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INCOME INSURANCE
FACT: One in two people at
age 35 are off work due to health reasons for
at least 30 days before turning 65. (Source
AMP).
It’s probably not something
that many of us think about, but what would
you do if you had an accident or fell sick and
couldn’t work for weeks, months or even
years? How would you pay your bills, credit
cards, mortgage, or even look after your family?
Many people insure their homes,
contents, car and life, yet fail to protect
arguably their most important asset…their
ability to earn an income.
Our ability to earn income
provides us with the lifestyles we are used
to, helps us achieve our financial objectives,
allows us to put food on the table; so it therefore
it makes sense to insure this asset!
What is Income Protection?
Income Protection pay a regular
monthly income to the insured if they are disabled
through Accident or Illness. The maximum benefit
covered is usually 75% of gross income after
business expenses Statistics reveal that there
is a high chance of being off work due to accident
or illness and not just for the short term.
In fact:
Anyone who relies on a regular
income to live and pay off life necessities
should consider Income Protection, particularly
if you are self employed.
Furthermore, premiums are
generally tax deductible.
Between the ages of 20 & 50, a working
person has a 1 in 3 chance of being off work
for at least three months due to a disability;
so let Insurance Oz explain the finer points
of Income Protection and guide you towards the
most appropriate Income Protection insurance
offering.
TOTAL & PERMANENT DISABILITY
Total & Permanent Disability
Insurance provides a Lump Sum in the event that
the Life Insured is never able to return to
the workforce due to disablement. Insurers generally
only consider claims after a 6 month period
and upon declaration from a Medical Specialist
that you will not be able to return to the workforce.
It is generally only available
in conjunction with a Life Insurance Policy.
The Premiums for Total & Permanent Disability
are commonly cheaper than those charged for
Trauma, due to the restrictions noted above.
This type of disability insurance
can also be incorporated into a Superannuation
policy, potentially offering a tax deduction
for those who qualify.
Please submit the Insurance Feedback Form to
get started or simply email info@insuranceoz.com.au
outlining the assistance you require.
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