If your income stopped today, who would pay the bills?
Income Protection Insurance gives you the financial security you need to be able to concentrate on recovering without having to worry about paying your bills.
Income Protection covers roughly 75% of your income if you’re sick, injured or unable to work.
Insurance Premiums are set depending on:
> age (premiums may increase or cover may decrease as you get older)
> health and pre-existing conditions
> if you are a smoker or non-smoker
> occupation (for example, a manual labourer pays different premiums to an office worker)
> the time you choose to wait before receiving payment (waiting period)
And, the cost of Income Protection Insurance is usually fully tax deductable. You can claim the premiums you have paid when you complete your tax return. The Australian Tax Office states that any payment made or benefits claimed that take the place of your regular income is regarded as tax deductible. Only this part of the premium payment that is attributable to your income can be deducted. For specific tax claim amounts, you should speak with your tax agent.
So, is your policy up to date? Are you looking for a more affordable policy? If you are unsure as to whether your current Insurance policies are right for you, give us a call on 07 3806 5222 or email us at email@example.com – we offer a free, no obligation review of your current insurances – it’s just part of the service we include to all of our clients!