Disability Income Protection

Most of us insure our assets – but are you protecting your greatest asset – your ability to earn?

Just because your health suffers a setback, your financial wellbeing doesn’t have to.
When illness and accidents leave you unable to work, disability income protection can protect you from the consequences.

Disability Income Protection provides you with a monthly payment if you are unable to work, due to illness or injury with individual guidelines depending on the provider.

The good reasons to have Disablity Income Protection

  • Unexpected illness
  • Keeping your household running
  • A chance to recuperate
  • A quick return to work or a new vocation


Who needs Disability Income Protection?


Your current circumstance determine this and your Paragon adviser will complete a needs analysis to determine if you need it. As a general rule if your quality of life depends on your income, disability income protection is worth considering.



How long can I claim for?


Your income protection plan will give you a choice of how long your benefit is paid for. Often the choice will be 2 or 5 years or to age 65. The option of to age 65 offers the best protection but is more expensive than a 2 or 5 year benefit.

The Startling Facts:

  • Sovereign Assurance paid out a total of $45,768,533 in Disability Income protection claims in 2016
  • Mental health claim payments made up 28.7% of all Sovereign's Disability Income claims across all age bands in 2016

A Disability Income Claims Story:
Claudia has been a Sovereign customer since 1988.  In 2015 Claudia was diagnosed with cancer which had spread to the lymph nodes.  She submitted a claim to Sovereign on her Disability Income Protection Policy.

A senior claims manager visited Claudia at her home shortly afterwards. During the visit it became clear that one of the biggest challenges was accepting the limitations cancer placed on her previously busy life.  Claudia was a high functioning multi tasker with alot of responsibility.

Claudia underwent surgery to remove the cancer.  She was then hit with high levels of fatigue, sickness and anxiety - all effects of her cancer treatment.  The claims manager was quick to recognise this as a significant hurdle to overcome in Claudia's recovery.  With help from a psychologist, Claudia was taught techniques to address the obstacles in her life.  A wellness plan, gradual exercise programme, physiotherapy, healthy eating, osteopathy and acupuncture services were integrated into Claudia's life.

The psychologist also helped Claudia to plan and implement management of her various life roles, including redefining her fole with her employer long term to make the role sustainable and manageable for her.

Source:  Sovereign Claims statistics as at 30 June 2016 reported to FSC.  Please note Sovereign Assurance was purchased by AIA in August 2018


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