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What's a benefit period?

1 minute| Jun 21 2023

The benefit period is how long the monthly payments will last if you remain unable to work due to your illness or injury.

Most income protection policies offer 2 or 5 years, or up to a specific age such as 65.

Generally, the longer the benefit period, the more expensive the policy. But it also means greater protection if you're unable to work for a longer time.

Find out more at ASIC MoneySmart.

 

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