Aspect made its start with accident and health insurance before venturing into income protection. With extensive experience in the insurance industry Aspect offers its customer reliable cover that they can depend on.
There are several features that set Aspect apart from the crowd including the ability to cover up to 85% of your salary, flexible benefit and waiting periods and an entry age all the way up to 70.
We don't currently have this brand on our panel. But you can head to aspectuw.com.au or compare more income protection options with finder.
You are looking for income protection with a high benefit limit and percentage of income covered.
You are after a longer benefit period and lower waiting period.
If you have had pre-existing medical conditions in the past but have gotten better and haven't needed treatment in the past 12 months, then you could be eligible for cover (conditions apply).
Apply carefully if:
You have an ongoing pre-existing medical condition that still requires treatment it may be excluded.
Don't get this cover if:
You are after cover from a renowned brand that's been in the market for a while (Aspect was founded in 2016).
You are unemployed/do not work.
You already have an income protection policy (individually or through employer or superannuation fund) which covers your income.
Information is subject to change. Always consult the Product Disclosure Statement (PDS) on the provider website.
Aspect is a new, specialist insurance company that was founded in 2016 by one of Australia's leading accident and health specialists. The business's three core functions are underwriting, broking and consulting.
Aspect underwrites its own life policies as a designated coverholder of Lloyd's of London. Its policies include accidental death, total and permanent disability, income protection and trauma.
What are the highlights of Aspect's income protection policy?
There are a few features that help Aspect's income protection policy stand out from the crowd. These include:
Your choice of benefit period and waiting period. This gives you a lot of flexibility in terms of structuring your policy and adjusting your premium.
Partial disablement benefits. Some policies will only cover you if you become permanently disabled.
A higher entry age. Many policies won't let you sign up if you are 60 or older. With Aspect, you can join until you are 65.
The ability to waive your premium. You will not have to pay your premium during any period you are receiving income protection benefits.
Rehab assistance. In addition to your income replacement, Aspect may agree to pitch in towards rehab and return-to-work assistance.
Homemaker assistance. If your spouse or partner acts as homemaker and is injured or ill for more than 24 hours, this policy will pay a benefit that will help them perform their homemaker duties.
The ability to add additional benefits. You can choose to pay an extra premium for a host of additional benefits, this may include cover for involuntary unemployment, housekeeper expenses or childcare expenses.
How flexible is Aspect's income protection policy?
You have a lot of options when you sign up for income protection through Aspect, making this one of the more flexible policies out there. Here are some ways you can customise your policy:
Choose your benefit period. This is the length of time you'll continue to receive benefits once they start. You can choose a benefit period of one, two or five years. The longer the period, the higher your premium will be.
Choose your waiting period. This is the amount of time before your benefits kick in after you become disabled due to injury or illness. You can choose a waiting period of 14, 30, 60 or 90 days. The shorter your waiting period, the higher your premium so it makes sense to choose a longer waiting period if you have enough savings to keep yourself afloat for a little while after injury.
Pause your premiums. If you become unemployed, you can pause your premiums for up to three months with no pause in cover.
Increase your cover over time. Every year, your benefit will increase by 3%, to help keep up with inflation. You are also entitled to a 15% increase in cover without giving out any additional health information if you get married, have a child, get promoted or start a new job.
When will a benefit be paid?
You will be eligible for benefits if you become partially or totally disabled, in a temporary capacity. Here is how it breaks down:
Type of temporary disability
Definition
Benefit
Total disablement
Disablement that entirely prevents the insured person from attending to their business or occupation.
The benefit amount listed in your policy.
Partial disablement
Disablement that prevents the insured person from attending to a substantial part of their business or occupation.
The benefit amount listed in your policy minus any income you receive working in a reduced capacity OR 25% of the benefit amount listed in your policy if you decline to work in a reduced capacity.
What factors affect how much my insurance costs?
The cost of cover will depend on a few factors including the amount you cover, your lifestyle factors and any additional options you choose. One advantage of Aspect Income Protection is how it will break down your premium during the quote process so you'll know exactly how much you're paying for each benefit and decide what is worth it for you.
Frequently asked questions
To make a claim for Aspect Income Protection, contact the insurer by phone on +61 7 3005 1981 or by email at ahclaims@gbtpa.com.au as soon as realistically possible after the incident.
As part of the claims process, you'll be sent a claims form which you must complete and return with any requested information.
There are certain situations where you wouldn't be eligible to claim even if you became disabled. Here are some reasons your claim could be denied:
You deliberately exposed yourself to unnecessary danger
It's the result of self-inflicted harm or attempted suicide
Anything to do with pregnancy, unless it's a complication that occurs within the first 33 weeks of pregnancy
Brad Buzzard was a content writer at Finder working across insurance including travel, life, health, business, car, pet and home. Brad brought with him a wealth of experience as a journalist, content writer, social media manager and researcher, being in the industry for almost 2 decades by the time he joined. Before working for Finder, Brad’s expertise could be seen across TLC Marketing, Reborn, DDB Group, We Are Social, Nielsen and Wheeling News- Register, varying across Australia and the United States. See full bio
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share. See full bio
Income protection provides you with income replacement for sickness and illness but not for pregnancy. However, it does offer features to help you out during pregnancy.
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