Aspect income protection insurance review

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.

• Summary of Aspect Income Protection
• Who this is and isn't for

_{Information is subject to change. Always consult the Product Disclosure Statement (PDS) on the provider website.}

Pros

• You can cover up to 85% of your income.
• Flexible benefit and waiting periods..
• Simple application process
• Has a shorter exclusion window for pre-existing conditions than many other insurers.

Cons

• Hasn't been around as long as some competitors
• Limited cover for pregnancy.

More about Aspect

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:

• The ability to cover up to 85% of your income. Most policies on the market cap you at 75%.
• 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

• How can I make an Aspect income protection claim?

  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.

• When won't a benefit be paid?

  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
  • It's related to professional sports, war or any pre-existing condition
  • It's related to elective surgery, unless you've purchased the additional benefits bundle.