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How to Protect Your Hard-Earned Income

Have you ever stopped to think of what would happen if you suddenly had no income for three months? Six months? If the answer to this question disturbs you, it’s time to learn about income protection insurance. Income protection insurance pays you if you are unable to work for an extended period of time. This can help you with expenses that are crucial to keeping your home and providing for your family.

Income Protection Insurance with Financial Advisors Perth

Who Needs Income Protection Cover and How Does It Work?

We recommend income protection cover for everyone whose ability to support their lifestyle is dependent upon them working to earn income. This can be someone with a small business that depends on their presence to function correctly. It is great for the self-employed and for those whose ability to work depends upon their physical health.

Income protection cover works exactly as one might think. If you are unable to work due to illness or injury, it pays you up to 75% of your current income. Income protection cover is 100% deductible. However, you must pay taxes on your income if you ever need to collect benefits.

Most policies have limits. For example, they will pay you until the age of 60 or for a set number of years. Your premiums may be stepped or level. A stepped premium means that your premium starts out lower and increases as you age. A level premium means that you pay the same amount of money each year. This ends up being more expensive in the beginning and cheaper towards the end.

Other Types of Coverage

We also offer Total and Permanent Disability cover, in which cost of living, rehabilitation and debt repayments are covered in the case of total and permanent disability. Life insurance covers you in the case of death, providing the money for your beneficiaries. Trauma cover provides cover for specific illnesses such as cancer or stroke.

Call (08) 6462 0888 to learn more.