Income Protection Insurance
Income protection Insurance
Your ability to earn an income is likely to be your biggest asset in life. It’s your income that enables you to own a house, maintain a car and pay the everyday bills.
How long could you afford to maintain your lifestyle and pay for these things if you could no longer work due to illness or injury?
But it won’t happen to me
Having an illness or getting injured is not something we like to think or talk about. The harsh reality is that it can happen to anyone, anytime.
Income protection insurance can protect you and your family from financial hardship
Income protection insurance can replace up to 75 per cent of your income if you can’t work due to illness or injury. This would enable you to maintain your lifestyle while seeking medical treatment or recovering from an illness.
Income protection premiums are also tax deductible.
What are some common options with Income Protection Insurance?
How much does Income Protection Insurance cost?
There are a number of factors which influence the cost of Income Protection Insurance, the premiums are tax deductible. Some factors that impact cost are as follows -
* Work related injuries, Australia 2009 -10, Australian Bureau of Statistics.
** First time ever figures, Media Release 2 March 2010, Investment and Financial Services Association.
Your ability to earn an income is likely to be your biggest asset in life. It’s your income that enables you to own a house, maintain a car and pay the everyday bills.
How long could you afford to maintain your lifestyle and pay for these things if you could no longer work due to illness or injury?
But it won’t happen to me
Having an illness or getting injured is not something we like to think or talk about. The harsh reality is that it can happen to anyone, anytime.
- 640,700 Australians were injured at work in 2009-10 – 39% received no form of financial assistance.*
- Every day, over 65 families are impacted by an event that seriously affects their ability to earn an income.**
Income protection insurance can protect you and your family from financial hardship
Income protection insurance can replace up to 75 per cent of your income if you can’t work due to illness or injury. This would enable you to maintain your lifestyle while seeking medical treatment or recovering from an illness.
Income protection premiums are also tax deductible.
What are some common options with Income Protection Insurance?
- Agreed value policy or indemnity policy
- Benefit Period
- Waiting Period
How much does Income Protection Insurance cost?
There are a number of factors which influence the cost of Income Protection Insurance, the premiums are tax deductible. Some factors that impact cost are as follows -
- Age – the older you are the higher the probability of making a claim however the benefit period also reduces.
- Gender (rates for females are higher than males).
- Smoker or non-smoker.
- Occupation (blue collar is more expensive than white collar).
- Waiting period – the time you choose to wait before receiving payment, the longer the waiting period the cheaper the premiums.
- Benefit period – how long you will receive payments in the event of a claim, the shorter the benefit period the cheaper the premiums.
- Agreed value or Indemnity style policy.
- Optional extras such as Day 1 accident where in the event of an accident you would be paid from the day of the accident.
* Work related injuries, Australia 2009 -10, Australian Bureau of Statistics.
** First time ever figures, Media Release 2 March 2010, Investment and Financial Services Association.
Southern Advisory ABN 63 066 365 929, Authorised Representative No. 437285 Charter Financial Planning Limited.
ABN 35 002 976 294 AFS Licence No. 234665
Registered Office: Level 6, 88 Phillip Street, Sydney NSW 2000
Charter Financial Planning is a member of the Akumin Group.
Sean Thomas' Financial Services Guide (FSG)
Kade Anthony's Financial Services Guide (FSG)
Akumin Privacy Policy
Licensee Terms and Conditions
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
ABN 35 002 976 294 AFS Licence No. 234665
Registered Office: Level 6, 88 Phillip Street, Sydney NSW 2000
Charter Financial Planning is a member of the Akumin Group.
Sean Thomas' Financial Services Guide (FSG)
Kade Anthony's Financial Services Guide (FSG)
Akumin Privacy Policy
Licensee Terms and Conditions
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
