Replaces income when injury or illness stops you working. It matters most to sole traders, partners and working directors, who are generally not covered by Workers Compensation even though everyone assumes they are.
These are the real questions, and why each one changes your premium. Book a call and a broker walks through them with you.
Benefits are usually capped at a percentage of your actual earnings, so insuring for more than you earn simply will not pay out.
That is the waiting period. A longer one lowers the premium, and it is the main lever you control on this cover.
Accident-only is cheaper, but most time off work is illness rather than an accident. It is the choice that most changes whether the policy ever responds.
Pre-existing conditions are generally excluded unless specifically agreed. Declaring them is what gets them considered rather than assumed away.
Pick a time that suits you. An authorised broker takes it from there and goes to the market on your behalf.
This page is general information only and does not take your objectives, financial situation or needs into account. Consider the Product Disclosure Statement before deciding. Cover is subject to the insurer’s terms and acceptance.