Income Protection

The three main types of income protection insurance australia policies are indemnity value, wherein the policy is financially assessed at the time of making a claim, with financial documents to be presented along with income details. Agreed value is where the policy uses the income at the time of application together with all financial documents at the time of application rather than at the time of a claim and the benefit amount remains the same irrespective of the income amount. Guaranteed agreed value is a variation on the agreed value and all financial documents are assessed with supporting evidence before the issuance of the policy.