Protection insurance works by paying a benefit after a waiting period if you can’t work due to illness or injury. The amount and duration of payments depend on your chosen policy. Here’s how it typically works:

1. Select your benefit amount: Usually up to 75% of your regular income.

2. Choose your waiting period: This is the time between when you stop working and when payments start, often between 14 and 90 days.

3. Set your benefit period: This is how long you will receive payments, which can range from two years up to age 65.

4. Make your claim: If you meet the policy’s criteria, you’ll receive regular payments until you recover or reach the end of the benefit period.

The best income protection policy depends on your personal circumstances, occupation, and budget. Important factors to consider include:

• Level of income covered

• Waiting and benefit periods

• Type of policy (indemnity or agreed value)

• Flexibility and policy exclusions

At Oceans Financial Services, we take the time to understand your individual situation and recommend the most suitable cover. With access to Australia’s leading insurers, we can help you compare policies and find one that offers reliable protection at a competitive premium.