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Income protection: when the pay stops

Story pages

A man in work clothes loading tools into a utility vehicle outside a suburban Brisbane house in the morning
Meet Raj, a self-employed electrician. If he can't work, his pay stops.
A man with his arm in a sling at home receiving a steady trickle of water from a tap into a watering can
Income protection usually replaces a percentage of your pre-tax income, based on what you earned in the 12 months before.
The same man sitting on a front porch step beside a large hourglass
The waiting period is how long before payments start. Policies commonly offer anywhere from 14 days to two years.
A long winding garden path stretching into the distance with lanterns along it
The benefit period is how long payments can last if you still can't work: often two or five years, or up to an age such as 65.
A man balancing two small baskets on an old-fashioned set of scales on a kitchen bench
Choosing these settings is a trade-off between the premium you pay and how long you could support yourself.
A couple at a kitchen table sorting household bills into neat piles with a calculator and a jar of savings
Do a budget to see how much income you'd need to replace, and how long savings and leave would last.

The end

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General advice warning. This picture book is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal advice. Rules and thresholds change. Before acting, consider whether it is right for you, read any relevant Product Disclosure Statement and our Financial Services Guide, and seek personal advice. Past performance is not a reliable indicator of future performance.

Information as at 27 October 2026. Sources:

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