Income Protection

This may be one of the most important types of cover as it protects one of your most important assets (your ability to generate an income).

Income Protection insurance aims to minimise the financial impact of sickness or injury by replacing income lost during a prolonged absence from work. A monthly benefit will assist you to meet living expenses and debt repayments.

Income Protection policies will usually pay a benefit up to 75% of your gross income (some policies may pay higher) after a waiting period. Payments continue for a set term or until you return to work. Generally, premiums for income protection are fully tax deductible.

Most companies will have a total disability benefit paying out the full monthly benefit in the event of total disability and also a partial disability. The definitions of total and partial disability are explained in detail within the recommended company’s product disclosure statement.

There are different waiting periods before a benefit is paid ranging from 14 days to 2 years and different benefit periods ranging from 2 years and up to age 65. Different waiting periods and benefit periods do have an effect on premiums and your adviser will be able to help you in choosing what is right for your current situation.

To enquire about Income Protection, click here

General Advice Disclaimer

This information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Professional Investment Services (PIS) Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Professional Investment Services nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.