January 15, 2013 by stirling
If you know someone who has had a serious illness or accident & has been off work for a few months or even years due to that – then you will know the importance of
looking after your income and your family’s future?
Income Protection pays a monthly benefit up to 75% of your income and covers you for accidents, illnesses or major traumas that render you unable to do your job (it doesn’t cover you for unemployment though).
Income Protection pays you up until you return to work once your waiting period has been served, or if you can’t return to work it will pay you for as long as your benefit period allows (specified at the time of taking out the policy) . This can be as long as up to age 65.
Income protection is designed to ensure that you can continue to pay the mortgage and keep the roof over your family’s head, put food on the table and carry on financially until you return to work.
Most people believe that worker’s compensation will provide them with the income they need if they are unable to work. Did you know that 70% of accidents occur outside of the workplace?
Talk to us today about your options for Income Protection and how you can afford to look after yourself, your family and lifestyle if the unthinkable happens.
Income Protection from a tax prospective
The ATO allows tax deductions for insurance premiums where it can be proven that those premiums relate to the earning of assessable income. Income protection insurance is a tax deductible claim.