With job security and income protection now top of mind for many workers, comparison platform Finder insurance specialist Sophie Walsh has provided some information on when and if income protection insurance works.

Unsure if you are covered?

Ms Walsh has said to check your superannuation.

“Income protection may be included if you have a balance above $6,000,” she highlighted.

“If you catch COVID-19 and have income protection, your policy may cover you, but only if you’re unable to work for a longer period of time — for example, beyond what your regular leave would cover.”

She also noted that where people are made redundant as a result of the coronavirus, they may be able to claim on their income protection “provided it includes redundancy cover”.

But this is usually an add-on, according to Ms Walsh.

Even then, redundancy cover can still have restrictions.

“For instance, you’ll generally need to serve a six-month no-claim period before becoming eligible for benefits, and you’ll only be able to claim for a maximum of three months,” she explained.

There’s also a waiting period — around 28 days — from when someone loses their job to when they can claim the benefits.

Even if you can’t access the cover now, Ms Walsh still has advised that “it’s good to know what insurances you’re paying for out of your super balance so you can make the necessary adjustments”.