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What if I lose my income, either temporarily or permanently?

While most of us don’t think twice about insuring our car, home, contents and maybe an investment property, many of us don’t think about our most valuable assets - our health and income.

Have you truly considered the consequences of losing your income, and the financial impact it might have?

What types of protection are available?

As there are a variety of things that can happen to you and your family and everyone's financial circumstances are different, we offer a range of protection policies offering either a lump sum payment or monthly benefit for future peace of mind.

Review your options:

Consider how much cover you need

Lump sum benefits

If you're considering a policy providing a lump sum benefit, you may want to consider whether the benefit is sufficient to clear outstanding debts such as your home loan, car loan and any medical costs, plus provide an ongoing income stream through investment. You should also consider your spouse’s income stream, as they may not be able to work due to new commitments.

Monthly benefits

Your cover may pay an ongoing monthly income if you are unable to work due to illness or injury.

One way to calculate how much you may need is to look at your circumstances and work out how much you are likely to need to cover your ongoing costs and bills, including mortgages, car repayments, child care, medical costs, bills, and general expenses. Alternatively you may decide to use your after tax wages. Income protection insurance can only provide up to 75% pre tax wages so you may want to look at Total and Permanent Disability Insurance in case the worst should happen.

Where can I go for advice?

Talking to one of our qualified BT Advisers is highly recommended. They can help you establish what protection you need, identify what gaps currently exist in your personal protection plan and recommend personal insurance options to suit you and your family’s needs.


Our income protection products

Things you should know

This information does not take into account your personal circumstances. Before making a decision about a particular insurance product, read the relevant Product Disclosure Statements to see if it's right for you.