Since October 1, there have significant changes made to Income Protection for new policy holders.
These changes were made industry wide to ensure the future sustainability of Income Protection policies.
Income protection insurance pays policy holders a significant portion of their income when they are unable to work due to injury or poor health.
Changes were made to ensure insurance providers can continue to offer Income Protection policies, due to a high level of payouts made in recent years.
The changes made are noted in the table below:
If you would like more information about any of these changes, please contact us.