The Unexpected Expenses of Losing Your Income

The Unexpected Expenses of Losing Your Income

A sudden and unexpected loss of income is a devastating blow for anyone to suffer, especially those with a family relying on their ability to pay the bills and put food on the table. But what can hurt just as much as the loss of income are the unexpected expenses that follow, that pile up and add insult to injury. Here’s how it can happen, and how to protect yourself and your loved ones.

The unexpected expenses

Losing your income can cause many more problems than you may think. Whilst the mind first brings about the obvious scenarios of no longer getting a pay check, it is the unexpected expenses that will take you by surprise, expenses that you would not have had to head to deal with pre-injury. 

You may need to pay for long term rehabilitation and physiotherapy to get you back on your feet. This does not come cheaply, and can be an ongoing commitment for years at huge expense. You may need to have a family member or spouse take time off work to care for you, taking yet another income away from you and your loved ones. Or you may need a registered nurse at home to aid you in your recovery which will leave you hurting in the hip pocket. 

Then there are other medical bills. Follow up surgical appointments, possible MRIs and X-rays, the cost of home modifications and maybe even a new car that you are able to operate, or a driver whilst you cannot. These costs all add up far too quickly and most often cannot be avoided. 

And if you are a business owner you will need to keep the business running whilst not being able to work it as you were. Not only will the shock of injury and onset of what could be a long recovery have its impact upon you, the stress of keeping a business alive can begin to wear you down even more.

Protect yourself with Income Protection Insurance

The good news is that you can protect yourself against these situations with income protection insurance. One simple product can help remove the risk of calamity for you and your family, and in the event of an unexpected accident causing the loss of your income, financial stress will not be among the issues that you face.

Tradecover WA offer a suite of products to protect you and your loved ones. We can tailor your income protection insurance on your age, sex, health, smoking preferences, occupation, and the time interval that you choose to wait before receiving a payout as well as benefit period. And it’s simple, but if and when needed, will be an advanced protection against hardship when you need a helping hand.

Protect yourself

Protecting yourself is easy, and all it takes is Income Protection Insurance. Call Tradecover WA today and set your mind at ease. You’ll sleep better knowing that if something tragic happens, you’ll still be putting food on the table. 

Business Needs vs Personal Needs for TPD Insurance

Total and Permanent Disability Insurance exists to protect against the financial losses incurred by a permanent impairment preventing an individual from returning to work. TPD insurance, however, does not just protect the impaired party’s personal financial needs, but can also be used as  means of financial protection for the business they will potentially be exiting. 

Appreciating the differences between business needs and personal needs for TPD insurance is integral to the formation of a succinct and appropriate policy. Here is a breakdown of the differences between the two.

The Business Need

Some may decide to use their TPD insurance benefit to cover the potential business expenses or losses on leaving their business should they become permanently unable to work. 

Essentially, TPD insurance is the protection against the cost of the insured person unexpectedly being forced to cease work, including the financial implications of a potential loss of productivity and income, and the replacement of an experienced worker.  The TPD Insurance payout can go towards whatever needs are present in the business at the time. 

It is a complicated sum to work out because it is difficult to be certain of many variables. Time factors, skill levels, availability of replacements, training gaps and other unknowns make the business need difficult to estimate. To overcome this, accepted industry formulas are applied based upon performance criteria, this is something your insurance broker can help you with. 

The Personal Need

The personal need for TPD insurance is the mitigation of the financial impact on the insured’s income and wealth if permanently unable to work. The financial impact includes recurring and one-off expenses, and current and new expenses. 

Current expenses refer to those existing at the time of injury. These include recurring expenses such as loan repayments, school fees, and general costs of living, as well as one off expenses like a holiday or asset depreciation. 

New expenses are those that result from the occurrence of the permanent impairment. They may be recurring such as medical costs, nursing expenses, medication and rehabilitation, or one-off expenses like home modification costs, or a car suited for the injured party. 

Business vs Personal

One of the key differences between the business and personal need for TPD insurance is who the costs of a permanent impairment will fall upon, and the flow on effects of ceasing employment.  You may choose to base your insurer sum on either the business needs, or what will be your personal financial needs. TPD insurance will generally cover the ‘gap’ of funds which Workers Compensation or Income Protection cannot. 

Generally in a formal business arrangement, a business will hold no responsibility for the majority of costs associated with total and permanent disability at the personal level, if any. These costs are often mainly medical in nature, and will be borne by the affected individual.

Further, in a personal situation it is necessary to consider the effects upon those financially reliant upon, or financially responsible for, the insured party. This will include dependants, family and any others linked to the insured party, and will not be a need applicable in a business sense. 

Don’t let an unexpected tragedy ruin you

Permanent impairment can happen anytime, anywhere, without warning and without remorse. So call Trade Cover Financial Services today to protect yourself, your business and your loved ones against financial hardship should tragedy strike you.

How Does Trauma Cover Help When Times Are Tough?

Trauma cover can help ease the financial burden when unexpected serious illness strikes. Unfortunately, the statistics say that most of us will suffer cancer or another serious illness before the age of 85. Yet most people are not financially protected against a loss of income, unexpected medical bills or ongoing rehabilitation costs. But trauma cover can help ease these burdens, here is how.

Trauma Cover is a living insurance

Trauma Cover is a wide-ranging insurance policy that exists to provide a security blanket against financial hardship in the event of serious illness or injury. Trauma cover can also be referred to as ‘living insurance’ as it provides a source of income/ lump sum on which to live when an insured person is diagnosed with a serious illness, or suffers a serious injury and survives, however trauma insurance claims do not have to be used to pay medical expenses, they can be used for home modifications if needed, holidays, getting ahead on the mortgage or anything that you may feel is suitable.

A wide-ranging cover

Trauma cover is intended to provide security against trauma and serious illness, and thus includes a variety of conditions, including cancer, heart attack, loss of sight, and many conditions/ events.

Perfect for those out of the workforce

Many retirees, stay-at-home-parents and others temporarily out of the workforce are not eligible for certain insurance policies, such as income protection, in the event of the onset of a serious illness or injury that would inhibit their ability to return to the workforce. Trauma cover is the perfect alternative as it provides a level of financial security not otherwise available as this insurance is not generally affected by employment status.

Further, trauma cover is most useful for those without an income. If they were to suffer an injury or serious illness, they would become a net deficit on the family’s accounts as their costs of medical care would need to be covered, as well as the new costs of childcare and general lifestyle. In such an example, income protection would not be available and would offer no assistance to a family in need.

Provides financial security

Trauma cover provides financial security when a life has been irreversibly changed and there is a great deal of doubt about many facets of life. The last thing you want to be worried about when you are lying on an operating table is how you are going to pay the rent in a month’s time.

No restrictions on money use

When a trauma insurance claim pays out following a diagnosis of an accepted condition or event, the proceeds are yours to do with what you will. The intent of this is to allow you to correctly identify the financial areas of your life that have suffered most due to the trauma, and to address those adequately. It is not for us to dictate your needs to you. 

Protect yourself and your family

You might think that it will never happen to you, but if serious injury or illness does strike, financial stress need not be your concern. With just a phone call to Tradecover Financial Services you can ensure you and your family’s financial security today.

The three worst excuses not to get life insurance

Getting Life Insurance doesn’t mean that you are predicting your own demise. The primary goal of Life Insurance is to replace the income of the bread-winner in the family should something happen to you. You might receive advice from others, or even decide yourself, that this type of insurance is not necessary, and in some cases this might be true. However, here are three arguments you might come across whilst making that all important decision, and why if you listen, you’ll be faced with regret. 

The higher our life expectancy grows, the greater the need for Life Insurance grows as there is a greater likelihood that your family will still be dependent on you.  The general rule for not taking out Life Insurance is that if no one is going to be financially worse-off by your death then it isn’t entirely necessary.  However, there are some other common reasons people do not take out Life Insurance – if you are thinking of not obtaining it for any of these reasons, think again. 

My assets will take care of my loved ones 

It may seem logical if you have money saved, if you have a will, and if you have money in property or companies that you don’t need to have a Life Insurance policy.  However, there are still risks to consider.  You might not need to take out the insurance, but your family will need you to. If you have lots of assets, you cannot expect that your family will know how to run the companies or manage the properties successfully and come out with a profit. It might also not be profitable for them to sell up after your death.

A Life Insurance policy can save your family a lot of financial agony and disappointment if things do go wrong with your assets. 

I’m pretty healthy, Life Insurance is a waste

You might be at optimum health right now.  You get plenty of check-ups, you exercise, you don’t smoke, and you have an extremely healthy diet.  However, no one can predict what the future holds.  You never know when accidents or unexpected terminal illness can strike.  You can be healthy one day, then be struck down by a fatal accident, become a victim of natural disaster, pick up a nasty deadly virus, or find out you have a genetic condition.  

Life is completely unpredictable, and although the likelihood is that you will live to a ripe old age, there is always the risk of running into the unexpected and leaving your family exposed financially. 

I’ll just do it later, I don’t need it right now 

You know Life Insurance is important, and you’re meaning to get it sometime soon.  However, this might not be soon enough. Imagine if you are unexpectedly hit with a terminal illness.  Illnesses don’t necessarily creep up slowly and you cannot expect to know something is up and get the insurance simply if you predict something might go wrong.  The last thing you will want to think about when it comes down to it is insurance.  It is always best to have it there to protect yourself and your family before anything goes wrong.  That way the premiums are kept lower as your application is processed whilst you are healthy. 

Whilst many put-off purchasing Life Insurance because of the potential costs, compared to the relative costs of your family’s financial struggle after your death, it is worth the premium you pay.  Unfortunately this is a part of life we must face at some stage, and it is best to deal with it sooner rather than later. If you need advice regarding your Life Insurance options, contact Trade Cover WA today and we will be more than happy to help you.

The essentials: Total and Permanent Disability Insurance

We all like to think that we are invincible sometimes but unfortunately this is not always the case and accidents and traumatic events do occur.  It is human nature to push the negative possibilities aside, however sometimes we are faced with the terrible reality that we can no longer provide an income or manage financially due to a medically diagnosed event resulting in us becoming totally or permanently disabled. 

Why do I need TPD Insurance?

Total and Permanent Disability Insurance protects you in the case that you are unable to work .  It differs from Income Protection Insurance which generally only requires that you are absent from work for an extended period of time rather than permanently due to disability. 

TPD Insurance also pays out an agreed upon lump sum benefit that can be used to assist with day to day expenses in addition to medical bills or rehabilitation. It is important to note that Total and Permanent Disability Insurance does not cover temporary disabilities or traumas, these are better covered under Income Protection or Trauma Cover policies.

There are some important things to know about your TPD Insurance payout:

  • The lump sum paid out can help cover immediate medical expenses and on-going rehabilitation or therapy
  • You can spend the agreed upon benefit however you need to support your family and yourself
  • Use it to cover school fees, mortgage repayments, utility bills, daily expenses, and debts
  • Your partner may be left with limited possibilities of work due to caring for you and this amount can help supplement the household income

How can I figure out how much I need?

There are many varied opinions on the sum for which you should be insured within your Total and Permanent Disability Insurance policy. Some argue that you should cover yourself for as much as you can afford, especially if you believe you are at a high risk of injury or accident in your everyday activities. Another suggestion is that you should make sure it is the equivalent of your death  whilst others recommend that you should consider all of your debts, in addition to potential medical expenses, and projected living costs to determine how much you should be insured for.  

All your future financial needs should be identified, however we recommend that you inform yourself as much as possible prior to deciding on your insured figure and seek professional advice for such an important decision. All of your personal and business financial needs should be recognised so that the financial impact on your life can be assessed in the event of permanent disability. In addition to this it is also wise to obtain advice on other insurance you may have obtained such as Income Protection Insurance, Life Insurance, or Trauma Cover and how these will interact with your TPD Insurance.

Total and Permanent Disability Insurance is important to safeguard yourself and reduce the ongoing financial burdens that may arise from the loss of income. For information regarding TPD Insurance, call us at Tradecover Financial Services and we will be more than happy to help. 

Top ways to compare Income Protection policies

The nature of life means that the unexpected can strike at any time, leaving you in a situation where you might be unable to work due to injury or illness. Income Protection Insurance will provide you with regular payments of up to 75% of your income until you’re able to return to work or until the benefit period expires. This means you’ll be able to keep up with payments while also maintaining your lifestyle.

But what should you look for in an Income Protection policy? We’ve included some helpful hints so you know what to consider and what your advisor is talking about when taking out Income Protection cover.

What do I need to look for?

When choosing Income Protection Insurance, consider the waiting period for the policy before you can claim. This is usually around 30 to 90 days. If you have a considerable amount of sick leave available, you may be happy with a policy that has a longer waiting period. However, if you don’t have access to a lot of leave, a shorter waiting period would be better so you can start receiving payments fairly quickly. This might be particularly important if you are self-employed.

You will also need to look at the length of time, known as the benefit period, which a particular Income Protection policy will continue to provide payments. All policies have limits and can vary from one or two years, or until 65 or 70 years of age depending on your occupation.  Check the benefit period and try to opt for the longest length of time that you can comfortably afford. This will give you peace of mind if you do find yourself unable to return to work indefinitely.  

The most common Income Protection insurance policies cover both accidents and sickness.  However you can opt to choose a policy focused only on protection if you have an accident.  This may be necessary if you are unable to obtain a policy to cover you for sickness due to a pre-existing condition or health issue. Or you may simply want to save money on premiums and only cover yourself for accident or sickness, not both. 

Before you sign up with Income Protection, consider how much you can afford to pay on premiums. You don’t want to be in a situation where you have the top level cover but are struggling to pay for your policy. Also, think about how much money you would need if you are unable to work and ensure your policy would cover this amount. Consider expenses such as mortgage, bills, vehicles and any other major costs. If you consider this before signing up, you won’t be caught short if you ever need to claim. You should also check that the payments are indexed to match inflation so that if you have a long term claim, the benefits increase each year along with inflation.

Making it easy

Choosing Income Protection insurance can be overwhelming at times and there are many factors you need to consider. At Perth-based Tradecover WA, we take out the guess work by helping you choose the right level of cover for your needs. We’ll take into account your personal circumstances to ensure you get the best fit with your Income Protection policy.

For information regarding Income Protection insurance, call us at Tradecover WA Financial Services and we will be more than happy to help.

Do I really need Trauma Cover?

If you are hit with a serious illness, you won’t need the added stress of thinking about how you are going to sustain yourself financially.  With cancer and cardiovascular diseases at the top of the list of Australians cause of death, it has never been more important to make sure you are covered for the risks. According to the Cancer Council, half of men and one third of women will be diagnosed with cancer by the age of 85. The Heart Foundation adds that cardiovascular disease kills one Australian every 12 minutes. Trauma Cover becomes more and more important for your financial protection. 

What is Trauma Cover?

Trauma Cover pays out an agreed lump sum to you if you are injured or suffer from an illness which has been outlined in your policy. This type of insurance covers accidents and illnesses which are not necessarily work-related and you do not have to be working to obtain the cover. 

Trauma Cover can be designed to pay out in instances of, but not limiting to:

  • Traumatic injury
  • Disability
  • Cancers
  • Strokes
  • Heart attacks
  • Heart surgeries
  • Organ transplants
  • Severe burns
  • Paraplegia 
  • Multiple sclerosis 

Trauma cover aims to help you focus on recovering from your traumatic event, condition, illness, or injury by taking away the stress of financial woes during this time. It is different from Total and Permanent Disability Cover where Trauma Cover will usually pay out faster, and is focused on your recovery rather than inability to work. It is often called “living” insurance due to the fact that it is paid out with the optimism that you survive your traumatic event. 

Why should I commit to Trauma Cover?

Having a serious illness strike you down can not only have a huge impact on you emotionally, but it can also have a huge impact financially. Trauma Cover can help bridge the gap between what your private health covers, what you can afford to pay, and when your sick leave is up.  Even though you are sick or injured, your bills will still come, your mortgage will still need to be paid, and you will still need to provide for your family. On top of your usual life expenses, you will likely have medical bills such as doctors’ fees, specialists, rehabilitation, surgery fees, or counselling. 

Your partner might be able to help with some of these, but there is only so much one wage can cover for a certain period of time. Receiving a lump sum can help to ease the burden of financial strain and provide some security whilst you recover or undergo specialised care. 

You can use your lump sum to pay for anything you need to spend it on. You may choose to use it for the medical bills, or your mortgage repayments, or could simply use it to go on a well-deserved holiday after your diagnosis or recovery. Once the money is paid out it is yours to decide where it goes. 

Trauma Cover helps much more thoroughly than your private health fund can. Whilst private health insurance will help to pay for some medical expenses or rehabilitation, in a situation where you are unable to work and cannot make an income, private health will not be able to cover your everyday expenses and personal bills.  

Trauma Cover can also be great for full-time parents that cannot access Income Protection Insurance, or older citizens that want to protect their savings ‘just in case’.

Even though we all like to think the best, reality can strike at any time.  If you would like to talk more about protecting yourself with Trauma Cover, contact Tradecover WA in Perth today and we will more than happy to help you.

Australians at an all time high risk of under-insurance

According the Australian Bureau of Statistics working Australian’s lives are under-insured by a whopping $800million. Non-renewals of Life Insurance are at an all time decade high, and with an increasing number of Australian’s falling victim to life threatening illnesses in their working lives, the future looks quite alarming. It is more important now more than ever to get yourself covered with Life Insurance. 

Why Life Insurance?

Life insurance can combine a number of different types of insurance under the one roof and can be tailored to your individual needs.  It can include Life Cover, Income Protection Insurance, Total and Permanent Disability, and Trauma Cover.  However generally speaking, Life Insurance pays out a lump sum to your beneficiaries in the event that you die or are diagnosed with a terminal illness. 

What can Life Insurance do?

The grief involved with the death of a loved one is hard enough to bear.  You can make the lives of those you have left behind much easier by choosing to direct the benefits to a particular person or persons, nominating a portion to go to each beneficiary, and choosing how quickly the payment is made.  Please note however that other additions such as estate management, funeral cover, power of attorney, and will management are not included in a Life Insurance policy. 

The money paid out can be used to cover expenses such as the family mortgage, children’s education, paying off debts, and savings for future living expenses.  In the case where you suffer an accident, are diagnosed with a serious or terminal illness, or suffer from a permanent disability you can utilise parts of your Life Insurance to pay you an income, to meet medical costs, modify your home accordingly for disability, and support you and your family at a time when they need it most. 

The hard facts of life 

Australians are failing to renew their Life Insurance as they see it as an unnecessary addition.  However, Life Insurance grows in its importance as you age, get married, and have children or loved ones which depend on you. 

Financial Services Council Chief Executive, John Brogden is concerned about the non-renewals which are adding to our huge under-insurance problem in Australia. He states that

“$200,000 or $300,000 is not enough if your 35 or 40”.  To cover mortgages, debts, education of children, or support loved ones a higher amount is necessary.  Many are dropping this insurance due to the cost of living; however the costs of losing you to the family will be far greater if you fail to obtain the right level of Life Insurance. Brogden states “the more people who have insurance the less people who are on the welfare, it’s a very simple formula”.

Ask yourself if those around you would financially survive without you. How would they cover the costs of a funeral, medical bulls, debts, school fees, or loans?

It is vital for Australians to take a look at their current Life Insurance policies or speak to a financial advisor to find out how much cover they might need.  And if you are thinking of dropping your cover, think again.  If you need advice concerning your Life Insurance policy or help with putting one together, contact Tradecover WA in Perth today and we will be happy to help.

Four vital reasons why you need Income Protection Insurance now

Having an income is great, it allows you the freedom to maintain the necessities in life, such as pay the bills, buy the groceries, look after family, and pay for your home or car. Without money coming in we put ourselves at risk of losing our assets and struggling to keep up with bills.  

If in the terrible event that you became ill or suffered from injury which prevented you from working, what would you do for money? 

Unfortunately, many Australians underestimate the value of income protection cover. The Financial Services Council of Australia tells us that only 33% have protection for their hard earned money! 

We often make sure we have insurance for our car, or home and the items inside, however we fail to insure what is actually paying to keep these things in our lives – our incomes. 

We have compiled four reasons why you need to add Income Protection Insurance to your policies now. 

1. Freely choose your level of Income Protection Cover

Income Protection Insurance means you have an ongoing replacement income over the time you are off work due to sickness or injury. This will help you soundly manage your finances and ensure that bills are paid for. 

The freedom of Income Protection Insurance allows you to make decisions regarding: 

  • Your waiting period – the length of time you wait before you start accruing benefits.
  • Your benefit period – you can choose periods of payment to extend to two, or five years, and even up to the age of 65.
  • How much of your income you would like to insure – you can choose a smaller percentage or up to 75% of taxable income.
  • You can choose an index-linked policy to keep up with inflation
  • You can choose the frequency of payment, monthly, half yearly, or yearly. 
  • You can choose if you would like an agreed upon policy, or an indemnity policy

Having this freedom means that you will be able to control to a degree the level of your Income Protection quote. 

2. Benefits can be set up as Agreed or Indemnity policies

You will have the choice between policies where the amount you agreed upon at the start of your policy is the amount which you are paid out for, or a policy where the amount you are currently earning is the amount your claim is based on.

An agreed-upon policy can suit those with a fluctuating income or those who are self-employed.  You will have to prove your income at the time of application for this type of policy. It will cover you regardless of your employment status, whether you took maternity leave, were off work, or worked part-time at any stage resulting in decreased income. 

The opposite style to agreed-upon Income Protection Insurance is an Indemnity-style.  This can be less expensive and you will be insured for the amount you say you earn. If you later make a claim you will need to prove your income at the time of the claim. The Indemnity style can usually suit those with a stable and predictable income and helps to save on their premium rates. 

3. You will be able to sustain yourself

Income Protection cover allows you to have a steady stream of income should you no longer be able to work.  You can work out a baseline for your expenses by asking yourself: 

  • What are the costs of meeting your mortgage repayments or rent?
  • Do you have any other debt repayments such as car or personal loans?
  • Do you currently provide for your spouse, children, or other dependents as well?
  • How will you maintain your assets and investments?
  • What other bills do you need to pay such as phone, groceries, or utilities

A financial advisor will be able to inform you what other expenditures you might need to consider.

4. Income Protection Insurance premiums are tax deductable

Did you know that in most cases Income Protection Insurance is also tax-deductible?  You may be eligible to claim your Income Protection Insurance in your business tax return.  If you are unsure, it is best to seek advice from your financial advisor or accountant. 

You can speak to one of Trade Covers’ team members today regarding your income protection cover and competitive income protection quote.  We can help you choose the right level of cover by combining all of the above information about your expenditures, income, and benefit periods, with your age, sex, gender, health, and occupation.  

With the right planning you can save yourself from financial disaster.

Call (08) 9312 7955 today.

Tradies - are you suitably insured?

When you think about dangerous occupations, tradespeople don’t exactly spring to mind.

But according to Safework Australia, labourers and related workers had the highest incidence rates of work-related injury – nearly three times the rate of all occupations (1).

Add in the likelihood of diseases like cancer, many tradies are playing a dangerous game without life insurance and are risking their most important tool of the trade.

Workers’ Compensation can provide some cover for workers. But it can be a long wait for benefits and it doesn’t cover things that aren’t work-related, like cancer and heart disease – which can often be even more devastating financially for a family 

That’s where life insurance can fill the void.

What is life insurance?

Life insurance encompasses a number of different types of insurance covers, including life cover, income protection cover, total and permanent disability (TPD) cover, and trauma cover.

Life cover pays a lump sum if you die or are diagnosed with a terminal illness. The lump sum can be used to meet final expenses, pay off the family mortgage so that your family isn’t left without a home, fund future child education fees and set aside money to meet your family’s ongoing living needs.

Income protection cover pays up to 80% of your income if you can’t work because of sickness or injury. This money is essential in helping to meet your ongoing living needs, including meeting your mortgage repayments, when you are ill.

TPD cover pays a lump sum if you are totally and permanently disabled. The payout provides a funding mechanism to repay debts, pay medical bills and modifications to your home and motor vehicle as well as meet lifetime living costs.

Trauma cover pays a lump sum if you are seriously injured in an accident, or if you are diagnosed with one of a number of serious medical conditions, like cancer and heart attack. The proceeds can be used to meet medical treatment costs as well as provide financial support in a time where a spouse may wish to take time off work to nurture their ill partner.

If you run a business, you can also take out business expense insurance – helping you cover fixed business costs like rent, electricity and some employee salaries (often excludes income producing employees).

With so many different types of life insurance available, it’s important to discuss your own insurance needs with a financial adviser.

How much does life insurance cost?

Premiums vary depending on the product and a range other factors. As an example, a 30 year-old labourer can take out $200,000 life insurance, plus $2,500 a month income protection, for around $4.50* a day. (Source: OnePath Life Limited, ABN 33 009 657 176, AFSL 238341).

There are also a number of tax concessions associated with life insurance.

For starters, you may be able to hold your life and TPD insurance cover inside super. This means you can use your pre-tax salary to pay your premiums.

Another benefit specific to income protection and business expense insurance is that the premiums are generally tax deductible.

The best way to design an affordable insurance strategy that protects your family, your income and your debts, is to speak to a financial adviser.

(1) “Key Work Health and Safety Statistics Australia, 2010” Safework Australia

* Male, non-smoker, NSW, Income Secure Special Risk, indemnity, 30-day waiting period, 6-year benefit period & Increasing Claim Option (assumed salary is $40,000).

The worked dollar example is for illustrative purposes only. 

As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances and speak to your financial adviser.