Income protection insurance

This can provide up to 85% of your usual wage and may be paid out weekly or monthly for up to 2 years (or sometimes until an individual is 60 or 65).

Income protection insurance is only applicable if one intends to return to work, and generally involves a waiting period of up to six months. Because of the waiting period one may need to access Centrelink benefits in the interim, if eligible.

Once your income protection payments begin one will need to inform Centrelink, if one has been receiving benefits, to avoid repaying Centrelink benefits.

Total and permanent disability insurance.

If one is not be able to return to work, one should consider accessing total and permanent disability insurance through your superannuation fund.