When it comes to income protection insurance, many people assume that the income protection provided by their super fund will be sufficient and they don’t need to take out an additional policy. Although industry super funds such as C Bus Super do offer income protection as part of their super, it is a good idea to carefully consider whether the cover provided by this and other super funds would be adequate if you were incapacitated and unable to work for a lengthy period of time.

Income protection through C Bus may be cheaper but it does lack a number of valuable features that can be found in a retail insurance product. Benefits only last for 2 years which, if you suffer from a long term illness or injury, could be insufficient for your needs and could leave you and your family financially vulnerable. This type of income protection coverage is fairly basic and if you have a more complex employment situation or are self employed, you may be better off with a policy that offers more flexibility and that is tailored to your specific circumstances.

If you are considering your income protection insurance options, it is a good idea to speak to a financial advisor and get comprehensive advice. Saving money in the short term by choosing the cheapest policy could end up costing you in the future if you ever need to claim. There are a range of factors to be considered such as waiting periods and exclusions – and the last thing you would want to discover after paying premiums for some time is that policy doesn’t work when you and your family need it most.


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