Insuring a Block of Units in Australia: What You Need to Know
In this blog, we’ll explore:
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Why block-of-units insurance is harder to secure today
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The risks of inadequate coverage
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How Morgan Insurance Brokers approach can provide a better solution
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Practical advice for landlords, especially self-managed ones
Why Major Insurers Are Withdrawing or Restricting Coverage
Rising risk, increasing losses, and underwriting pressure
Australia has seen a rise in extreme weather events, inflation in rebuilding costs, supply chain pressures and growing claims severity. The insurance industry has responded by tightening underwriting and reassessing which property risks are sustainable to insure.
Because blocks of units represent aggregated risk (a single event such as a fire, storm, water damage etc, can affect multiple tenancies at once), insurers are more cautious. In some cases, insurers may decline to quote new policies or withdraw from offering cover altogether.
Anecdotal reports of insurers opting out of block insurance
In property forums and discussions, some landlords have reported that insurers like NRMA and RACQ have ceased insuring blocks of units owned by single owners (i.e. non-strata blocks). For example:
“We’ve just found out that NRMA will no longer insure blocks of units that are owned by a single owner and that aren’t strata-ed. … It looks like slim pickings for insurers who insure this type of property.” (PropertyChat)
While such reports are not always publicly confirmed by the insurer, they reflect a reality: for certain high-risk or complicated multi-unit configurations, insureds are seeing fewer options.
Insurers dropping some product lines
In broader insurance markets, some insurers have publicly announced that they will no longer offer certain personal lines (e.g. home, landlord) for new business.
So, for many owners of blocks of units, especially non-strata blocks, finding an insurer willing to quote can be challenging. That’s where a broker with access to specialist markets becomes crucial.
The Risks of Being Underinsured or Uninsured
If your block of units is not properly insured, you could face:
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Rebuilding or repair costs after fire, storm, water damage, etc., which can run into the hundreds of thousands (or more)
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Loss of rental income if the property becomes uninhabitable during repair
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Liability claims (slip/trip, injury on premises)
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Tenant damage or malicious damage (if tenants or their visitors damage common walls, structures, or interiors)
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Rent default or non-payment risks if tenants stop paying during repair works or due to insurance issues
Given that insurers are less eager to cover multi-unit risks, going without appropriate coverage—or settling for narrow or inadequate cover—can leave you severely exposed.
Morgan Insurance’s Solution: One Policy, Flexible Options
Morgan Insurance Brokers offers a model tailored to block-of-units owners that addresses many of the pitfalls in today’s market.
1. One comprehensive policy covering multiple risks
Instead of patching together separate policies (building, landlord, public liability etc.), Morgan Insurance Brokers can source a single policy that can incorporate:
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Building / structural cover
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Landlord cover (for tenant-related risks)
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Public liability
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Optional covers (loss of rent, tenant damage, rent default, etc.)
2. Competitive pricing via broad panel access
Because Morgan can access a panel of insurers, it can shop the risk across multiple underwriters, negotiate terms, and offer clients competitive pricing even in a tough underwriting environment.
3. Optional landlord covers
One valuable feature is that optional landlord covers are not mandatory. The policy can be tailored to remove some landlord related extras if you prefer (to reduce premium.
For example, you might choose not to include rent default or theft-by-tenant coverage if you believe your tenants are low risk, or wish to reserve that cover for only certain units, but you retain the flexibility to include them if needed.
4. Claims handling by Morgan Insurance Brokers
Having a broker manage claims can make a big difference during a stressful event. Morgan offers to take on claims handling responsibilities, helping with documentation, liaising with insurers, and advocating for a fair outcome.
5. Emphasis on solid supporting documentation
Morgan underscores the importance of:
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Having formal rental/tenancy agreements in place (so tenant-based claims like rent default or damage are valid)
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Inspection reports (especially for self-managed blocks) to document condition, pre-existing damage, maintenance issues, etc.
These pieces of documentation strengthen any claim and reduce insurer pushback.
Tips for Landlords (Especially Self-Managed Blocks)
Here are some practical tips to protect yourself and your investment:
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Use legally sound tenancy agreements
Ensure they clearly set out tenant obligations, damage responsibilities, and allow for entry/inspection rights. This is especially critical if you rely on rent default, tenant damage or malicious damage covers. -
Perform regular inspections and document them
Carry out periodic inspections (with photos, condition reports) so you have an evidentiary trail of property condition. This helps in claims disputes, or where damage is alleged. -
Engage professionals for valuation and rebuilding cost estimation
Rebuilding a block of units is a complex exercise; use qualified valuers, architects or quantity surveyors to estimate appropriate sums insured. -
Be selective with optional covers
Do you need rent default, theft by tenant, loss of rent, or accidental damage by tenant? Weigh the incremental premium cost vs risk. If your tenants are stable and you have strong screening, you might choose to forgo some optional covers — but only if you're willing to assume that risk. -
Maintain good maintenance & risk mitigation practices
Keep gutters cleaned, check plumbing, mitigate water ingress, maintain fire systems and safe access. Insurers often scrutinise upkeep in claims. -
Review your policy annually
As repair costs, materials or risks shift, make sure your sums insured and covers remain adequate.
Why Our Approach Stands Out
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Access to multiple insurers means you aren’t dependent on a single underwriter who may opt out of block-of-units risks
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Package structure avoids coverage gaps or overlaps
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Flexibility in optional landlord covers helps manage cost vs risk
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Broker-managed claims provides support and advocacy when you need it most
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Emphasis on documentation (agreements, inspections) increases claim defensibility
In a market where some major insurers are retreating from landlord or home lines (or excluding certain risks), having a broker partner with a wide panel and specialist block-of-units capability is a strong advantage.
Conclusion
If you own or manage a block of units in Australia, particularly a non-strata block, you’re operating in a more constrained insurance environment today. Many general insurers are reevaluating their exposure to multi-unit risks, making coverage harder and more expensive to obtain.
That’s why a broker model like Morgan Insurance Brokers, which consolidates multiple covers into one policy and leverages multiple insurer relationships, can make a real difference. You gain competitive pricing, flexibility to tailor landlord options, and claims support, without needing to juggle separate building and landlord policies yourself.
Why You Shouldn't Wait Until You're Sick or Injured to Get Income Protection Insurance
How much of a heads-up do you get before an illness or injury strikes? That’s why you need Income Protection Insurance for today, not tomorrow. You can’t predict when you need to claim your insurance, but you can be ready for it.
Your Income Protection Insurance is a financial cushion that should be in place before you need to claim it to ensure that you are effectively protected. You may be thinking, Why would I need coverage for something I don’t need to claim yet? The truth is, it is easier to believe that you can protect yourself and consider your options after an unexpected event occurs, but in the event of your illness or injury, it will be the last thing you want to do. We have options for you today, so don’t wait until it’s too late, as this may complicate your Insurance claim for several reasons.
Too Little, Too Late
Income Protection Insurance acts as a safety net to support you with any unprecedented events that may leave you financially vulnerable. Getting insured before you require the support means you will have access to lower-cost premiums and be eligible for wider cover. Pre-existing health conditions are subject to higher costs and may be excluded from your insurance coverage. Therefore, applying once you’re already ill or injured may affect the financial support that you’re eligible for. You may be risking having less of your income covered, which is the last thing you need when you’re trying to recover.
An estimated 31% of Australians currently have Income Protection Insurance, meaning that it is all too common for individuals to find themselves seeking cover after the fact. Our team of dedicated professionals at Morgan Insurance Brokers can tailor your coverage to your needs and provide you with professional advice to ensure you make the right decision for the safety of your livelihood.
Don’t Fall Behind on Payments
If you already have Income Protection Insurance in place, it is easier and quicker to claim. Getting protected beforehand means you have the appropriate time and capability to choose the most suitable waiting period. Waiting periods can be 30, 60 or 90 days and refer to the time required to wait until you can receive your insurance benefits.
Income Protection Insurance claims are generally approved within two months of the insurer receiving all the relevant information required to raise the case (if there are no further delays). After its approval, your waiting period terms will help you to understand when you can receive the first payment. By waiting until you ‘need’ your Income Protection Insurance to get covered, you are delaying this timeline further.
Whilst you are absent from work with your illness or injury, you may need to cover rent, utility bills or groceries. Getting insured earlier means that your repayments can be made to you after approval is made and your waiting period has been covered. Don’t fall behind on your payments; get insured before it’s too late.
Focus on Recovery
One of the most important factors to consider is your peace of mind. By having your Income Protection Insurance cover in place before you are in a position to claim it, you ensure your financial stability. There is nothing worse than falling ill or getting injured, and having to worry about how life will go on whilst you recover. Take this pressure off your shoulders by taking the necessary measures today.
The best thing you can do for yourself is focus on recovery. With Income Protection Insurance, you can rest assured that should you need to be absent from work and qualify to claim your cover, you will be financially protected.
Speak to our team today to understand how you can be confident that if life happens, you can afford the privilege of treatment and recovery.
Get Started with Morgan Insurance Brokers
If you’re not sure where to start or what coverage you need, you’ve come to the right place. You can get a quote from us today. Our team of expert professionals can advise you on the ideal coverage for your circumstances and ensure you understand how you will be protected.
We’re dedicated to ensuring your financial safety and stability. Start with us today.
How to Ensure Your Loved Ones Are Protected with Income Protection Insurance
When you have a family, protecting them is your every thought. There’s nothing scarier than imagining a scenario where you’re unable to provide for them financially, and the repercussions that could have. Don’t spiral. With Morgan Insurance Brokers by your side, you can choose an Income Protection Insurance policy that gives you and your family peace of mind.
Don’t wait for tomorrow to find out what happens if you come down with a severe flu that leaves you unable to work. Income Protection Insurance covers more than just your income. You can make smart decisions today that protect your family and livelihood. How does your cover extend to support your loved ones? Let’s break it down.
When would I need Income Protection Insurance?
Income Protection Insurance is your safety net when you can’t work due to an illness or injury. It usually pays around 70-90% of your regular income, so you can afford to recover and simultaneously cover essentials, like rent, bills and groceries. A common misconception is that you only need Income Protection Insurance for terminal illnesses, but this isn’t true and protecting yourself ahead of time is the only way to have your own back, as you can’t get income protection insurance once you’re injured or already suffering from an illness. So, when can income protection insurance help you?
- Cancer
- Mental Health Conditions
- Broken bones/ joint issues
- Vehicle Accidents
- Heart attack/ Stroke
You never know when it could be you. Having the right income protection insurance coverage for your needs is a safe way to protect your family and their well-being in the event of the worst happening. If you’re unprepared, you face having to cover essential (and other) costs out of your pocket, which can set you back financially, especially if your recovery time is unclear.
How does Income Protection Insurance help my family?
Providing for your family encompasses more than just financial support; it’s about being there for them physically and emotionally, too. This is best done when you’re fit and healthy. As Income Protection Insurance is decided based on your scenario and requirements, you can tailor your cover to ensure it covers exactly how much you need for you and your family to survive. If you’re the primary owner, being protected by Income Protection Insurance means you can feed your family and keep the house warm while you recover. Recovery should be your focus, and you don’t want to add any additional pressure by worrying about where your next paycheck will come from. When you’re suffering from an illness or injury, it’s likely to add pressure to your family in any case. So, financial certainty is the one thing you can guarantee and be in control of, with income protection insurance.
One way you can tailor your coverage to suit your requirements is through waiting and benefit periods. Waiting periods suggest the time you’ll need to wait before your payments can begin once you’ve been approved for a claim. You should consider how long you’ll be able to support yourself financially to determine a suitable waiting period for you and your family. Benefit periods are how long your payments will continue if you’re ill or injured, so understanding how likely you are to be out of work for a longer period is essential. By making informed decisions on both of these factors, you can get the most out of your income protection insurance and ensure you’re covered immediately and adequately.
For your loved ones, seeing you back on track is their priority. With income protection insurance, there are hidden benefits, such as rehabilitation support. Get back on your feet quicker when you access the support on offer, so your family can expect you back to normal in no time. There’s no price on peace of mind. Get covered today with Morgan Insurance Brokers, for you and your family’s sake.
More Than Just Insurance
At Morgan Insurance Brokers, we’re dedicated to providing you with tailored advice that ensures you benefit from your income protection insurance. We understand how important financial security is, especially when it comes to family. We won’t leave you in it alone. We provide continued support when you make a claim, so you know exactly what you need to do.
Contact us today for more information.
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.
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
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.
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.
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.
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.
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
- Pull the paperwork: Prior policies, schedules, endorsements, and claims history.
- Confirm the basis: Was liability claims-made or occurrence? Note any retroactive/continuity dates.
- Scope your risks: Ratios, activities, transport, excursions, ratios of staff to children, and third-party providers.
- Ask specifically about sexual abuse: Get the answer in writing with limits and conditions.
- 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.
