What is salary continuance insurance and how can it help?

When life doesn’t go according to plan, salary continuance insurance can give you the financial protection you need to concentrate on what’s important.

Salary continuance insurance – also known as income protection – generally offers cover of up to 75% of your salary if you cannot work due to an illness or injury. Some policies also include contributions to your superannuation fund on top of this.

Easy budgeting

With salary continuance insurance, budgeting for longer periods of time without your regular source of income is relatively straightforward, as payments typically cover a period of two or five years. 

And because payments are made in regular instalments rather than all at once, you are not in danger of overspending and running out of cash – while all of the bills and direct debits you timed with your salary payments may still be made.

Tailored waiting period

If you make a claim, you will need to see a doctor to verify your inability to work. After which, your waiting period will begin. This is generally between 30 and 90 days depending on your fund’s insurance policy.

At this point, claim payments will commence and continue as long as you meet the on-going requirements. If you want to bring your waiting period down, this can be done through your super and will usually entail a rise in your premiums.

Peace of mind

With salary continuance insurance, you are free to seek the best solution for your health, and we will be on-hand to assist you with rehabilitation and retraining.

In the meantime, you can rest easy – secure in the knowledge that the financial needs of you and your family are supported.