temptininnit

I am talking to two employers in Oz, they both have maximum numbers of paid sick a year. One only has 8 days, the other a month. After that no pay! Unless it's an injury sustained at work.

Imagine I break a leg/arm (my profession means I can't work with this injury), or need an operation. How would I cover my bills/mortgage?

How do the Australians manage? Is there insurance for this?

biggy

yes there is insurance but if i remember correctly it is quite pricey

Quokka

Being self employed I have "income protection" insurance"
Mind you I've never made a claim, so can't say how good it is..

temptininnit

So does everyone just rely on having savings?

Pollyana

Certainly seems that way - also a lot of people seem to have "investment properties". People I work with - not high earners either - have no problem supporting themselve when they take weeks of unpaid leave, too. Inn the UK unpaid leave was virtually unheard of.

Sandra

Yes and in certain companies it is tied in with your superannuation if you take the company standard offering.

Google on "Salary Continuance Insurance" for Australia

examples I found are www.incomeprotection.com.au and www.hostplus.com.au

You may also need to consider TPD - total disability benefit or Death Only as well as salary continuance.

I am with a company plan with AMP and would be very very badly off if I could not work for a couple of months let along a longer period of time. I am covered for 75% of my reportable income.

I would advise you to ask your employer about SCI - around half the people I know have SCI in some form or other through work.

Cheers Sandra

BadgeIsBack

I know of people who would often take unpaid sabbaticals.

temptininnit

It seems alot of australians are wheeler dealers. This leads me to my next concern- that of Pensions.

Ay 37 and my wife 31 what kind of old age can we expect in Oz while leaving two frozen NHS pensions in the Uk?

The reality of the move is starting to bite.

andrew63

I have "critical cover" insurance which is pricey but in the event of a diagnosis with cancer, stroke, hear attack, diabetes, etc, it pays out immediately $1.0m for $210 per month.

Funny thing is I can barely afford it really and sods law something will happen if I stop paying.

Andrew