Income Security is a redundancy Insurance cover which has been developed to help protect Australians against the financial stress and uncertainty that comes from losing a job.
Involuntary unemployment can cause serious financial difficulties to families’ lifestyle but there are few ways to protect against this. Some Loan Protection insurance products cover loan repayments only in the event of redundancy – but these payments are made direct to the lender.
So how does an unemployed person pay for all their other bills and living expenses such as rent, electricity, gas, water, rates and school fees?
Income Protection policies are designed primarily to protect against sickness or injury only. Income Security Insurance is designed to pay you up to 85% of your income while you are actively looking for work after being made involuntarily unemployed or redundant.
Benefits and Eligibility
> Monthly benefit up to $7,000 pm
> Benefit periods 3, 6 or 9 months
> Waiting period of 30, 60 or 90 days
> Optional $2,500 training cover
> 90 day qualifying period
Who Can Apply?
> Aged between 18 to 64
> Permanent Australian residents
> Employed for the last 12 months
> Not self employed or on contract
> Must have an in-force Income Protection insurance policy or have a Loan
> Simple online application
> Multi-year policy period option
> Premiums are generally tax deductible
To obtain a quote for Income Security Redundancy Insurance and see if you are eligible to apply click:
Or Call Donnellys on (08) 8236 7777 to arrange a quotation for Income Security Insurance
By clicking the above link you will leave Donnellys website and be transferred to the Income Security Insurance website. Donnellys has only provided you factual information about this product. You will be dealing directly with the provider of this product and not us. Please note that Donnellys may receive a referral fee should you purchase a policy.