Workers’ Compensation cover alone may not be sufficient to meet your financial needs.
Income protection and Workers’ Compensation are separate and very different types of cover. Workers’ Compensation payments may not meet your financial needs in a number of events.
The NSW Workers Compensation Scheme provides protection to workers and their employers in the event of a work-related injury or disease. Therefore any injury that occurs outside of your work place is not covered. There is no cover for illness that is not directly attributable to your employment.
An Income Protection policy provides cover 24 hours a day, 7 days a week, any where in the world*. The policy will provide you with your selected monthly payment until you are able to return to work or reach retirement age, which ever occurs first.
With recent reforms to Workers’ Compensation legislation, particularly the changes in NSW, the way Workers’ Compensation claims are assessed and benefits paid means there is an even greater need to be aware of the differences.