ANALYSIS: What is income protection insurance? And do you need to get it?
You can choose a policy that covers you if you're unable to work in your own occupation, or one that covers you if you're unable to work in any occupation for which you're appropriately trained. You can get a standalone policy or one that is built into your life insurance policy.to the amount insured under your life insurance policy.
The other key difference is the amount insured under income protection cover is usually limited to 75 per cent of your income, whereas you could have any amount of insurance coverage under your total and permanent disability policy.Many people have their income protection insurance, life insurance or total and permanent disability insurance built into their superannuation.
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