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Must read: Redundancy cover
Since COVID, insurers have stopped offering cover if you lose your job. If you have an existing policy with this type of cover, your insurance should still be honoured but you should always double check directly with your provider.
Which insurers offer job loss insurance?
Although brands typically no longer offer this cover, we have kept the information on this page in case you have existing cover.
Our table runs through the general offerings of involuntary unemployment for the brands that have offered it. Although some of these brands no longer offer this cover, we have left them displayed in case you have existing cover with them.
Provider
Redundancy cover conditions and features
Is this option currently available to new policies?
Not necessarily. Many Australians mistakenly believe that their income policy will cover them in the instance that they lose their job.
Unless you have selected an additional extra that is offered by the insurer, usually called involuntary unemployment cover, or redundancy insurance, you will not be covered if you lose your job.
Mortgage protection policies will generally include the following features:
The security and peace of mind that comes with knowing you’ll have help with your mortgage payments if the unexpected happens.
A monthly payment to help cover your mortgage costs for a defined period of time.
A monthly involuntary unemployment benefit when you become unemployed through no choice or fault of your own and due to factors outside your control.
A lump sum payout to your family if you die, and a monthly benefit for a set period if you become disabled and are unable to work.
Three factors generally influence the cost of your premiums: your likelihood of becoming unemployed (the nature of your industry and possibly your job history could be taken into account), the state of the economy and the cost of your mortgage payments.
Why you can trust Finder's income protection experts
We're free
You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.
We're experts
Our team of income protection experts have researched and rated dozens of policies as part of our Finder Awards and published 80+ guides.
We're independent
Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.
We're here to help
Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.
Frequently asked questions
Typically, no - income protection won't cover you for situations related to dismissal or employment termination.
In practice, there's no insurance set up for unfair dismissal. Employees can go through the Fair Work Commission if they feel they've been unfairly dismissed.
You'll need to meet the insurer's eligibility criteria. For example, you'll need to be between a certain age to take out cover. You'll need to be employed and earn an income.
James Martin is the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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