Income protection: five things to check before you renew

4 min read

For most working people, the ability to earn an income is their most valuable asset. Income protection is designed to replace part of that income if you cannot work due to illness or injury. Before your policy renews, it is worth checking these five things.

1. Your benefit amount

Has your income changed? Your cover should reflect what you earn now, within the limits of the policy.

2. The waiting period

This is how long you wait before payments start. A longer waiting period can reduce premiums, but you need savings to cover the gap.

3. The benefit period

This is how long payments can continue. Shorter periods cost less but cover less.

4. Definitions and exclusions

Policies differ in how they define disability and what they exclude. Price is only part of the picture.

5. How it fits with your other cover

Income protection works alongside life, TPD and trauma cover. Our insurance and protection advice looks at the whole picture, and our end of financial year checklist includes a quick insurance review.

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Insurance and protection

The right cover for your family, without paying for what you do not need.

General advice warning: this article is general information only and does not take into account your objectives, financial situation or needs. Consider seeking personal financial advice before acting on it.

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Friendly, fixed-fee financial planning for every stage of life.

Documents

Financial Services Guide

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Complaints

General advice warning: The information on this website, including the compound growth calculator and articles, is general in nature and does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you and read any relevant Product Disclosure Statement or Target Market Determination. Consider seeking personal financial advice.

Oak Tree Finance Pty Ltd (ABN 00 000 000 000) is a Corporate Authorised Representative (No. 000000) of Example Licensee Pty Ltd, AFSL 000000.

© 2026 Oak Tree Finance.

Friendly, fixed-fee financial planning for every stage of life.

Documents

Financial Services Guide

Privacy policy

Complaints

General advice warning: The information on this website, including the compound growth calculator and articles, is general in nature and does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you and read any relevant Product Disclosure Statement or Target Market Determination. Consider seeking personal financial advice.

Oak Tree Finance Pty Ltd (ABN 00 000 000 000) is a Corporate Authorised Representative (No. 000000) of Example Licensee Pty Ltd, AFSL 000000.

© 2026 Oak Tree Finance.