Income protection insurance
Momentum's income protection insurance guarantees a monthly income if you cannot work due to illness, impairment, or disability. Calculate your personalised premium discount of up to 35% with LifeReturns® to save on your monthly premiums. LifeReturns® uses modern technology to assess health risk factors and determine your premium price.
- Permanently unable to work? We'll pay up to 100% of your net income until retirement.
- Get your discounted income protection quote in just 3 minutes.
- Save up to 35% on your premium with LifeReturns®.
YOUR LIFE. YOUR DISCOUNT.
Save money on your income protection insurance premium
Get income protection that helps you save every month. LifeReturns® uses the latest technology to quickly and accurately assess your health risk factors to calculate your personalised income protection premium discount.
Life insurance vs. income protection insurance: Key differences explained
Income protection insurance
Income protection provides a regular income if you're unable to work due to illness, injury, or disability. This type of cover ensures that even if you're temporarily or permanently unable to earn a living, your monthly expenses—like mortgage repayments, school fees, or daily living costs—are taken care of. Essentially, it protects your ability to support yourself and your family financially while you're unable to work.
Life insurance
Life insurance is designed to financially protect your loved ones in the event of your death. It pays out a lump sum to your beneficiaries, helping them manage living expenses, debt repayments, or future financial needs. It ensures your family can continue to live comfortably after you're gone.
Key difference
- Income protection insurance covers your living expenses if you can't work due to illness or injury.
- Life insurance provides a lump sum to your family when you pass away to ensure their financial security.
Both types of cover can work together to provide comprehensive financial security for you and your loved ones.
How does income protection work?
What is income protection insurance?
Income protection insurance gives you a monthly payout if you can't work due to illness, injury, or disability—whether temporary or permanent. It helps cover your living expenses like bills, groceries, or school fees while you're recovering.
How does it work?
For example, if you break your leg and can't work for 3 months, income protection insurance will provide a percentage of your salary to help keep your household running. With the Myriad Complete Income Protector, you could receive up to 100% of your income for up to 24 months or until you can return to work. If you're permanently unable to work, this policy can continue to pay up to 100% of your income until you retire. This cover offers peace of mind that your finances will be cared for, no matter what happens.
Want to know more?
Claims and payouts
Premiums
Cover term and amount
Additional benefits
You can add these benefits to your Myriad Complete Income Protector Benefit. Discuss the advantages of taking out any additional benefits with a certified financial adviser.
Permanent Disability Enhancer
Income protection cover combined with the Permanent Disability Enhancer (PDE) gives you the best features of both income and lump sum disability cover in one solution. What’s more, you get to choose the type of payout that works for you. You can choose between a monthly income, a lump-sum payout, or a combination.
