Income Protection Insurance
Benefits of Income Protection Insurance:
- Income Protection Insurance provides an income benefit payment if you are unable to work as a result of disablement through sickness or accident.
- Income Protection Insurance premiums are usually tax deductible for most Australian Taxpayers.
- Income Protection Insurance benefits are normally paid as a monthly income for the duration of your disability .. rather than as a lump sum.
- Income Protection Insurance policies typically limit the amount of cover you can purchase to around 75% of your total monthly personal exertion income.
- Income Protection Insurance policies can often be extended to include optional life insurance, trauma insurance and total permanent disablement (lump sum) insurance benefits.
- Income Protection Insurance policies vary greatly from company to company … not just in price, but in features, benefits, options, flexibility … and even in their definitions. For example, most companies have a slightly different definition of the term “disabled” - meaning that you could be considered for a claim with one company but not another!
- Income Protection Insurance policies are complex products and we recommend that you discuss your personal circumstances with a licensed insurance professional prior to buying or renewing a policy.
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