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No income means no groceries, no fuel in the car and no money to pay the bills and if you have a mortgage, it could even mean losing your home. Which is why income protection insurance is not just a good idea, it can be just a necessity.
nib Income Protection Insurance pays up to 85% of your gross income if you are unable to work for a certain period of time due to accident or illness. It’s a safety net that ensures you can continue to provide for your family and focus on getting better, without having to worry about whether you can pay the next bill.
|Maximum monthly income||$10,000 (Up to 85% of your monthly income)|
|Age of entry||18-65|
|How do I apply?||Online with the insurer|
Based on nib Income Protection policy. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
nib Income Protection Insurance is not like other income protection policies. Because everyone’s circumstances are different, nib offers different types and levels of cover, depending on your needs.
What all nib policies have in common however is:
nib Income Protection Insurance can be tailored to suit your budget and your particular needs. For instance, you can choose between waiting periods of 14 and 28 days. You can also choose the length of the payout period, with the option of 6, 12 or 24 months.
If you have accrued sick pay or personal savings that could tide you over in the initial period of your illness, opting for the longer waiting period can reduce your premiums.
nib Income Protection Insurance is so flexible you can even get basic cover if you don’t qualify for normal income protection, due to your health, lifestyle or occupation. Basic cover is also ideal for students, stay-at-home parents or the self-employed, as it allows you to protect your income for up to $7,500 a month if you’re working full time and up to $3,000 a month if you work less than 20 hours a week.
The flexibility of nib Income Protection Insurance allows you to protect your income from the unexpected by choosing a policy that exactly suits your budget and your way of life.
As well as enjoying the benefits of nib Income Protection, such as choosing shorter waiting times and a choice of payout periods, you also have the option of extending your cover to include the following features:
As the name suggests, Permanent Disability cover provides you with additional protection in the event that your injury or illness leaves you permanently disabled. You can select a benefit amount anywhere between $50,000 and $500,000. There is a six month waiting period on this option.
Whether or not you choose to include Involuntary Unemployment or Permanent Disability cover, the amount of your overall premium charged will be based on a range of factors.
The amount of your premium will also depend on how often you choose to pay it, with the option of fortnightly, monthly, quarterly or annual payments. It’s worth noting that if you choose to pay up front and annually, nib offers an extra incentive, with one month’s free cover included every year.
At the end of the day, how much you pay for nib Income Protection Insurance is entirely up to you, as you can select a level of cover that suits your budget and your needs. It’s flexible cover that puts income protection within everyone’s reach, no matter who they are.
nib will not make claim payments under your Income Protection Insurance:
For a full list of conditions and cover details, refer to the PDS (Product Disclosure Statement).
As well as the general terms and conditions described above, there are several other things to be aware of when you take out an nib Income Protection Insurance Policy. These include:
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