# Insurance - Long Term Disability/Income Protection



## FizzSerpent (Jul 30, 2011)

Hey everyone!

Any tips on what firms, or where I can find out more, about income replacement insurance in Australia? Will I even be eligible?

I am anxiously awaiting approval of my 457 visa and will be moving to Brisbane for a new position. In Canada (where I'm from) almost EVERY job gives private health insurance, life insurance, income replacement in case of illness/disability, etc. However, my new position does not have any type of insurance benefit.

I already have private medical insurance through medibank. Life insurance and income replacement are also important to me and I'm having difficulty researching these in Australia.


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## Guest (Jul 30, 2011)

But if you are on a 457 if you become ill and unable to work so much that you were able or would need to claim insurance you would have to leave Australia due to not being in work! 

Maybe your insurance in Canada is what you really need in case that happens.


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## FizzSerpent (Jul 30, 2011)

I am currently investigating Canadian policies as well -- I would like advice on Australian Policies.

I wasn't clear if I would need to leave Australia -- if I became ill/disabled such that I couldn't work while in Australia, I would likely not be in a position to leave! So I'm not sure if I would actually lose my Visa.

In Canada, in such a situation I would also remain employed (though not paid) and should still fit the criteria of a similiar visa to the 457. I'll investigate this issue further with regards to a 457.

Either way, what about my wife? She will be working as well.


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## Guest (Jul 30, 2011)

If you are on a 457 you have to be working for an employer at or above a set wage. If you do not you are in breach of the conditions of the visa and you would be given 28 days to either get another visa (if you qualify for one) or leave Australia. 

Unless you are highly sought after and they were willing to give you a contract saying they will continue to pay you if you become disabled or on long term sick leave then you wont be paid. It is not standard practice in Australia to do that so like I said you would have to be in high demand to them for them to do that. 

Compare Life Insurance at iSelect


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## gudipudi (Oct 1, 2010)

FizzSerpent said:


> Hey everyone!
> 
> Any tips on what firms, or where I can find out more, about income replacement insurance in Australia? Will I even be eligible?
> 
> ...


I request you to contact the local advisers and they can give you the best solutions.


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## naoto (Jan 8, 2012)

Income protection usually is included with your super plan, almost EVERY employer in Australia pays this for you. This includes all income protection except from your own wrongdoing. 
You will need to request your super plan details and this should be outlined there. Usually it is a minimum of $250K if PARTIALLY disabled at work. 
On top of that every state has work cover protection, this insures stable income or lump sum payment in case of disability (on top of super protection), work cover differs from state to state. For example in NSW it can't be lower than 80% of your income for 25 years in case of total disability. Just google workcover Queensland and you should get further details. 
On top of that citizens and resident have access to Centrelink and Federal protection unfortunately your visa doesn't entitle you to that. However above should give you sufficient piece of mind.


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