{"id":429,"date":"2022-10-20T15:07:33","date_gmt":"2022-10-20T15:07:33","guid":{"rendered":"https:\/\/www.nerdwallet.com\/au\/?page_id=429"},"modified":"2024-07-22T18:45:05","modified_gmt":"2024-07-22T18:45:05","slug":"income-protection-insurance","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/au\/personal-finance\/income-protection-insurance","title":{"rendered":"What is Income Protection Insurance?"},"content":{"rendered":"\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper \">\n\t\t\t<h2 id=\"in-this-guide\"  class=\"c-block-table-of-contents__title\">in this guide<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t<li class=\"c-block-table-of-contents__link\"><a href=\"#how-does-income-protection-insurance-work\">How does income protection insurance work?<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#what-income-protection-insurance-covers\">What income protection insurance covers<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#do-you-need-to-have-income-protection-insurance\">Do you need to have income protection insurance?<\/a><\/li><li class=\"c-block-table-of-contents__link\"><a href=\"#how-to-buy-income-protection-insurance\">How to buy income protection insurance<\/a><\/li>\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<p class=\"\">Income protection insurance, sometimes called IP cover, pays part of your lost income if you can\u2019t work because of a disability caused by an accident or illness. It can take the financial pressure off and pay the bills for a while so you can focus on getting back onto your feet.<\/p>\n\n\n\n<h2 id=\"how-does-income-protection-insurance-work\"  class=\"wp-block-heading\">How does income protection insurance work?<\/h2>\n\n\n\n<p class=\"\">Many insurance products like life insurance offer a lump sum payout when you make a successful claim. Income protection, on the other hand, pays a monthly benefit.<\/p>\n\n\n\n<p class=\"\">When you take out income protection insurance, you can usually select the waiting period, benefit period and the amount of income you want to insure.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Waiting period<\/strong> is the time you have to wait before you\u2019re eligible to claim. You can typically choose between two weeks to two years. Some insurers offer immediate or day-one accident cover, so you won\u2019t have to serve a waiting period, but bear in mind the shorter the waiting period, the more expensive your premiums will be.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Benefit period<\/strong> is how long your insurer will continue to provide your monthly payments. This is often two or five years, but some policies allow payments to continue up to a specific age (for example, 65). Since a lengthier benefit period means more extended protection, it\u2019ll add to the cost of your policy.<\/li>\n\n\n\n<li class=\"\"><strong>Insurable income <\/strong>is the amount of income that could be replaced. The Australian Prudential Regulation Authority (APRA) limits the amount of income you can replace to 90% of your gross income at the time of claim for the first six months, and then 70% of your earnings after that. This means <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/types-of-employment\">working part-time<\/a>, taking maternity leave or becoming unemployed in the year before your illness or injury would impact your monthly benefit.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"\"><a href=\"#top\">Back to top<\/a><\/p>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<h2 id=\"what-income-protection-insurance-covers\"  class=\"wp-block-heading\">What income protection insurance covers<\/h2>\n\n\n\n<p class=\"\">As a policyholder, you could lodge a claim if:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">You\u2019re unable to work due to prolonged illness, severe partial disablement or total disablement; and<\/li>\n\n\n\n<li class=\"\">You have used up your sick leave; and<\/li>\n\n\n\n<li class=\"\">You have served the waiting period required on your policy; and<\/li>\n\n\n\n<li class=\"\">You can prove you\u2019re still unable to work.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Policies are unlikely to cover voluntary resignations, pre-existing conditions, typical pregnancy and redundancy. Different policies might define partial or total disability differently, too: it\u2019s increasingly common for the disability criteria to be linked to being unable to work in <em>any<\/em> suitable job given your qualifications and experience rather than your regular job.<\/p>\n\n\n\n<p class=\"\">Other income you receive, like government benefits, could lower the monthly payments you receive from your insurer. There are no restrictions on how you might use these payments.<\/p>\n\n\n\n<h3 id=\"policy-types\"  class=\"wp-block-heading\">Policy types<\/h3>\n\n\n\n<p class=\"\">Before APRA\u2019s overhaul of the insurance industry, you could get two policy types:<\/p>\n\n\n\n<h4 id=\"indemnity-value\"  class=\"wp-block-heading has-normal-font-size\"><strong>Indemnity value<\/strong><\/h4>\n\n\n\n<p class=\"\">Still available today, this type of policy allows you to insure a percentage of your salary up to the limits discussed earlier (90% of your gross income at the time of claim for the first six months, then 70% of your earnings after that). If your income varies, your insured amount will be based on your average annual earnings over an appropriate time period.<\/p>\n\n\n\n<h4 id=\"agreed-value\"  class=\"wp-block-heading has-normal-font-size\"><strong>Agreed value<\/strong><\/h4>\n\n\n\n<p class=\"\">Up to March 31, 2020, you could buy a policy where your insured income was a percentage of an agreed amount at the time you signed up for the policy.<\/p>\n\n\n\n<h3 id=\"costs\"  class=\"wp-block-heading\">Costs<\/h3>\n\n\n\n<p class=\"\">It\u2019s often a good idea to shop around and compare insurance covers because prices vary significantly. In addition to the waiting period, benefit period and insurable amount, your premiums could be affected by your:&nbsp;<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Age&nbsp;<\/li>\n\n\n\n<li class=\"\">Gender<\/li>\n\n\n\n<li class=\"\">Job<\/li>\n\n\n\n<li class=\"\">Health, medical history and pre-existing conditions<\/li>\n\n\n\n<li class=\"\">Lifestyle factors such as whether or not you smoke<\/li>\n\n\n\n<li class=\"\">Hobbies, including high-risk activities like bungee jumping, water sports, motorsports and skydiving.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Generally, you can pay for income protection insurance with stepped or level premiums.&nbsp;<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Stepped premiums<\/strong> are cheaper initially, but they\u2019re recalculated yearly and tend to go up as you get older.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Level premiums<\/strong> are usually more expensive to begin with, but they don\u2019t increase in line with your age, so they may be a cheaper option if you stay with the same provider for the long term.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><a href=\"#top\">Back to top<\/a><\/p>\n\n\n\n<h2 id=\"do-you-need-to-have-income-protection-insurance\"  class=\"wp-block-heading\">Do you need to have income protection insurance?<\/h2>\n\n\n\n<p class=\"\">Income protection is about meeting your living costs rather than leaving behind a legacy for loved ones, so it could be relevant regardless of whether you\u2019re providing for a family or living on your own. It\u2019s about whether you can cover the<a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-budget\"> essential expenses in your budget<\/a>, like rent or mortgage payments, groceries and energy bills without your regular wage.&nbsp;<\/p>\n\n\n\n<p class=\"\">While some may be able to tap into savings or <a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/passive-income\">passive income<\/a> when they\u2019re unable to work for a prolonged period, many people who need their regular pay to meet their living costs consider income protection to be essential.<\/p>\n\n\n\n<h3 id=\"reasons-you-may-need-income-protection-insurance\"  class=\"wp-block-heading\">Reasons you may need income protection insurance<\/h3>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>If you don&#8217;t have an emergency fund. <\/strong>You may wish to consider income protection if you can\u2019t fall back on sick leave or annual leave, say, because you\u2019re a small business owner or are self-employed. You may also have a greater need to replace your income if you\u2019re the sole breadwinner in your household or if you have family members relying on the income you earn.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>If you have debt. <\/strong>It\u2019s crucial to think about your debts, too, since you\u2019ll still have to make mortgage or car loan repayments even if you\u2019re unable to work.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>If you want to expand your cover. <\/strong>Even if workers&#8217; compensation or WorkCover already covers you, remember that this only covers you for work-related incidents. Generally, you\u2019ll not be able to claim for injuries or illnesses unrelated to your work under WorkCover.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"\"><a href=\"#top\">Back to top<\/a><\/p>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<h2 id=\"how-to-buy-income-protection-insurance\"  class=\"wp-block-heading\">How to buy income protection insurance<\/h2>\n\n\n\n<p class=\"\">Generally, you can buy IP cover if you\u2019re an Australian resident between 18 and 63, though the maximum age on some policies is 59.<\/p>\n\n\n\n<p class=\"\">You may already have income protection through your super fund. It\u2019s a good idea to check because most funds offer default income protection insurance. But you can also buy income protection directly from an insurance company, through an insurance broker or a financial adviser.<\/p>\n\n\n\n<p class=\"\">Getting IP cover through your super often seems cheaper, but it reduces your super and uses dollars that are taxed at a lower rate. Plus, policies outside of super, or standalone policies, tend to allow a higher amount of cover, shorter waiting periods and more features and benefits. It\u2019s essential to read the product disclosure statement (PDS), so you can evaluate how well cover through super will meet your needs.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"\"><a href=\"#top\">Back to top<\/a><\/p>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 id=\"frequently-asked-questions-about-income-protection-insurance\"  class=\"c-block-faq__title\">Frequently asked questions about income protection insurance<\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">How much is income protection insurance?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Costs vary depending on factors like your age, income, how risky your job is, your medical history and your lifestyle. Policy choices like the waiting period, benefit period, insurable income amount and whether you prefer stepped or level premiums also have an impact.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">Is income protection insurance tax deductible?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Generally, premiums for a policy outside your super are tax deductible, but premiums for a cover within your super are not. You\u2019ll need to include any benefit payments received under an income protection policy in your tax return.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 id=\"about-the-author\"  class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/kristie-kwok\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/KristieKwok-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Kristie Kwok photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/kristie-kwok\">\n\t\t\t\t\t\t<strong>Kristie Kwok<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Kristie Kwok is a personal finance expert and former contributing writer at NerdWallet Australia. She has covered personal and business finance for almost 10 years. She is a qualified chartered&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/kristie-kwok\" title=\"Read more about Kristie Kwok\">\n\t\t\t\t\t\t\t<span>Read more about Kristie Kwok and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"dive-even-deeper\"  class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-312\" class=\"c-block-card post-312 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-saving cluster-how-to-save-money\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-save-money\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/how-to-save-money-e1666205113784-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How to Save Money in Australia: 20 Ways to Cut Costs\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-to-save-money-in-australia-20-ways-to-cut-costs\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/how-to-save-money\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow to Save Money in Australia: 20 Ways to Cut Costs\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Trying to boost your savings in Australia? Find out how to save on everyday expenses and lower your costs in the long run.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Katia Iervasi<\/a><a href=\"https:\/\/www.nerdwallet.com\/au\/author\/georgia-rose\" class=\"author url fn\" rel=\"author\"><img alt='Georgia Rose profile photo' decoding=\"async\" src='https:\/\/secure.gravatar.com\/avatar\/6b9e515bc45988c863ac8ac39e7bdd34?s=32&#038;d=mm&#038;r=g' class='avatar avatar-32 photo' height='32' width='32' \/>Georgia Rose<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-312 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-301\" class=\"c-block-card post-301 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-budgeting cluster-budget-planner\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/50-30-20-budget\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/50-30-20-budget-e1666204537191-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Guide to the 50\/30\/20 Budget\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"guide-to-the-503020-budget\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/50-30-20-budget\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tGuide to the 50\/30\/20 Budget\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The 50\/30\/20 budget divides your income into needs, wants and savings, so you can reach your financial goals without sacrificing your joy.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Katia Iervasi<\/a><a href=\"https:\/\/www.nerdwallet.com\/au\/author\/georgia-rose\" class=\"author url fn\" rel=\"author\"><img alt='Georgia Rose profile photo' decoding=\"async\" src='https:\/\/secure.gravatar.com\/avatar\/6b9e515bc45988c863ac8ac39e7bdd34?s=32&#038;d=mm&#038;r=g' class='avatar avatar-32 photo' height='32' width='32' \/>Georgia Rose<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-301 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-282\" class=\"c-block-card post-282 page type-page status-publish has-post-thumbnail hentry content-classification-personal-loans topic-small-personal-loans cluster-small-personal-loan-basics\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/loans\/need-money-now\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"244\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/find-cash-fast-e1723698983788-460x244.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"16 Ways to Find Fast Cash\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"16-ways-to-find-fast-cash\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/loans\/need-money-now\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t16 Ways to Find Fast Cash\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Need money now? Learn how to get fast cash, and the types of loans to avoid when you\u2019re strapped for cash.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/katia-iervasi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/katia-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Katia Iervasi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-282 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-466\" class=\"c-block-card post-466 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-financial-planning cluster-financial-advice\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/money-management-skills\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"244\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/money-management-e1723698510651-460x244.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"7 Money Management Skills To Master ASAP\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"7-money-management-skills-to-master-asap\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/au\/personal-finance\/money-management-skills\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t7 Money Management Skills To Master ASAP\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Set yourself on the path to financial freedom by developing these key money management skills.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/au\/author\/amanda-smith\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/au\/wp-content\/uploads\/sites\/3\/2022\/10\/AmandaSmith1-edited-scaled-e1725395436514-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Amanda Smith<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-466 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A financial safety net when you\u2019re too sick or injured to work.<\/p>\n","protected":false},"author":4,"featured_media":430,"parent":124,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[8],"topic":[306],"cluster":[426],"pp_author":[92],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Income Protection Insurance? 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