Is income protection the same as WorkCover?
There are key differences you need to know about:
Workers compensation steps in to protect employees when they suffer an injury at their workplace.
Income protection insurance covers you for injuries suffered both at work and outside the workplace, which is very important when you consider that accidents can occur anywhere.
Income protection insurance also provides cover when you suffer from a wide range of illnesses.
In cases where you are eligible for both a Workers Compensation claim and income protection claim, your insurer will consider your circumstances and may offset any payments you receive from Workers Compensation from any claim they are liable to pay. This is because income protection is designed to indemnify you for loss of income, but if you are still earning an income through other means, you may not be entitled to a benefit or may be entitle to a reduced benefit.
Things you should know
Any advice provided is general only and doesn’t consider your objectives, financial situation or needs. You should carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions) and Financial Services Guide available here to ensure the product is right for you.
Medibank life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306, AFSL 324908 (Swiss Re). Medibank life insurance products are distributed by Greenstone Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079 (GFS), and promoted by Medibank Private Limited ABN 47 080 890 259, AR 286089 (Medibank Private). Medibank Private is an authorised representative of GFS.
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