WHAT IS INCOME PROTECTION?

Aspect Underwriting provides one of the best income protection insurance online quoting platforms in Melbourne, Australia. Purchased by around 2000 individuals, our income protection insurance policy will replace the majority of your income if you’re unable to work due to illness or injury. To buy such income protection cover usually requires you to go through medical tests, sit for rounds of meetings and discussions with insurance agents, before being able to purchase the cover. We cut this short with our end-to-end online income protection insurance quoting and purchasing system. Using this service, you can get a quick income protection quote and get fully covered in 10 minutes by purchasing it online– without ever calling or meeting us!

As a specialist insurance intermediary agency that is led by Mike Wallis, Australia’s leading accident & health insurance specialist with over 20 years of experience in the sector, we offer you the best experience you will have in buying and claiming income protection insurance cover in Melbourne and Australia-wide.

Aspect Underwriting’s income protection policy is backed by Lloyd’s which is the world’s specialist insurance market. With expertise earned over 300 years, Lloyd’s is the foundation of the insurance industry and the future of it. As one of its Coverholders, Melbourne-based Aspect Underwriting is proud to distribute its thoroughly researched and managed income protection policy package in Australia. Whether you have a blue collar, white collar or any other type of job, our income protection policy covers it all. Get a quick customised income protection insurance online quote now and start planning for your future with the experts, to secure cover of up to 85% of your income !

HOW MUCH DOES IT COST?

Get a quick customised income protection insurance online quote now and start planning for your future with the experts to secure cover up to 85% of your income now!

Why Choose Aspect Income Protection

  • Coverholder at Lloyd’s of London
  • Personalised, friendly service – you’re dealing directly with the owners.
  • From a quote to fully covered in under 10 minutes, no phone calls required.
  • The world’s specialist insurance market.
  • We can cover up to 85% of your income and offer the highest levels of cover in the market.
  • Deal directly with ownership; no cheesy sales staff!

NEED HELP GETTING STARTED

What is Income Protection Insurance?

An Income Protection insurance policy is a product that replaces the majority of your income if you’re unable to work due to illness or injury. Protecting regular income is at the heart of sound financial planning.
The reality is that you are likely to suffer a health condition at some point in your working career that may take you to a financially challenging place.
The question then becomes, can you afford to go for a period of time with no income? If you are in such a position, having your income protected provides you with significant peace of mind so that you can focus on getting better.

Why Should You Cover Your Income?

Here are some stats for you to consider to help you decide:

  • Around 786,000 Australians experienced a health condition resulting in time off work and income support from a government or private source during the 2015/16 financial year.
  • To put that into context, this was about 50,000 more than the number of unemployed people as at June 2016.
  • At least a further 6.5 million people accessed sick leave for short-term illness.

Now supposing that you are to be one of them, would you be able to go for a period of time with no income? Think about that. Stay smart, be proactive today and ensure a steady stream of income should the hard times ever arrive!

Types of Income Protection

As a specialist insurance agency in Collingwood, we have been offering customised income protection covers to our clients tailored to their specific needs. Broadly speaking income protection can be known by other names such as Salary Continuance (SC) or Total Temporary Disablement (TTD) but they all offer the same protections.

The major areas of difference from one of these policies to the next are:
a) Waiting Period (usually 14, 30, 60 or 90 days)
b) Benefit Period (usually 1, 2 or 5 years or ‘To Age 65’)
c) Percentage of your income (usually 75%, Aspect offers up to 85%)
d) Maximum Benefit – Some insurers will cap how much your benefit is, regardless of how much you earn. Aspect Income Protection cover pays up to $42,000 per week, as long as your income justifies it, for the nominated waiting period.

Coverage of Income Protection Policy

While requesting an income protection insurance quote, you have to understand that it covers illness and injury that prevents you from working, after the expiry of your selected waiting period. Aspect income protection policy does not cover unemployment.
Although some policies offer a small ‘involuntary unemployment’ benefit as an extra. Along with that, standard exclusions that is pre-existing conditions like; war & terrorism; flying (except as a passenger on a commercial airline); intentional or self-inflicted injury; professional sports are not covered in Aspect income protection cover. Read our PDS here.

Income Protection Insurance Online Quote

Based on extensive working experience as Lloyd’s Underwriters, Aspect provides you with the ability to request a custom-built Income Protection Insurance Online Quote, purchase, and pay for it online without ever spending time visiting us.
The experience is seamless and the system gives you the full power and resources to request the best income protection insurance quote online that is best suited to you. Our system provides you the flexibility to add additional covers to your Aspect Income Protection quote including – Accidental Death Insurance, Total and Permanent Disability (TPD) Insurance and Critical Illness Insurance (Trauma) Quote. In case you need any human assistance, we are always available online or can schedule a meeting to meet in person.

What is The Aspect IP Claim Process?

Just like our income protection insurance cover issuance process, our income protection claim process is also hassle-free. To make a claim, download the Aspect Income Protection Claim form, print it and fill in the details. The form also needs some information to be filled by your doctor and your employer/accountant. Once all the necessary information has been filled, mail it to the following address.
Aspect Underwriting Claims Centre
PO Box 14
Brisbane, QLD 4556
As soon as we receive your claim, we will get in touch. Click here for more information on Aspect income protection claim process.

What is Income Protection Insurance?

An Income Protection insurance policy is a product that replaces the majority of your income if you’re unable to work due to illness or injury. Protecting regular income is at the heart of sound financial planning.
The reality is that you are likely to suffer a health condition at some point in your working career that may take you to a financially challenging place.
The question then becomes, can you afford to go for a period of time with no income? If you are in such a position, having your income protected provides you with significant peace of mind so that you can focus on getting better.

Why Should You Cover Your Income?

Here are some stats for you to consider to help you decide:

  • Around 786,000 Australians experienced a health condition resulting in time off work and income support from a government or private source during the 2015/16 financial year.
  • To put that into context, this was about 50,000 more than the number of unemployed people as at June 2016.
  • At least a further 6.5 million people accessed sick leave for short-term illness.

Now supposing that you are to be one of them, would you be able to go for a period of time with no income? Think about that. Stay smart, be proactive today and ensure a steady stream of income should the hard times ever arrive!

Types of Income Protection

As a specialist insurance agency in Collingwood, we have been offering customised income protection covers to our clients tailored to their specific needs. Broadly speaking income protection can be known by other names such as Salary Continuance (SC) or Total Temporary Disablement (TTD) but they all offer the same protections.

The major areas of difference from one of these policies to the next are:
a) Waiting Period (usually 14, 30, 60 or 90 days)
b) Benefit Period (usually 1, 2 or 5 years or ‘To Age 65’)
c) Percentage of your income (usually 75%, Aspect offers up to 85%)
d) Maximum Benefit – Some insurers will cap how much your benefit is, regardless of how much you earn. Aspect Income Protection cover pays up to $42,000 per week, as long as your income justifies it, for the nominated waiting period.

Coverage of Income Protection Policy

While requesting an income protection insurance quote, you have to understand that it covers illness and injury that prevents you from working, after the expiry of your selected waiting period. Aspect income protection policy does not cover unemployment.
Although some policies offer a small ‘involuntary unemployment’ benefit as an extra. Along with that, standard exclusions that is pre-existing conditions like; war & terrorism; flying (except as a passenger on a commercial airline); intentional or self-inflicted injury; professional sports are not covered in Aspect income protection cover. Read our PDS here.

Income Protection Insurance Online Quote

Based on extensive working experience as Lloyd’s Underwriters, Aspect provides you with the ability to request a custom-built Income Protection Insurance Online Quote, purchase, and pay for it online without ever spending time visiting us.
The experience is seamless and the system gives you the full power and resources to request the best income protection insurance quote online that is best suited to you. Our system provides you the flexibility to add additional covers to your Aspect Income Protection quote including – Accidental Death Insurance, Total and Permanent Disability (TPD) Insurance and Critical Illness Insurance (Trauma) Quote. In case you need any human assistance, we are always available online or can schedule a meeting to meet in person.

What is The Aspect IP Claim Process?

Just like our income protection insurance cover issuance process, our income protection claim process is also hassle-free. To make a claim, download the Aspect Income Protection Claim form, print it and fill in the details. The form also needs some information to be filled by your doctor and your employer/accountant. Once all the necessary information has been filled, mail it to the following address.
Aspect Underwriting Claims Centre
PO Box 14
Brisbane, QLD 4556
As soon as we receive your claim, we will get in touch. Click here for more information on Aspect income protection claim process.

Frequently Asked Questions and Common Misunderstandings about IP

You can request for an income protection insurance quote online from anywhere in or outside Australia. Aspect Underwriting offers the ability to acquire an income protection quote and purchase it online from anywhere provided that the individual is an Australian and fulfills the eligibility criteria.
Income protection is available in most Super Funds but usually, you need to opt-in to receive the cover. More than 50% of Super Funds do not provide the cover automatically. You should contact your Superfund to confirm.
Sometimes they do as part of your employment conditions, often in Enterprise Agreements (EA’s) negotiated between your employer and the Union. This is more common in blue-collar industries such as construction, manufacturing & mining.
Waiting periods vary among insurers. Most insurers offer a 14-day waiting period as their shortest waiting period. There are then options up from there with 30 days being the most common. Remember if you can afford a longer waiting period, your premium will be reduced.
Most insurers insure up to 75% of your income but some insurers, including Aspect Underwriting, offer insuring up to 85% of your income.

The options here are usually a one, two or five-year benefit period or a benefit paid until you reach the age of 65. The costs increase as the benefit period gets longer. Whilst ‘To Age 65’ pays you a benefit until retirement age, the cost is significantly higher and may not be worthwhile. After all, it’s likely a medical condition that keeps you off work for two or five years will prevent you from ever returning to work. Therefore, a Total & Permanent Disablement insurnace policy coupled with a two or five-year Income Protection policy may be a better option.

Income Protection policies usually only cover you if injury or illness prevents you from attending work. They do not cover you losing your job for non-medical reasons.
Some insurers will only insure you for a maximum mount, regardless of whether your income is higher. They may agree to provide you with higher cover but only after you provide additional health & medical information.
Although some insurers will only provide you with indicative pricing & cover options online and will then require you to book an appointment with a sales consultant to formalise/finalise your policy, with Aspect's income protection online quote system, you can get a quote for income protection cover and buy it immediately whilst online withour meeting sales consultant.
Some insurers will agree to insure you without medical information but only if you accept an exclusion relating to pre-existing conditions. The upside is immediate cover and if you do not have any pre-existing conditions you have full cover. Alternatively, you go through the medical underwriting process with the insurer and they will determine from these results how much cover they’ll provide you with and possibly exclude specific conditions.
A pre-existing condition is usually defined as something you have had or had treatment or advice for treatment from a medical practitioner in the 12 months prior to purchasing your policy. Some policies exclude the condition permanently, a few will agree to cover the condition after you have been insured for two or three years.
Occupations play a role in determining the risk and therefore cost of this type of insurance. If you don’t select an accurate description of your occupation, when you come to claim, your insurer may decline your claim and even void your policy due to fraudulent disclosure.
Policies providing income protection insurance pay a benefit based on your actual income. There is no point buying cover for a higher income than you earn as you’ll only ever receive the nominated percentage (75% or 85%) of your actual income, usually averaged over the previous 12 months and/or as declared on your most recent tax return.
A policy will start from when you choose and runs for 12 months. It is then automatically renewed unless you no longer wish to have it.
A waiting period in income protection insurance policy is the duration of time the insured must be not able to work for before being eligible for receiving the benefits of the income protection cover. While buying the Aspect Income Protection insurance policy, you can choose your waiting period to be either 14, 30, 60 & 90 day. Please note if you choose shorter waiting periods, the premiums will be higher but that will help reduce your reliance on your savings and annual leave. And if you choose longer waiting periods, the premiums will be lower but that will increase your reliance on your savings or annual leaves.
Income protection policy benefit periods is the period of time during which you will be eligible for receiving income protection payment from the insurer company. Generally, your benefit period starts once your claim has been verified by the insurer and your selected benefit period is over. You will get benefits paid from the insurer during the whole waiting period. Aspect income protection cover offers the option to choose a benefit period of 1, 2 and 5 years or ‘To Age 65’. For instance, if you have selected a 30 day waiting period and a 1 year benefit period, your benefit period will start from day 31 and you will receive benefits for a year after that. The longer your benefit period is, the higher your income protection premium will be.

Here are some situations in which you would not eligible to claim for the Aspect income protection insurance benefit:

  • Your disability is because you deliberately exposed yourself to unnecessary danger/harm
  • The disability is a result of a self-inflicted harm or an attempt to commit suicide
  • The disability is due to pregnancy unless its a complication that within the first 33 weeks of pregnancy
  • The disability is related to professional sports, war or any pre-existing condition
  • The disability is because of an elective surgery (unless you’ve purchased the additional benefits bundle as part of your Aspect Income Protection cover)

Read our PDS for further details or contact us. 

GET IN TOUCH

    GAIN THE ASPECT, PEACE OF MIND TODAY

    Disclosures & Important Notices:

    The advice provided on this website does not take into account any of your personal objectives, your financial situation or your needs. For this reason, before you act on the advice you should consider its appropriateness, taking into account your own objectives, financial situation and needs. Before you make a decision about whether to acquire any Aspect Products, you should obtain and read our Product Disclosure Statement (PDS). This PDS contains terms, conditions, and exclusions about our A&H insurance products. If necessary, please seek advice from a Financial Adviser or a qualified Insurance Professional before deciding on appropriate insurance cover.

    As prescribed by the Australian Government and as required under the Insurance Contracts Act, we advise you go through the Key Facts about your Personal Accident & Illness Policy here.

    We would also like to draw your attention to our Important Information provided here. You must be aware of this information when entering into the initial insurance contract, and when reinstating, or varying that insurance contract.

    Our financial service guide (FSG) contains important information about the services we offer you; how we and our associates are paid; any potential conflicts of interest we may have; and what to do in the event of a complaint. Find Aspect Underwriting FSG here and Aspect Broking FSG here.

    The Trustee for Wallis Family Trust t/as Aspect Broking is a Corporate Authorised Representative (CAR No. 1247437) of McLardy McShane Partners Pty Ltd; AFSL 232987, ABN 14 064 465 309. At McLardy McShane Partners Pty Ltd, we are committed to protecting your privacy in accordance with the Privacy Act 1998 (Cth) and the Australian Privacy Principles. Read the Aspect Broking privacy policy here.