Your insurance premium will depend on a number of factors including how much cover you apply for, your age, state of health, occupation.

For income protection it will also depend on your salary, the waiting period you nominate before receiving a claim benefit and how long you want the benefit to continue (2 years, 5 years, to age 65 or 70).

To assist with cashflow, death, TPD and income protection cover can be funded using your superannuation however it is important to consider what impact this will have on your retirement savings in the future.

Posted on 09/09/2020