Why do I need income protection if I have sick leave through my employer?
Sick leave is designed to provide for situations which are short in duration. Most employers provide 10 personal leave days per year. While these days can accumulate, they do not transfer between employers, so it is generally not a good idea to rely on this as the sole contingency in case of sickness or injury.
Medibank's Income Protection policy provides options for the waiting period (the time after ceasing work that you must serve before receiving a claim payment) of 30 or 90 days, which is designed to take into account the fact that most people have some leave available and/or some savings which they can draw upon in an emergency. If you don't have much leave or savings accumulated the 30 day waiting period is designed for you. Whereas, if you have a large amount of savings or leave accumulated, you may consider opting for the 90 day waiting period.
Things you should know
You should read the Medibank Starter Life Insurance Product Disclosure Statement and Financial Services Guide, the Medibank Life Insurance combined Product Disclosure Statement and Financial Services Guide carefully before deciding whether or not to buy that product.
You should read the Medibank Funeral Insurance Product Disclosure Statement carefully before deciding whether or not to buy that product.
You should read the Medibank Income Protection Product Disclosure Statement carefully before deciding whether or not to buy that product.
Medibank life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306; Australian Financial Services Licence No. (AFSL) 324908, Level 36, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Sydney NSW 2000. Medibank life insurance products are distributed by Greenstone Financial Services Pty Ltd (GFS) ABN 53 128 692 884; AFSL 343079, 58 Norwest Boulevard, Bella Vista NSW 2153 and promoted by its Authorised Representative Medibank Private Limited ABN 47 080 890 259; Authorised Representative No. 286089, 720 Bourke Street, Docklands VIC 3008. Medibank Private is also authorised by GFS to distribute Medibank Starter Life insurance.
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