Securepac Financial Group

Securepac Financial Group
Securepac Financial Group
Insurance-SUNNYBANK HILLS, QLD
Insurance-Sunnybank Hills, QLD
Income protection insurance replaces the wages or salary when you need to pay bills when an individual becomes ill and unable to work. Most people work and rely on their income to pay bills ..
10 Dubarry St, Sunnybank Hills, Qld, 4109.
10 Dubarry St, Sunnybank Hills, Qld, 4109.
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Income protection insurance replaces the wages or salary when you need to pay bills when an individual becomes ill and unable to work. Most people work and rely on their income to pay bills for rent or mortgage, groceries on the table, credit cards, phones, utilities and taxes. If income insurance was not available, an individual would need to pay these expenses out-of-pocket from any savings or if unavailable ask of family and friends. Injuries arising from an accident may also make returning to work a lengthy process.
Income Protection Insurance

Income protection insurance is an insurance product that will pay an individual a percentage of their income if they is unable to work because of an illness or injury. The income insurance benefit pays out tax-free income on a monthly basis that is designed to restore an individual to where they were before they stopped working.

How to Protect Your Paycheck With Insurance

1. Needs

Income protection insurance replaces the wages or salary when you need to pay bills when an individual becomes ill and unable to work. Most people work and rely on their income to pay bills for rent or mortgage, groceries on the table, credit cards, phones, utilities and taxes. If income insurance was not available, an individual would need to pay these expenses out-of-pocket from any savings or if unavailable ask of family and friends. Injuries arising from an accident may also make returning to work a lengthy process.

2. Coverage

An income protection policy typically can pay up to 80% percent of an individual's pre-tax or gross salary depending on the policy purchased.  An income protection insurance policy is available for a fixed term such as 2 years, 5 years or age 65.  All other sources of income need to be considered when determining the amount of insurance needed.

Premiums are tax deductible for most taxpayers.

3. Cost Factors

The costs of a policy varies depending on a variety of factors. These can include the length of coverage, the amount of replacement income required, the waiting period before payments commence as well as any additional options. Other factors will include an individual's age, sex, occupation as well as the age at which retirement starts. The health history and occupation of an individual may also factored into the cost of a policy.

4. Benefits

The benefits that are paid out on an income protection policy depend on any deductions that apply for other types of income stream. Payments can include supplemental sick pay or wages paid by an employer, earnings from self employment or from any pension payments. Payouts from an insurance policy or dividends received from stock may also deducted from the payment amount. The payment from an income protection insurance policy typically starts after an individual has been unable to work depending upon the agreed waiting period of the policy.

5. Limitations

An income protection insurance policy just like any other type of insurance policy contains limitations and exclusions that are not covered. Exclusions on an income protection insurance policy typically include becoming pregnant and having a child, a self-inflicted injury as well as war. Other exclusions may include criminal acts and failing to follow medical advice

The majority of Australians do not value their most imortant asset - their ability to earn an income

Income protection benefits can help you and your family maintain financial normality until you can be well again.

What we can do for you;

Gerry Porter Insurance is well positioned to provide you with competively priced Income Protection Insurance. Gerry is most happy to discuss with you your needs and to tailor make a policy to suit you specific requirements.
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