Complete Financial Solutions

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Income Protection

Many people go to work every day without thinking of what would happen if they were to lose their jobs. Without an income, raising a family, paying off a mortgage, finding money for bills and food suddenly becomes a crisis of epic proportions.

But it does not have to be that way. Income Protection insurance can cover you for loss of income resulting from Accident or Sickness. Various options are available to you, such as having it paid for out of your Superannuation fund or if you prefer directly from a bank account. Income Protection premiums are also able to be claimed back at tax time, further decreasing the net cost out of your pocket.

A recent study showed the importance of taking out insurance and making sure your income is protected. The study showed how one in three Australians are diagnosed with cancer before the age of 75 and that 60 per cent of the population will suffer an injury for a period over one month during their working life. That is in addition to over 2.6 million Australians under the age of 65 having suffered a physical disability. The simple fact of the matter is you can’t afford not to be covered!

Remember Workers Compensation (if you have it) does not provide 24 hour cover nor does it cover you if you get sick. Income Protection insurance gives you 24 hours cover with both Accident and Sickness being covered. Depending on the company you choose, income protection insurance generally covers up to 75% of your salary or 85%, with the additional 10% going into your super. There are a number of options to be considered such as how long of a Waiting Period should a person choose, or how long of a benefit period is right for you. Often these decisions will depend on what other cover or provisions you have in place.

There are many other considerations such as do I obtain an Agreed Value policy or an Indemnity Policy, should I set it up through my super or not and what the varying definitions of whats covered from one insurance company to another. It sounds complicated and I suppose it is, but we at Complete Financial Solutions have been advising clients about Income Protection for decades, so let our expertise and research help you with this very important area of Financial Planning.
 
 
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Complete Financial Solutions (WA) – Financial Planning ABN 26 050 157 938 is a Corporate Authorised Representative No 001278031 of
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