At a glance:

• Regardless of its type, a breakup is a difficult time in any relationship.
• Income protection policy is underwritten individually, considering factors like occupation, income, age, and health.
• When buying income protection with Aspect, you have several choices, from waiting periods to maximum coverage (85%).

More than 45,000 couples divorce each year in Australia, with almost half involving children under 18. In addition, thousands of relationships between de facto partners also end. A breakup is a difficult time in any relationship, regardless of its type.

Negotiating financial settlements exacerbates the stress. It can be daunting to think about less pressing financial matters, such as insurance, while focused on immediate needs, such as funding new living arrangements.

Why taking out income protection is beneficial?

If you are temporarily unable to work because of illness or injury, income protection insurance replaces the majority of your income. It is crucial to protect your annual income when planning for the future.

A person who is self-employed or making payments on large purchases or debts may also benefit from income protection insurance.

• Unlike worker’s compensation insurance, the income protection insurance you buy covers you 24/7, not just when you’re working or traveling.
• In most cases, Income Protection Insurance premiums are tax deductible.
• Aspect UW can cover up to 75% of your income for up to five years.
• Your monthly coverage could reach $10,000.
• Your premiums can be paid fortnightly or monthly, depending on your pay cycle.

We must first answer one important question before determining whether separation or divorce affects your income protection coverage.

Can you take out joint income protection insurance?

It is only possible to take out income protection insurance online as an individual policy and not as a joint policy. Therefore, each policy is underwritten individually, taking factors like occupation, income, age, and health into account. It is possible, however, for both of you to take out separate policies.

Having multiple income protection policies is permissible, and people may choose more than one to protect their income.

Your super fund’s default income protection may not be comprehensive enough to meet your needs, for instance. If you have any gaps in your coverage, you can fill those gaps by purchasing a standalone policy.

Income protection is unaffected by marriage or divorce, and unlike life insurance, irrevocable beneficiaries could benefit your former spouse. As a result, once designated, the life insurance beneficiary cannot be changed.

Since income protection is underwritten individually, your employment status greatly affects your income protection claim.

Why choose ASPECT for your income protection policy?

When buying the best income protection online with Aspect, you have several choices.

• Waiting Period (usually 14, 30, 60, or 90 days).
• Benefit Period (usually 1, 2, or 5 years or ‘To Age 65’).
• Aspect offers up to 85% of your income (usually 75%).

Maximum Benefit – Certain insurers will cap your benefit no matter how much you earn. As long as your income justifies it, the Aspect policy will pay up to $42,000 per week for your chosen waiting period.

Benefits of choosing Aspect:

• Coverholder at Lloyd’s of London
• Personalized, friendly service – you’ll deal directly with the owners.
• In less than 10 minutes, you can go from an income protection online quote to being fully covered.
• The world’s leading specialist insurance market.
• Offering the highest levels of coverage in the market, we can cover up to 85% of your income.
• Deal directly with ownership; no cheesy sales staff!

Buy as a standalone or combined with other policies.

You can purchase Income protection from Aspect as a standalone product or combined with the following products:

Trauma Insurance

In the event of a heart attack, stroke, or cancer diagnosis, trauma insurance pays a lump sum on the diagnosis. Whether a standalone plan or bundled with another policy, the sum insured could range from $50,000 to $500,000.

Total & Permanent Disability Insurance

If you are permanently disabled by a severe illness or injury, Totally and Permanent Disability insurance pays a lump sum. Aspect covers most professions, whether you are a white-collar or blue-collar employee. Benefit coverage of up to $1,000,000 is available.

Accidental Death Insurance

Accidental Death Insurance (death due to an injury) is a low-cost alternative to Life Insurance (death due to any cause). Accidental death insurance pays a benefit to your estate if you die in an accident or from an injury. Depending on your circumstances, the insured sum typically ranges from $100,000 to $1,000,000.