Income Protection Insurance is Changing: What You Need to Know

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Author: Matthew Prain

 

Introduction

An often underappreciated yet critical aspect of people’s financial lives is protecting against risk. It’s something Stanford Brown thinks deeply about and underpins all our work with clients. And after life itself, there’s no more important asset to protect than your ability to earn an income.

After absorbing billions of dollars in recent years, from 1 October 2021 insurers are being required by their regulator, APRA, to make changes to income protection policies to ensure the industry remains sustainable.