Income protection insurance
Income protection insurance provides a monthly income if you cannot work due to illness, impairment or disability. With Momentum’s Myriad Complete Income Protector, you could receive up to 100% of your income for 24 months, or until you return to work. If you are permanently unable to work, the policy can continue paying up to 100% of your income until retirement.
- Get your discounted income protection quote in just 3 minutes.
- You could save up to 35% on your monthly premium with LifeReturns®.
- Combine income protection with the Permanent Disability Enhancer (PDE) for flexible cover that lets you choose a monthly income, lump-sum payout or both.
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 salary protection insurance premium discount.
Life insurance vs. income protection insurance: Key differences
Income protection insurance
Income protection insurance provides a regular income if illness, injury or disability prevents you from working. It helps cover essential expenses like your mortgage, school fees and daily living costs while you are unable to earn an income.
Life insurance
Life insurance provides a lump-sum payout to your beneficiaries when you die. It can help your loved ones cover living expenses, repay debt and meet future financial needs.
Key difference
- Income protection replaces part or all of your income if you cannot work.
- Life insurance provides a lump sum to your loved ones after your death.
Having both types of cover can provide financial protection during your lifetime and for your loved ones after your death.
How does income protection insurance 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.
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.
Need advice?
Move to Momentum. Discuss the benefits of having a salary protection plan with a financial adviser.