Mattyp
Cows go boing
for what you pay, getting 50% of your usual income is actually a really good deal. Normal IP cover only pays up to 75% and the cost is usually several thousand a year depending on how much cover you hold. They to, require you to use up all your paid sick leave and an agreed waiting period (whichever is greater) before you can claim.
Yeah it's 50% upto a maximum of $500/week I think.
It's a bit shit, but better than nothing especially if you're self employed, with no sick leave.
I had to weigh up using my 'proper' Income protection vs theirs when I broke my scaphoid, would have got more with my Income Protection, but the premium would have almost certainly gone up a lot more... and considering it was not a long term injury I just went with the Auscycling one.
Like you say it's good for how much you pay for it.