What are the key characteristics of Income Protection (IP) insurance?

• Pay an ongoing (income replacement) benefit in the event that illness or injury prevents the insured from earning an income from their occupation

• Are non-cancellable and guaranteed renewable

• Can be sold on a stand alone basis, through often they are included as a component cover in other policies

• Usually allow customers to insure up to 75 per cent of their pre-disability income
  Offer the option of benefits on an indemnity basis or an agreed value basis at the time of application

• Cease paying benefits on the earlier of:
  The insured returning to work, or
  The expiration of a nominated benefit period