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How to Claim on Your Income Protection Insurance: A Step-by-Step Guide

Once you’ve spoken to our professional team at Morgan Insurance Brokers, they will reliably advise you on the Income Protection Insurance cover you need according to your circumstances. The team will help you to consider your factors and determine the most suitable coverage. Once you have purchased your Insurance, you’ll be protected from any unexpected events that may leave you temporarily absent from work.

Have you recently been involved in a car accident? You may need to claim your Income Protection Insurance to cover your income whilst you are absent from work and recovering. 

You may be thinking, How do I get started?

Morgan Insurance Brokers won’t leave you in this alone. You can use our step-by-step guide to understand how you can claim on your Income Protection Insurance and what happens next.

Firstly…

The first step is to review your policy. Before you begin your claim, check your policy’s terms and conditions to understand how it will protect you with your claim. You may think that your circumstances do not qualify you to receive Income Protection Insurance, which is why it is important to review your cover. It is a common misconception that Income Protection Insurance only covers serious accidents, so it is important to check, as you may be entitled to support with far more than you expect. You will want to pay close attention to the waiting period, which determines the terms of when your repayments will be made and the terms of eligibility.

This will ensure that you understand the trajectory of your claim and what it may cover.

Speak to your Insurance Provider, Or Us

It is important that once you have understood your policy and your eligibility, you contact your insurer. They will need to be notified of your circumstances so that they can clearly explain the process of submitting your claim and tell you which forms and documents will be required. You can also contact us. Our team at Morgan Insurance Brokers are experienced and reputable, and ready to provide you with professional advice on what you need to do next. 

Gathering Documents

After seeking professional advice, it should be clearer which supporting documents will be required for your claim. You will need to gather and prepare these documents, which may include: 

  • Medical certificates/ Medical reports from your doctor detailing your illness or injury and your subsequent inability to work.
  • Proof of income (payslips, tax returns, salary reports)
  • Employer reports (explaining your absence and work status with the company)
  • Proof of identity
  • Any other supporting documentation, which can vary by case (i.e witness statements)

Complete Your Form 

Once you have gathered the required documentation and are clear on how to proceed, you will need to fill out the claim form. You are required to fill out all the information as clearly and accurately as possible. It is crucial to attach all relevant and required documents to expedite your claim. If it is incomplete or inaccurate, it can cause a processing delay.

Submit Your Claim

Your Income Protection Insurance claim is now complete and ready to be assessed. It is time to submit your claim form. This can be done online or by post. You need to send your claim form to your insurer and follow their specific instructions. 

What happens next?

Your insurer will review your claim and request additional information or assessments if required. It is important to stay in contact with your insurer, as if they need anything further from you, it is essential that you get this to them to ensure your claim is processed quickly. You will be able to track the progress of your claim online or by contacting your insurer for updates. Once approved, your monthly benefit payments will begin as per your policy terms. 

If your claim is declined, your insurer will advise you on the reason why, and you have the option to appeal if you feel that it has been wrongly declined.

Start with Morgan Insurance Brokers

We’re your one-stop solution for all your questions. Our team are ready to answer your questions with the clarity you need. 

Contact us today if you’re ready to claim on your Income Protection Insurance. We’ll help you get started.


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How to Supplement Your Income with Income Protection Insurance During Recovery

Recovering from an accident sustained in your workplace? First things first, look at your Income Protection Insurance. You’ll need to open your claim to start receiving your payouts. You may be unsure of what happens next or how to manage your Income Protection Insurance payouts as your temporary income. 

Let’s take a look at what you can do to ensure you benefit from your Insurance and focus on recovery. 

Where do I start?

If you’ve suffered from an illness or injury that has meant you’re out of work, you’ll want to start by claiming your Income Protection Insurance. You’ll need to review your policy first to determine the terms and conditions and if they apply to you. Of course, you don’t need to do this alone. You can reach out to a trusted Insurance Broker, like Morgan Insurance Brokers, who will be able to advise you on the details of your cover and what you can do next. We can take it from here for you. You should expect that we’ll request documents to assist with the submission of your claim. Documents required may include: 

  • Medical certificates and reports
  • Proof of income
  • Identification
  • Employer reports

After this process is complete, you will need to fill out your claim form, attach all the relevant documentation and submit it. It will be reviewed, or additional information will be requested if necessary, and then your claim will be approved as per your policy terms. 

Budget, Budget, Budget

Now that your claim has been approved, your payouts will begin according to your waiting period. So, how do you manage this as a form of income? 

You would have considered multiple factors when choosing an Income Protection Insurance that works for you, where you should be clear on the essentials you’ll need to cover with your payout amount (rent, groceries and bills) and any amount you may have leftover to fund your lifestyle. It is important to remember that Income Protection Insurance usually covers 70-90% of your usual income, so you’ll already be on a reduced amount. To protect your livelihood and ensure you aren’t dipping into your hard-earned savings, you should budget where you can once your essentials are covered. 

Where possible, you may also want to consider other ways you can access financial support so that you aren’t relying entirely on your Income Protection Insurance. For instance, superannuation funds, if applicable. This will supplement your payouts with other forms of income and allow you to fund your lifestyle.

Consider Other Benefits

To enhance what you get from your Income Protection Insurance, take another read at your policy to understand other hidden benefits. Partnering with Morgan Insurance Brokers is a good way to ensure that your policy is beneficial to you and land a deal that is customised to your needs.

Examples of hidden benefits that may apply to your policy include:

  • Rehabilitation benefits: If you’re receiving payouts from your claim, you may be entitled to rehabilitation services and programs, which means you don’t need to cover this out of your pocket. Get back on your feet quicker by accessing your perks.
  • Partial Disability benefits: If your illness or injury means you can return to work but at a reduced rate, some policies will continue to fund you partially. This helps provide a safety net whilst you get back up to speed. 

So, to successfully supplement your income whilst you’re recovering, you should consider the benefits of your policy to maximise your recovery time and your out-of-pocket costs.

Plan Ahead

As your payouts come to an end, if you return to work full-time, you will want to assess your health status to begin managing your income. The best way to manage these payouts is by navigating the length of time you are expected to receive them. Don’t be caught off guard if you return to work and stop receiving support. 

It is also important to keep your insurer informed of your progress as it becomes likely that your treatment is coming to an end, and you’re ready to return to full-time employment. 

Your Financial Health with Morgan Insurance Brokers

With us, you don’t need to navigate this alone. We can help you from the start in answering any questions you have around Income Insurance Protection, up until you have claimed and are ready to go back to work. 

Your financial health is our priority; we won’t let you get off track. Contact us today, and our team of professionals will help you get started


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The Role of an Insurance Broker in Helping You Find the Best Income Protection Plan

It’s okay to admit you need help. You’ve got us. Have you ever purchased something you’ve regretted in the long term? Don’t let that be the case with your Income Protection Insurance; it’s too important. 

Morgan Insurance Brokers are dedicated to ensuring you make the best choice with your Income Protection Cover. When you’re considering income protection, who better to help you than an expert adviser who can navigate the process alongside you? It may seem simple enough, but when you’re faced with terms like waiting and benefit periods, you’ll need someone to turn to. 

So how exactly can an Insurance Broker help you find the best Income Protection Plan for your needs?

Clarity

If you’re exploring insurance options, you’ve undoubtedly encountered unfamiliar terms and jargon. With guidance from insurance experts, you don’t need to guess (or Google) these terms. You can have the benefit of having every aspect of your cover explained to you. A common obstacle with Income Protection Insurance is the misplacement of Waiting Periods and Benefit Periods. They sound similar but are completely different. Waiting periods refer to the amount of time you’ll need to wait after making a claim to expect your payments to begin. A Benefit period refers to how long the policy will pay you if you’re out of work. 

Misunderstanding Income Protection Insurance is more common than you’d think, with many people not even clear on what exactly it protects and when to claim it. It is essential to understand what your cover protects, when it can be claimed and what your terms mean for your payouts so that you can maximise the benefits.

Honesty

An Insurance Broker wants to help you make the right decision. So, they can honestly advise you (according to your circumstances) on what you really do or don’t need. They can help you explore your options whilst considering your specific requests. For example, if you want to keep your cover cost-effective, an Insurance Broker can advise you on the reality of this, considering your requirements. Insurance coverage can often seem more beneficial on paper than it will be to you when the time comes. A reliable Insurance Broker, like Morgan Insurance, can help you to identify truly beneficial covers that are exactly what they seem.

If you want clear and honest guidance, an Insurance Broker will prioritise ensuring you comprehend the terms and conditions of your cover, whilst being realistic about the factors you need to consider.

Review

If you’ve already got an Income Insurance Protection plan in place, an Insurance Broker can leverage their knowledge to review your current policy. There may be conditions and aspects of your Insurance that you haven’t considered. Do you know if there are any exclusions to your cover? You can be sure with an Insurance Broker.

If you’re still in the process of choosing an Income Protection Insurance cover, they can help you review your options to negotiate a deal that is tailored to your requirements and maximise your benefits. As experts, they understand that insurance isn’t the same for everyone. Their understanding of the insurance market guarantees that you receive tailored, high-quality and carefully considered support.

Control

For general assistance in choosing your Income Protection Insurance cover, Insurance Brokers are the go-to. You can receive support every step of the way, so you don’t miss anything critical when it comes to your final choice. They can manage the application process for you, eliminating the pressure to provide accurate documentation and supporting information. And if you think it ends there, think again. 

An Insurance Broker’s support doesn’t stop when you choose an Income Protection plan; they are also there to assist you if you need to make a claim. They can advocate on your behalf and ensure you understand the step-by-step process of claiming on your cover. From beginning to end, you're in safe hands.

Need a Helping Hand? We’ve Got You

We understand that there is a lot to consider when it comes to Income Protection Insurance. Why spend hours navigating and researching your options when you’ve got us? Our priority is helping you find the right policy that protects you in the worst-case scenario. 

Morgan Insurance Brokers and our team of experienced professionals are committed to providing you with reliable advice that you can trust, has your best interests in mind. 

Contact us today to get started.


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What is Income Protection Insurance and Why Is It Essential for Your Financial Security?

There’s nothing worse than having life happen and not being able to recover peacefully, as you’re worried about when you’ll next be paid. If you’ve suffered from an illness or injury, you deserve to focus on treatment and know that your livelihood is protected. That’s what Income Protection Insurance is for. 

Morgan Insurance Brokers are skilled in providing you with expert advice, so you don’t need to navigate Income Protection Insurance alone. As your one-stop solution for insurance, we want to ensure you understand your cover and feel confident in living life with the knowledge that you have a safety net. 

The first step is to break down Income Protection Insurance and understand why it is important to guarantee your financial security. You’ve come to the right place.

Income Protection Insurance: What is it?

Unfortunately, if you catch an illness or get injured and need to be off work for a while, you still need to pay rent, buy groceries and pay your utility bills. But your income isn’t guaranteed if you’re away from work. Income Protection Insurance helps cover 70-90% of your income, allowing you to maintain the essentials during your recovery period. 

There are multiple aspects to consider that affect your Income Protection Insurance and what the cover looks like for you. For instance, an insurer will consider your age, occupation, health and lifestyle to determine the cost and cover of your insurance. Once an agreement is made, if you need to claim on your insurance, payouts (as agreed by your terms and conditions) will be made to you while you are unable to work. 

How can it provide me with Financial Security?

Income Protection Insurance is your safety net so you can get on with life. But how does it stabilise you in terms of financial security? We know it covers your income, but there are other benefits of Income Protection Insurance:

  • Every-day expenses and financial commitments are covered, so you don’t need to worry about where you’ll need to get this money from.
  • Safeguarding of your current assets and income, as you won’t need to dip into your savings to survive.
  • A customised support system. Your Income Protection Insurance can be personalised to your requirements, so you can ensure you receive support that is beneficial to you. For example, if you don’t need a cover that pays out immediately and can afford to fund yourself for a little while, you can pick a shorter waiting period.
  • The coverage will continue until you return to work or reach your policy limit. There’s no rush. Your treatment and recovery are protected whilst avoiding financial strain.
  • It can preserve your credit score and prevent you from taking on financial commitments such as bank loans. This helps secure your long-term financial stability and health.

Who can Income Protection Insurance cover?

You can expect long-term financial stability with Income Protection Insurance, with peace of mind that if you need to take time off to recover, your current assets and wealth can remain stable. One common question is, who can be protected with Income Protection Insurance? The short answer is an employee (or self-employed) individual with an injury or illness that qualifies for a claim. Some examples of scenarios that qualify for income protection include:

  • Terminal illness, such as cancer.
  • Mental health conditions
  • Back, Hip or Knee injuries sustained at work
  • Broken bones or fractures 

It is a common misconception to think that protecting your future and assets is beneficial only to adults with stable careers. However, young individuals can also benefit from Income Protection Insurance as it allows them to forward-plan their finances without having to worry about tomorrow. If you have an income and you don’t want to find out what happens when you can’t access it, you should consider Income Protection Insurance.

Choose Reliability, Choose Morgan Insurance Brokers

Above all, choosing a reliable Insurance broker to advise you on a tailored and trusted Income Insurance Protection is essential. Morgan Insurance Brokers is committed to providing you with expert advice so you can secure the best policy.

You don’t need to figure it all out alone. That’s what we’re here for. Contact us today to speak to one of our dedicated professionals for more details.


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How Income Protection Insurance Works for Employees Vs Freelancers

For protection during those unexpected circumstances that turn your life upside down, Income Protection Insurance comes in to offer you stability and time to recover. With that in mind, Income Protection Insurance looks different for everyone. If you’re a freelancer or self-employed, you may be thinking, How does Income Protection Insurance work for me?

The truth is, you are looking at some differences from traditional employees. But don’t let that stop you there. Understanding what Income Protection Insurance looks like for you, what you’re eligible for, and how it can protect you if the worst happens is crucial to safeguarding your livelihood and planning for the future.

How does Income Protection Insurance work?

Income Protection Insurance is your back-up plan when you can’t work due to an illness or injury. It typically covers around 70-90% of your regular income to offer you peace of mind when you’re recovering and financially support you to cover essentials such as rent, groceries and utility bills through payouts once you make a claim.

When you’re considering your Income Protection Insurance, factors that affect the cost and the cover include: Waiting Periods, your age, your medical history, your job, Benefit Periods and your lifestyle. Insurers will consider these factors collectively to determine your likelihood of needing to claim on your cover. 

You’ll want to consider the amount you need to survive in the event of an illness or injury to ensure you are sufficiently covered. This includes considering the Waiting Period and Benefit Period to determine how self-sufficient you can afford to be before your Income Protection Insurance steps in and how quickly you’ll be back on your feet.

Luckily, you don’t need to figure this out alone. With Morgan Insurance Brokers, we’ll support and guide you in choosing a tailored policy that meets your needs. Our team of experts offer professional and reliable advice to ensure that you’re clear on the terms of your policy. Give us a call on 1300109778.

What if I’m self-employed?

In the world of the self-employed or those in Freelance work, Income Protection Insurance can be more important than ever. Traditional employees are usually protected by sick leave, annual leave and general workers' insurance. However, Freelancers and self-employed individuals do not have access to this form of support. But how do insurers assess self-employed individuals to determine the terms of their Income Protection Insurance? Let’s take a look at how it’s different for you.

  • Income Assessment: As Freelancers do not have standard salaries that insurers can refer to, they will assess income based on business earnings. Business expenses will be subtracted from this amount, and then the average across the prior 12 months will be calculated. 
  • Cover Eligibility: To be eligible for Income Protection Insurance that reflects your needs, you will need to provide consistent evidence of working hours and income. 
  • Proactive Approach: Some employers offer indirect Income Protection through superannuation contributions, which can be a form of protection you can access through your super fund options. However, freelancers and the self-employed need to independently engage with insurance brokers to access Income Protection Insurance that will cover them.
  • Cover Cost: As insurers will consider occupation risks and income irregularity, freelancers may face higher costs when choosing their Income Protection Insurance cover, as consistent pay may be hard to prove. However, base calculations, including age and health, will be similar for both self-employed individuals and traditional employees.

So, obtaining Income Protection Insurance as a traditional employee may be more cost-effective due to evidence of regular cash flow. Generally, the terms of Income Protection Insurance will be assessed similarly to traditional employees across the individual factors. However, for freelancers, income assessment will look different as supporting evidence will be required. Traditional employees also have access to other support systems that are not available for freelancers. Thus, Freelancers have a greater need for Income Protection Insurance. 

Morgan Insurance Brokers For You

The most important element to making a smart choice with your insurance is having a broker who listens to your needs and is by your side. With Morgan Insurance Brokers, that’s exactly what you can expect. You don’t have to have it all figured out; that’s what we’re there for. 

We give you expert advice to help you choose the right policy. Contact us today for more information.


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Top Reasons Why Income Protection Insurance is a Must-Have for Young Professionals

“I’m too young to consider Insurance.” Does this sound like something you’ve said before? It makes sense. What we’ve been taught about Insurance is that if you’re young and healthy, you probably won’t need it. If your employer offers sick leave, their compensation will be sufficient for you. And if you’re a young professional working their way up the ladder, you may even think, I don’t have any assets or significant income to protect. You may not yet, but what about your long-term plans?

These are common misconceptions surrounding the topic of Income Protection Insurance. Here’s the thing: it is highly beneficial for a young professional to explore Income Protection Insurance. The reasons may differ from older individuals seeking a financial safety net, but it is still important to consider how getting protected earlier is beneficial for your future.

And if you’re still not sure, let’s have a look at the top reasons why.

Reason #1: Access to Cheaper and More Flexible Policies

Young professionals are likely to have the option of cheaper Income Protection Insurance as their risk to insurers is lower. As young professionals are generally considered young and healthy, they can protect their livelihoods at a lower premium. They also have the freedom to explore more flexible options that can cover them over a longer period. They can choose a longer benefit period that covers their entire career, even through career and circumstance changes, such as a mortgage or dependents.

Applying as a young individual increases your chances of full coverage with minimal limitations to your Insurance whilst decreasing the likelihood of facing enhanced costs for your Income Protection Insurance cover. If you were under the impression that Income Protection Insurance was costly, now you know it doesn’t have to be. 

Reason #2: Guarantee Financial Independence

Considering Income Protection Insurance as a young individual is an excellent way to achieve financial independence. Many young professionals want to move away from any familial reliance, but lack savings to fall back on as they are in the early stages of their careers. To facilitate the achievement of long-term goals, a backup plan is good for your peace of mind. By getting covered earlier, you can be assured that your income is protected in the event of an illness or injury, so that your career goals and financial stability don't suffer any repercussions. 

Income Protection Insurance during the early stages of your career is a good way to consider the long-term success of your career plans and expedite your journey, as you don’t need to worry about setbacks. The choices you make today can guarantee you success in the future. Reach out to our team today to find out how.

Reason Number 3#: Cover Your Expenses and Your Lifestyle

Income Insurance Protection typically covers around 70-80% of your income when you’re unable to work. As a young individual, life doesn’t stop. Your lifestyle doesn’t need to be impacted, and neither do you. Through regular monthly payments, you can ensure that you stay updated with your expenses and costs. You can also afford the luxury of investing in assets that you would otherwise be too nervous to commit to. With Income Protection Insurance, you can confidently keep what’s yours. 

By getting covered earlier, you can maintain your lifestyle when you’re unable to work due to unexpected circumstances. It can give you the peace of mind you need whilst you focus on treatment and recovery. For many young individuals, ensuring a quick recovery is necessary for their well-being. Recovery needs to be stress-free. Morgan Insurance Brokers understands the importance of recovery; it doesn’t have to be difficult.

Get Income Protection Insurance With Morgan Insurance Brokers

Our team of experts at Morgan Insurance Brokers are always ready to provide you with reliable and trustworthy advice if you’re not sure how to get started. They can help guide you through your options and suggest which choices may be most beneficial based on your circumstances and goals. You can find out what your Income Protection Insurance can look like today by giving us a call or submitting a request online.

You can protect your today, tomorrow and future with us. 

You don’t need to do this alone. Contact us today.


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How to Reduce Home Insurance Premiums – Why an Insurance Broker Is Your Best Bet

 

Home insurance is essential for protecting your biggest asset, but many Australians struggle with rising costs. If you’re looking for cheap home insurance without sacrificing cover, the good news is there are plenty of ways to lower your premiums. From boosting security to choosing the right excess, smart strategies can make a big difference. But the single most effective step you can take is using an insurance broker.

Home Insurance Tips to Lower Premiums

Improve Home Security

Insurers offer lower premiums for properties with reduced risk. Installing locks, alarms, and CCTV systems shows you’re protecting your home against theft or damage, making you eligible for discounts.

Bundle Your Insurance Policies

Many insurers provide discounts if you combine home and contents insurance with your car or landlord policy. But be careful, not every “bundle deal” is truly cheaper. An insurance broker can compare deals and ensure you’re actually saving money.

Consider a Higher Excess

Choosing a higher excess means you’ll cover more of the small incidents yourself, which discourages lodging minor claims. By claiming less frequently, you’re signalling to insurers that your policy is lower risk, helping you secure better premiums over the long term.

Maintain and Upgrade Your Property

One of the most effective ways to reduce home insurance premiums in Australia is to prevent the need for claims in the first place. Insurers calculate your premiums based on the likelihood of you making a claim, so homes that are well maintained are generally seen as lower risk.

For example, repairing a damaged roof before it leaks can prevent costly water damage claims. Upgrading old electrical wiring reduces the chance of house fires.

By taking proactive steps to maintain your property, you’re not just protecting your home—you’re also reducing the chances of future claims. Over time, a strong claims history (or lack of one) plays a huge role in keeping your premiums more affordable. In short, maintenance today means fewer headaches tomorrow and more control over the cost of your insurance.

Avoid Over-Insuring

Many homeowners unintentionally pay for more cover than they need. While this doesn’t directly reduce claims, over-insuring can result in unnecessarily high premiums. A broker can help you calculate the right level of cover for your home and contents, ensuring you’re adequately protected without overspending. Keeping your policy accurate and realistic avoids disputes during claims, which also contributes to smoother long-term premium management.

Why an Insurance Broker Is the Smartest Way to Get Cheap Home Insurance in Australia

While these home insurance tips can help, the biggest challenge is comparing the dozens of policies on the market. That’s why partnering with an insurance broker is the best move. Here’s why:

Access to Better Deals

Brokers have relationships with multiple insurers, including specialist providers not available directly to consumers. This increases your chances of finding cheap home insurance premiums.

Negotiation Power

An experienced broker can negotiate directly with insurers to secure discounts, better excess options, or extras at no additional cost.

Personalised Advice

Every property is different. Brokers look at your home’s location, age, and risks (like flood or bushfire zones) and recommend the most cost-effective cover.

Ongoing Reviews

An insurance broker doesn’t just help you once and "set and forget", they review your policy every year, ensuring you’re still getting the best deal as your home value and risks change.

Final Thoughts

Reducing home insurance premiums is possible with the right strategies. Improving home security, maintaining your property, and adjusting your excess all help, but the smartest way to achieve long-term savings is to use an insurance broker. With their knowledge of the insurance market, they can secure cheap home insurance that fits your needs without cutting corners on cover.

If you’re serious about lowering your premiums while keeping your home protected, an insurance broker is your best bet.


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Why a Broker Matters When Insuring Your Child Care Centre

Running a child care centre means parents trust you with their most precious people. That trust deserves a child care insurance program built for real-world risks, not just a policy off the shelf. That’s where a specialist broker earns their keep, particularly when you’re changing insurers and small wording differences can create big coverage gaps.

The sensitive question: does your policy cover sexual abuse claims?

It’s uncomfortable, but essential. Not all policies respond the same way to sexual abuse or molestation (SAM) allegations. Some exclude SAM entirely; others hide it behind low sub-limits, strict reporting conditions, or confusing endorsements. A good broker will interrogate the wording line by line:

  • What are the limits and sub-limits?
  • Are defence costs in addition to limits?
  • Is vicarious liability for the centre and management covered?
  • What are the reporting requirements and timeframes?

These details matter most when emotions run high and your reputation is on the line.

Claims-made vs occurrence: avoid the “switching gap”

Another common trap appears when you move insurers without checking how your Public Liability was structured. Was your policy previously on a claims-made basis? If so, coverage is triggered when the claim is made, not when the incident occurred. If you shift to a new insurer, especially to an occurrence-based policy, prior incidents might fall into a grey zone unless you’ve protected your “past”.

A broker will map this out and fix it. Morgan Insurance Brokers has access to insurers that can offer a retroactive date on your Public Liability to cover retrospective work, then restructure the program to an occurrence-based policy going forward. That means historical activities are picked up, and future incidents are handled in the more intuitive occurrence format. Way better.

What a broker actually does for you

  • Coverage audit & gap analysis: We compare your operations to your current wordings, endorsements, and schedules to spot blind spots
  • Market access: Brokers open doors to insurers who understand child care risks and are willing to add retroactive dates or custom endorsements.
  • Transition plan: When switching, we line up effective dates, seek retroactive coverage, consider run-off if needed, and ensure no lapse between policies.
  • Claims advocacy: If an incident occurs, you get a strategist, lodgement, evidence, experts, and negotiation so you’re not learning the process in the middle of a crisis.

Practical next steps when changing insurers

  1. Pull the paperwork: Prior policies, schedules, endorsements, and claims history.
  2. Confirm the basis: Was liability claims-made or occurrence? Note any retroactive/continuity dates.
  3. Scope your risks: Ratios, activities, transport, excursions, ratios of staff to children, and third-party providers.
  4. Ask specifically about sexual abuse: Get the answer in writing with limits and conditions.
  5. Bridge the past: Use a broker to secure a retroactive date and restructure to occurrence going forward.

The result is confidence: parents know you’re prepared, regulators see diligence, and you can focus on care, not clauses. If you’re considering a change, partner with a broker who understands child care. Morgan Insurance Brokers can source the retroactive solutions and organise your cover so yesterday and tomorrow are both looked after.

General information only. Consider your objectives and always read the full policy wording.


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The Difference Between Waiting Periods and Benefit Periods in Income Protection Insurance

When it comes to Income Protection Insurance, there are a few terms you’ll hear frequently, but what do they mean? Understanding your Income Protection Insurance cover is essential and can make all the difference when submitting a claim with your cover. 

While you may be familiar with how Income Protection Insurance can protect you, there are aspects of your coverage that can be negotiated to ensure that your cover is tailored to benefit you. A commonly asked question is: What is the difference between your Waiting Period and your Benefit Period?  

Believe it or not, these two terms are significantly different and can impact your understanding of your Insurance cover if they are misunderstood. So, let’s break it down.

What is my Waiting Period?

The Waiting Period of an Income Protection Insurance cover is defined as the length of time you will need to have between when your absence from work commences due to your illness or injury, to when your insurance benefits and payments can begin. Your illness/injury will need to be certified by a doctor, and your waiting period will be considered from the date this is confirmed. The most common waiting periods to choose from are 30, 60, or 90 days, depending on the terms of your policy. 

How your Waiting Period Impacts your Cover

Shorter waiting periods mean your funds will be available to you sooner, though they are usually associated with higher premiums. Whereas longer waiting periods reduce premium costs, they also mean that you will need to rely on savings or other support until you can access your benefits. 

Regardless, your first benefit payment will be made to you in arrears. If your waiting period is 30 days, your first payment should be expected around 60 days after you stop working. When choosing your waiting period, it is important to consider your financial circumstances and how long you could comfortably afford to survive without your benefits if necessary. If you’re able to cover yourself financially for longer, your Income Protection Insurance may be lower in cost.

What is my Benefit Period?

The Benefit Period refers to the maximum length of time you can expect your Income Protection payments to be made to you if you remain unable to return to work for that particular claim. Typical benefit periods range from one to five years or up until a specific age, such as 65. A coverage that pays out until 65 will be more costly than a shorter-term benefit period of 1 year. There are policy limits that may apply to your cover. For instance, you need to meet your insurer’s definition of disability and other policy conditions to continue to receive payments, where a Maximum benefit period may apply.

You may also be offered a graduated benefit, depending on your insurer and cover, where, if you can return to work on a part-time basis, your benefit period will be extended until you’re able to return to work at full capacity.

How your Benefit Period Impacts your Cover

Choosing the most suitable Benefit Period for you is essential, as if you are still unable to work when your benefit period ends, your payments will stop. However, a longer benefit period (one that pays up until the age of 65, for example) will be more expensive. Your benefit period only applies to you whilst you are unable to work. So, if you return to work early, your payments will also stop. Choosing the right Benefit period for you depends on several factors, including your job security, age, health status and budget.

It is essential to understand that the Benefit period refers to a single claim and is one of the most significant factors in determining the cost of your cover.

Why choose Morgan Insurance Brokers?

Our team of experts are dedicated to ensuring that we provide you with the reliable advice that you need to make the right choices for your protection. Our approach to Insurance is one that you can trust. We know how complicated understanding your Income Insurance Protection cover can be; with us by your side, it doesn’t need to be.

Contact us today to find out more. We’d love to answer your questions.


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How to Choose the Right Income Protection Insurance for Your Needs?

Remember when you completed that long run on the weekend and injured your back so badly you had to miss work the next week? Did you feel the repercussions of a smaller payslip that week? 

With Income Protection Insurance at Morgan Insurance Brokers, you don’t need to worry about catching that East Melbourne winter flu, dislocating that dodgy knee, or any other unforeseen circumstances that can occur in day-to-day life. 

So, how do you choose the right Income Protection Insurance for your needs? There are several factors to consider before you decide on the right Income Protection Insurance cover. 

What if I don’t need Income Protection Insurance?

It is estimated that around 29% of Australians have Income Protection Insurance, with tens of thousands of Australians finding themselves in the position to claim income protection insurance every year. You could be one of them. 

You may be hesitant to explore Insurance Protection further if you don’t think you will need it. We all want to believe that serious accidents won’t happen to us. However, Insurance Protection is much more than cover for the worst-case scenario. Some common claim examples include: 

  • Severe Flu
  • Mental Health Break
  • Pregnancy Complications
  • Broken Leg
  • Back injury

These all sound common enough, right? 

You can identify the right Insurance cover for you and your needs; it doesn’t all look the same.

So, how different can Income Protection Insurance be?

Well, choosing your Income Protection Insurance begins with your occupation. Occupations with higher levels of physical risk (Construction workers and Emergency service workers) may face higher premiums as they are more likely to face work-related accidents. A lower-risk occupation may be entitled to cheaper Income Protection Insurance cover. If you’re an office worker accustomed to sitting behind a desk all day, you may find that your cover won’t cost you all that much. What price would you pay for a contingency plan?

Another factor to consider is your age. Lower premiums are usually expected with younger age groups. Age is used to determine the increase in premiums due to the correlation between age and the heightened risk of health issues, which may result in extended periods off from work.

Income Protection Insurance can also vary in the percentage of income covered. A higher cover will usually be 75%, although this will be more expensive than a lower cover of 60%. 

You can tailor how long you require payments from your Insurance Protection Insurance. If your cover is for a shorter period (e.g, 2-5 years), this may be significantly lower in cost than one that covers you through to retirement age. Do you plan to run a marathon next year, and you’re getting worried about the physical side effects and setbacks it may cause you in your workplace? You can opt for a shorter cover for a stress-free training period.

Finally, you’ll want to assess the waiting periods of your cover. This defines the time between when you find that you require your cover and when the benefit payments begin. For example, if you’re a casual worker who requires a larger safety net in the event of an unforeseen circumstance, you may want to consider a shorter waiting period so that you can ensure you’re covered quickly.

Consider Premium types

When considering your premium types for your Income Insurance Protection Cover, you will need to evaluate your financial circumstances, life plans, age, health, and generally what you feel will be most suitable and comfortable for your situation.

Stepped Premiums are generally lower in cost initially. They can increase over time, but are typically a safer option for young working professionals who want a contingency plan that won’t interfere with their budgets. 

Level Premiums are consistent and generally benefit more long-term decisions. Whilst higher in initial cost, they can become more cost-efficient if maintained over many years. If you are expecting a fixed income for the foreseeable future or have begun making retirement plans, a level premium may be more beneficial as it provides stable and predictable cover.

Not sure where to start?

You’re off to a good start. It is important to consider all your personal factors and assess which cover you may benefit from the most. Our professionals at Morgan Insurance Brokers can provide you with general advice and help you get started.

Don’t wait for a situation to happen tomorrow; get protected today. Contact us today for a quote.