Income Protection

income protection australia - limestone insurance & financial services
Income Protection  - What is it?
When you’re fit and active, it’s easy to take your health for granted. But sickness and injury can happen to anyone, at any time. And even the healthiest people need a backup plan if something goes wrong. While most people use insurance to protect their home and cars, many fail to protect their biggest asset – themselves. How long would you survive financially without an income? What would this mean for those around you? With the right insurance cover you can protect your income, your debts and your family from the consequences of bad health.

Income Protection pays a monthly amount while you are unable to produce an income as a result of sickness or injury. Most Income Protection policies will cover up to 75% of your salary if you are severely or partially disabled.


Our financial advice services include:

  • Choosing the right features such as waiting period and benefit period suitable to your needs
  • Comparing various insurance product providers available to you in terms of price and features
  • Setting up and implementing the insurance policy
  • Negotiating with the insurer on your behalf, if any special terms or conditions are imposed and;
  • Reviewing your policy regularly to ensure the cover continues to meet your needs


Who needs income protection?                                                 
You should consider income protection if you:

  • Have a family or dependants
  • Have a mortgage or other debt
  • Would need money to live on if you couldn't work again or don't have sufficient savings to cover unexpected expenses, e.g. medical bills
  • Have a business or business partners, are self-employed, are a company director or key employee.


We can take all of the hard work out of finding the right income protection policy for you. We can compare with a range of quality and comprehensive insurers.
If you have an existing policy that you want us to compare, we can have a look at your current policy's ins and outs to make sure you know exactly what you are or are not covered for, and advise you on whether your current policy meets your needs or whether there is a better alternative. 


Did you know?
 
Generally speaking, income protection will cover you for up to 75% of your normal income until such time as you’re able to return to work or at the end of the prescribed benefit period as noted on your policy. While there are some policies that offer a higher percentage of cover, you should check the product disclosure document (PDS) of any insurance policy you are considering before making a decision.

Income protection premiums are usually tax-deductible, which would significantly reduce the effective cost of your insurance.

Income protection cover can also be funded through superannuation, however, there are some important considerations to keep in mind and we strongly recommend you seek professional advice if considering this option.

Give us a call on 07 3812 7122 for a quote or to book an appointment with one of our Advisers and get covered!


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