Income protection insurance provides a monthly payment up to 75% of the insured's income if the the policyholder is incapacitated and are unable to perform their own occupation following an illness or accident. It's quite essential to be covered with income protection insurance nowadays.
This insured amount may include:
- Any commissions
- Fringe benefits
- And fixed business expenses
The benefit period is flexible to suit your needs (for example 1 year, 5 years, or up to the age of 60 or 65). The longer the benefit period selected, the greater the protection for your family.
This benefit provides essential financial support to you and your family so that you can keep on top of everyday expenses and short and long term repayments. This may include food, petrol, education fees, credit card debt, mortgage payments, car lease, and everyday bills.
Essentially, this cover enables you to maintain your current standard of living if your ability to work was suddenly taken away from you. The aim of income protection is to provide long term protection for your family.
Income protection policies are offered by life insurers and are renewable each year by yourself and cannot be cancelled by the insurer even if your health deteriorates over a period of time (provided you have paid the premium).
Premiums paid for income protection insurance are generally tax deductible!
Speak to a qualified broker today on 1300 276 628