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Mental Illnesses & Income Protection Cover

Most insurers in Australia offer financial protection to policy holders who are affected with mental illnesses such as stress, anxiety, Down’s syndrome and certain other disorders. Usually insurers that offer this cover offer financial protection when a mental illness is preventing the policy holder from earning a steady income.

There are many plans that offer financial protection to buyers who are affected with the above problems however; basic plans have restrictions such as they offer protection against a limited number of problems. Comprehensive policies on the other hand protect members against 10 or more mental illnesses.

Income protection plans definitely help policy holders who are affected with one of the mental problems mentioned above however various factors decide how much compensation the policy holder receives or how many weeks compensation will be given to the policy holder. These factors include the benefit period of the selected plan and the waiting period of the selected plan. The benefit period will decide if the policy holder will receive timely compensation payments for 2 years or 5 years where as the waiting period will decide how many days, weeks or months the claimant has to wait before getting the first compensation amount.

Buyers who are consider purchasing income protection plans should note that these plans can provide up to 75% of the buyer’s annual income towards compensation payments when the buyer is not able to earn due to Down’s syndrome, stress, anxiety related problems or certain other problems. Other insurance plans such as critical illness covers on the other hand only protect the policy holder financially when he is affected with a life threatening disease.

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Income protection is a crucial part of any comprehensive financial plan. If you’d like some help customising the correct policy for you, or want to know more about the income protection insurance benefits.