Will your income protection cover you if you get injured outside work?

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

Income protection and injuries outside of the work place

Income protection is created to protect your income and is paid out should you be unable to work due to an injury or sickness that you have sustained at work or outside of work. This means no matter where you get ill or injured.

Where can you be covered?

The benefits that come with having an income protection policy means that you will be covered no matter where you are in the world. It also provides cover whether you are at home or at work, meaning that people who are self-employed can apply for the policy to protect their income. It is the equivalent to your salary which is paid out for each day you are unable to go to work so that you don’t have to stress about who will be paying the medical bills and your everyday living expenses.

You can choose the benefit period that is suitable for you

One of the key features that come with income protection is that you get to choose benefit periods. This means that you get to choose how long you would like to receive your benefits. However, keep in mind that you will be paying more for longer benefit periods. There are some policies that pay benefits up to the age of 70, ensuring that you are covered right until you retire.

Rehabilitation cover

Rehabilitation costs can cost thousands of dollars and could put a strain on your finances. You can use your income protection benefits to cover the cost of an approved rehabilitation program. It can also help you cover modifications that you need for your home or surgery to help ensure that you are on the road to recovery. Reading the exclusion on the Product Disclosure Statement of your policy will let you know the limitations that come with the policy.

Take care of cosmetic or elective surgery complications

There are many features that come with income protection insurance policies that can be suited to various circumstances. For example, there are policies that include a clause which states that it can cover people who have suffered complications from their cosmetic or elective surgery which has resulted in disability. But not all policies have this. Therefore, reading the fine print can help you see if it comes with features that are suitable for you.

Comparing your options can help you save in the process and also find a policy that is not restrictive to your needs.

Did you find this page helpful?

Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a life insurance quote?

Compare with Savvy and save on your life insurance purchase.

* Terms and conditions and lending criteria applies.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Related articles

Looking for a life insurance cover?

Compare a range of life finance options with Savvy from a panel of reputable insurers.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.