Waiting Period
This is the time you wait before benefit payments may begin. A longer waiting period may reduce premiums, but you may need savings or sick leave to cover the gap.
Income Protection
Income Protection Advice for Your Earning Capacity
Your income supports your lifestyle, household expenses, family responsibilities and long-term plans.
Income protection insurance may help replace part of your income if illness or injury prevents you from working and you meet the policy’s claim conditions.
Merit Life helps you understand how income protection works, what to consider, and whether it may be appropriate for your circumstances.
We are not an insurer or comparison website. Our role is to provide clear personal advice, not generic insurance quotes.
We are not an insurer or comparison website. Our role is to provide clear advice based on your circumstances.
What Is Income Protection Insurance?
A Regular Benefit if You Cannot Work
Income protection insurance is designed to provide a regular monthly benefit if you are unable to work for a period of time due to illness or injury.
The amount paid, when payments start, and how long payments continue depend on the policy terms, waiting period, benefit period and claim conditions.
This type of cover is often considered by people who rely on their income to meet ongoing expenses such as mortgage repayments, rent, bills, school fees, business costs or everyday living expenses.
Key point
Income protection is about maintaining your financial position
The right advice helps you understand how a temporary loss of income could affect your commitments, and what structure may be appropriate for your situation.
What Income Protection Advice Looks At
Advice Should Start With Your Circumstances, Not a Product
Income protection advice should start with your circumstances, not with a product. Merit Life can help you consider the areas that matter most for your situation.
How much of your income may need to be protected
How long you could manage without your usual income
Whether you already have cover through super
Your sick leave, savings and emergency funds
Waiting period and benefit period options
Whether cover should be held inside or outside super
Policy definitions, exclusions and limitations
Whether premiums are affordable over time
The aim is to help you understand your options clearly before making a decision.
Key Features to Understand
Structure Matters as Much as Cover
Understanding these features can help you assess whether a particular income protection approach may suit your needs.
Benefit Period
This is how long payments may continue if you remain unable to work and continue to meet the policy conditions.
Monthly Benefit
This is the amount the policy may pay if you are eligible to claim. It is usually linked to your income and may be subject to limits.
Ownership Structure
Income protection may be held personally or, in some cases, through super. Each option can have different implications for cost, tax, features and access to benefits.
Who May Consider Income Protection?
Not Everyone Needs the Same Type or Level of Cover
Income protection may be worth discussing if you rely on your income to meet regular commitments. Advice helps determine what is relevant to your situation.
Advice helps determine what is relevant to your situation, rather than applying a one-size-fits-all approach.
Rely on your income to pay bills or support your family
Have a mortgage, rent or other regular commitments
Are self-employed, contracting or running a business
Have limited sick leave or emergency savings
Already have insurance through super but have not reviewed it
Want to understand whether your current cover still suits your needs
How Merit Life Helps
Clear Personal Insurance Advice, Structured Around You
Merit Life provides personal insurance advice in a clear and structured way.
01
Understanding Your Situation
We look at your income, work type, expenses, debts, family responsibilities and existing insurance.
02
Reviewing Existing Cover
If you already have income protection, including cover through super, we help you understand how it works.
03
Explaining Your Options
We explain waiting periods, benefit periods, ownership options, costs and policy conditions in plain language.
04
Providing Personal Advice
Where appropriate, we provide advice based on your circumstances, needs and priorities.
05
Supporting the Next Steps
If you choose to proceed, we can assist with the application, underwriting and policy setup process.
Frequently Asked Questions
Common Questions About Income Protection
No. Life insurance generally pays a benefit if you pass away or are diagnosed with a terminal illness. Income protection is designed to pay a regular benefit if illness or injury prevents you from working and you meet the policy conditions.
This page provides general information only and does not take into account your personal objectives, financial situation or needs. Before making a decision about insurance, you should consider whether the information is appropriate for your circumstances and seek personal advice where required. Insurance cover is subject to product terms, conditions, exclusions, underwriting and insurer approval.