Income Protection Insurance

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. 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. 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.

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 is Tax Deductible,

Income Protection Insurance Quotes

If you are looking for an Australian income protection insurance comparison or want the best income protection insurance for your situation or just wish to submit an online income protection insurance quote request form, go to the income protection insurance request quotation page.

Income Protection Insurance Definitions

Monthly Benefit	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)
Benefit Period	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
Waiting Period	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
Your Age	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 income protection insurance policy 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.

Further Inquiries

As Insurance Brokers, we welcome inquiries on our Life Insurance, Trauma Insurance, TPD Insurance & Income Protection Insurance products and insurance broker services. We can help you compare life insurance policies, compare income protection insurance policies, compare trauma insurance or compare tpd insurance policies from various sources and ensure you get the most appropriate policy for your particular circumstances.

Please feel free to send us an email, call us on 1300 766 467, use our contact us page to send us an online inquiry or submit a life insurance quote, income protection insurance quote, trauma insurance quote or tpd insurance quote form. We will contact you within 24 hours to answer your inquiry.

DISCLAIMER

This web site does not provide financial or investment advice. The information herein is general material and does not take into account your personal and particular insurance, personal, or investment data or objectives or relevant needs. If we can assist with specific advice please contact us.

Anne Davidson, A.L. & Associates Pty Ltd ~ Insurance Acumen Australia (ABN 89 665 380 320) - Authorized Representative (237716)
of The Corporate Will Company Pty Ltd (ABN 82 009 145 886) AFS Licence 247 086
P.O. Box 1133, Canning Bridge WA 6153. Telephone: 1300 766 467 / (08) 9316 2572 · Facsimile: (08) 9316 4906