalwork and other manufacturing occupations have a unique risk profile. The presence of heavy machinery and the odds of manual labour injuries make a significant difference to your insurance needs.
This often means you will find different prices for similar policies, as each provider calculates risk levels with their own different formulas, and because both the risk levels and pay can vary greatly, even within the same workplace.
One common outcome of this is disproportionately high costs for health and life insurance, and relatively low costs for income protection insurance in SA manufacturing. This is because occupational health risks make up a large part of the hazards you’ll face, and the medical costs are usually covered by SA workers compensation, health insurance and life insurance.
Income protection insurance, however, is more dependent on how much you earn, and not all policies cover medical expenses. Its premium costs are largely influenced by this.
Insurance brokers can be particularly useful when it comes to navigating complex insurance issues. You can find a lot of income protection insurance brokers in Adelaide, and they’re particularly good at helping business owners with insurance for employees.
Insurance brokers are good for SA income protection insurance because they can help you with issues such as:
- Crossovers in cover between private and employer health insurance
- Having too many options and not knowing where to begin
- Making claims more efficiently and effectively
- Clearing up any misconceptions you may be having about your insurance policy
- Answering any questions or walking you through the steps of signing up and claiming
All income protection insurance policies come with some typical conditions and exclusions. Some of the more common conditions include:
- You must seek medical attention for your injury or illness as soon as possible.
- Policies will generally not pay out if you were injured while doing something illegal or acting exceptionally irresponsibly.
- Benefits will not be paid until the end of the waiting period (the minimum amount of time between being injured and claiming benefits).
- You cannot claim if you cannot prove an inability to work due to injury or illness, or without a licensed medical practitioner's say so.