What is Income Protection Insurance Australia
Income Protection Insurance or Income Insurance (also known as Salary Insurance) is a replacement income if you are unable to work at full capacity, or at all, due to sickness or injury. It is basically Income Insurance protection. If you do not have an alternative income to rely on upon your illness or injury, you need Income Protection Insurance or Income Insurance Protection cover. Australian Income Protection Insurance will help you maintain your home, lifestyle, provide for your dependants, while you spend what ever time is needed to recuperate.
Income protection insurance (or Salary Insurance) is a monthly benefit that pays you up to 75% of your salary or income and covers you for accidents, illnesses or major traumas. It is not unemployment income protection or income protection insurance for redundancy. Income Protection insurance pays you up until you return to work (after your waiting period), if you cant return, up until retirement age being age 65 (depending on your occupation). Income protection is designed to ensure that you can continue to pay the mortgage and school fees and the like and put food on the table and carry on financially until you return to work.
Income Protection Insurance (or Salary Insurance) has benefits which can be varied to suit the individual, and which have a direct affect on the premium cost. It is wise to compare Income Protection Insurance policies or Salary Insurance policies as they vary substantially in their conditions.
And we do recommend using an insurance broker such as ourselves to help you compare income protection insurance policies so you can get the best income insurance for your situation. This is important as not all Australian Income Protection Insurance Policy covers are the same. It is wise to obtain a Salary Insurance or an Income Protection Insurance comparison for this reason. We are income protection insurance providers and can help you find the cheapest income protection insurance for your personal income protection insurance particular situation.
Why not submit a query for income protection online here!
Self Employed Income Protection
Income protection insurance is available for self employed persons. Income protection and self employed persons is a workable combination! To obtain self employed income protection insurance you will need to provide proof of income for the past three years. To obtain a quote for self employed income protection insurance, please submit a income protection insurance quote request.
Is Income Protection Insurance Tax Deductible in Australia?
We are often asked the question: “Is income protection insurance tax deductible?” Basically, income protection insurance is a tax deductible expense in Australia so you no longer need to question whether Income Protection Insurance or Income Insurance is Tax Deductible.
Income Protection Insurance Quotes
If you are looking to compare Income Protection Insurance or want an Australian income protection insurancecomparison, or want the best income protection insurance, or want cheap income protection insurance for your situation, or want life and income protection insurance or just wish to submit an online income protection insurance quote request, go to the income protection insurance request quotation page.
Income Protection Insurance Definitions
Is the monthly amount of replacement salary or income you will be paid. The maximum is 75% of your monthly gross salary or income (i.e. before tax)
Is the length of time your replacement salary or income will be paid for any one uninterrupted claim. Choices of benefit periods are available; 2 yrs; 5 yrs or to aged 65 years. The longer the benefit period the more the premium cost
Is the length of time you must wait before your replacement salary or income will commence. Choices of waiting period are available; 2 weeks; one month; two months; three months; six months; one year; two years. The shorter the waiting period the more the premium cost.
Other factors affecting the premium cost of Income Protection Insurance in Australia:
|Type of work you do
i.e. manual work will attract a higher premium cost than office work
|Male or Female
There are variances between male and female premium costs
The older you are the higher the premium cost
|Smoker / Non Smoker
People who smoke attract a higher premium cost than non smokers
|Pre-existing medical conditions
If you have a pre-existing medical condition, this may affect the income protection insurance premium cost. Depending upon the actual condition and the severity of it, you may be considered at normal premium rates, or the Underwriters of the Insurance may deem you to be at higher medical risk and therefore offer you a loaded (increased) premium, or they may offer you cover at ordinary rates but exclude anything connected to your pre-existing condition, or they may decline your application for income protection cover totally.
These issues can only be determined during Underwriting which occurs after you have submitted your original application for income protection insurance. You will be advised of these issues once the Underwriters have assessed your application. The income protection insurance application cannot proceed with any alternative terms without your written consent.
Note: As soon as you are medically defined as being able to return to work, your Income Protection Insurance benefit or Salary insurance benefit will then cease. This is because you are then well enough to return to work.
For the best life and income protection insurance policy, personal income protection insurance, income protection and life insurance combination, life and income protection insurance comparison, or income insurance policy for your situation, submit an online income protection quote request form for income protection insurance by going to the income protection insurance quote page.