The answer is yes, primarily for two reasons:

1. Age: As you get older, the cost of life insurance naturally increases.

2. Indexation: Many policies automatically adjust your cover each year to keep up with inflation, which also increases your premium.

You can opt out of indexation, in which case your premium will only rise due to age. Indexation is a valuable feature. It helps your cover grow over time without the need for re-assessment, which can be especially important for those who may face new health conditions in the future.

Given inflation and rising costs, indexation ensures your cover maintains its real value over time.

Premiums for retail insurance can be paid through the following options:

• Life Insurance – Paid via Super Fund, SMSF, or personally.

• TPD Insurance – Paid via Super Fund, SMSF, or personally.

• Income Protection – Paid via Super Fund, SMSF, or personally.

• Trauma Insurance – Paid personally only.

This flexibility allows you to choose the payment method that best suits your needs.

🚫 Income Protection does not cover redundancy or job loss.

✅ It provides coverage if you can’t work due to sickness or injury.

If illness or injury prevents you from working, Income Protection replaces a portion of your income, helping cover daily expenses, mortgage repayments, medical bills, and more.

It’s about providing financial support when you're unable to earn a living because of sickness or disability.

✅ WorkCover only covers workplace injuries, and only if the injury occurs on the job.

✅ Income Protection covers both illness and injury, 24/7, whether it happens at work, at home, or on the weekend.

If you suffer a major illness like cancer or a heart attack, WorkCover won’t help, but Income Protection can. If you're injured outside of work, WorkCover may not cover you, but Income Protection can.

Before relying on just one type of insurance, it's important to understand these key differences.

✅ Yes! Our services are fully online.

📞 We’re happy to assist you over the phone or via an online meeting.

No matter where you are in Australia, we can help with your insurance needs, quickly and conveniently.

The answer depends on the specific condition. We guide our clients through a pre-assessment process to better understand the condition and ask any follow-up questions.

Here’s how it works:

1. Clients fill out a pre-assessment questionnaire.

2. We review the information and work with insurance companies to get an indication of what coverage could look like.

3. Only after this, and providing you with our research and the indicative terms of coverage, we will help you to proceed with the insurance application.

Our Mortgage Protect team will do the heavy lifting and research for you, saving you time and helping you make informed decisions on the options that are available given the individual circumstances of your health and occupation.

Being declined for Life, TPD, or Income Protection insurance can feel like a dead end, but there are still options to explore.

While some insurers may decline your application, others might still offer cover, although sometimes with higher premiums (loadings) or exclusions.

If traditional cover isn't available, consider:

✅ Accidental Death, Accidental TPD, & Accidental Income Protection – These policies can still provide financial protection for accidental injuries or death, offering some coverage to protect you and your family.

Claims typically arise from:

🔹 Illness or disease

🔹 Accidents

Even if traditional cover isn't available, having accident-related protection can still offer peace of mind. Before giving up on insurance, explore all possibilities – you might still qualify for some level of cover.

Many clients assume their employer funded Income Protection fully covers them. While it’s a great benefit, it’s essential to understand the details to ensure it meets your needs.

Key Factors to Check in Your Policy:

1. Coverage Amount – Can cover up to 70% of your income.

2. Waiting Period – Common options are 30, 60, or 90 days before benefits start.

3. Benefit Period – Payments may last for 2 years or until age 65.

4. Definitions of Disability – Understand what qualifies for a claim, as definitions can vary.

5. Exclusions – Many policies exclude pre-existing conditions.

6. Offsets & Reductions – Check if other income sources, like workers' compensation, reduce your benefits.

7. Coverage Continuation – Will the policy continue if you leave your job?

8. Premiums & Costs – Employer-funded policies may affect your salary or benefits.

Pros of Employer-Funded Income Protection:

• Cost-Effective – Sometimes, large employers and government departments may have negotiated cheaper premiums with the insurance providers.

• Automatic Coverage – No application required, which may be beneficial if you have health conditions that aren't affected by any pre-existing condition clauses.

• Group Policy Benefits – May offer cover for higher risk industries that would otherwise be hard to obtain.

Cons of Employer-Funded Income Protection:

• Limited Coverage – May not cover bonuses, commissions, or rehab benefits.

• Tied to Your Job – Coverage may end if you change jobs.

• Less Control – Your employer selects the policy, which may not align with your needs.

• Portability Issues – You might lose coverage or face higher costs if switching to an individual plan.

The Bottom Line: While employer-funded Income Protection is valuable, it may not fully meet your needs. Assess your coverage and consider adding personal Income Protection if there are gaps.

When it comes to Total and Permanent Disability (TPD) insurance, there are two main working definitions: Own Occupation and Any Occupation.

What is TPD Insurance?

TPD insurance provides a lump sum payment if you become permanently unable to work due to injury or illness. It helps cover medical expenses, ongoing care, and daily living costs.

Key Differences Between Own Occupation & Any Occupation TPD:

• Any Occupation TPD: Where you can’t work in any job suited to your education, training, or experience. This definition may be harder to meet as insurers will assess whether you could reasonably do a different job within your skill set and experience.

• Own Occupation TPD: Defined as your specific occupation. For example, if you're a surgeon and can no longer perform surgery, you can still claim, even if you are able to work in another field.

Other Considerations:

• Ease of Claiming: Own Occupation may be easier to make a successful claim, as it is assessed only against your insured occupation. Any Occupation is more restrictive, requiring proof you can’t work in any reasonable job.

• Cost: Own Occupation cover is more expensive due to its broader protection. Any Occupation is more affordable but has stricter conditions.

• Availability: Own Occupation TPD is only available outside superannuation, while Any Occupation is the only option within super funds. Ask us about how you can achieve the best of both worlds...

Which One is Right for You?

If you have a specialised role, Own Occupation TPD might be worth the higher cost. If affordability is a priority, Any Occupation TPD can still provide valuable coverage, though with more restrictive claim conditions.

When comparing Industry Fund Insurance and Retail Insurance, here are some key factors to consider:

• Guaranteed Renewable Contract: Industry fund insurance terms can change, potentially leading to less favourable conditions. Retail insurance policies offer Guaranteed Renewable terms, meaning the policy will continue as long as premiums are paid for the terms of the policy, regardless of any changes to your health or occupation, or employment.

• TPD Definition Options: Industry fund insurance typically offers Any Occupation TPD due to legislative restrictions that relate to superannuation. Retail insurance provides broader options, including Own Occupation TPD (outside of super) for more flexibility.

• Personalising Coverage: Industry funds generally default to 'unitised' coverage that doesn’t consider personal needs. Retail insurance allows for customisation based on your specific needs.

• Does Cover Reduce with Age? As above, Industry fund insurance policies generally default to unit-based cover that decreases over time, potentially leaving you underinsured. Retail insurance usually maintains coverage levels and also offers indexation of cover to keep pace with inflation, offering more certainty.

• IP Claim While Not Gainfully Employed: Industry fund policies often require active employment to claim. Retail policies offer more flexibility, even outside of employment.

• Benefit Period for IP Up to Age 65: Some industry fund policies limit the benefit period for income protection (IP). Retail insurance can offer a benefit period up to age 65 for added security.

• Indexation to Counter Inflation for Benefits: Unitised cover offered by industry funds lack indexation, reducing the 'real' value of your cover over time. Retail policies often include benefit indexation to keep up with inflation.

• Impact of Casual Employment on IP Outcome: Changes to casual employment might impact IP claims with industry fund policies. Retail policies generally offer more stability, regardless of employment status.

• Partial Benefits for Partial Inability to Work: Some industry funds don’t offer partial benefits, while retail policies can provide both full and partial claim options for greater flexibility.

• Flexibility with Options: Industry funds may offer limited options within superannuation. Retail policies usually provide greater flexibility, allowing you to choose where premiums are paid (industry super fund, SMSF, or personally).