Income Protection
At BluePrint Advisors we compare the market to ensure you receive the best policy with the most competitive premium. We are able to negotiate and provide you with the best package that is suitable for your needs.
Our income protection policies can replace up to 75 per cent of your regular income if you’re unable to work due to illness or injury. With flexible benefit options available, you can customise your protection level, waiting period, benefit payment period, and the portion of your income you want to insure.
Source: Clip supplied by CMLA ABN 48 123 123 124 AFSL 234945.
The information is of a general nature only and is not specific advice.
How it works:
- Can replace up to 75% of your regular income if you’re unable to work due to illness or injury
- Customise your protection level, waiting period, benefit payment period and the portion of your income to insure
- Premiums are generally tax deductible, depending on your circumstances
Income Protection Insurance for the Self Employed
For the self employed, Income Protection Insurance policies can cover your gross business income less your share of business expenses. Expenses generally include items like depreciation, donations, car expenses, income splitting etc. Self employed cover is complex and our advisers are ready to talk to you and determine what you can and cannot be insured for.
How can I save money on my Income Protection premiums?
The best way to save money is to insure for what you need. If you have 3 months of sick leave or several months of holiday leave you could use this as a buffer before you need to claim on your Income Protection Insurance policy. By choosing a longer waiting period you can also save on your premiums. You can also choose between standard or plus policies. Income Protection Insurance standard, covers you if you are sick or have had an accident and cannot work till your benefit period, usually age 65. This is the cheapest type of Income Protection although for most people we don’t recommend this. Income Protection Insurance plus will cover the above but also includes extras like the following:
- Advance payments (when you need it most) during the waiting period, like
- Day 1 accident cover and day 3 Bed Confinement Cover.
- Accommodation benefit.
- Double Income benefits for trauma conditions.
- Advance lump sum benefits for broken bones etc.
- Rehabilitation benefits.
- Home Assist and transportation benefits.
Can I pay for Income Protection Insurance through super?
The government recently allowed Super funds to provide Income Protection benefits up to age 65 and also claim a tax deduction within the fund. There are two main advantages of purchasing your Income Protection Insurance via super and they are as follows:
- Reduces the impact on your immediate cash flow
- If you claim your Income Protection benefit this does not offset your Centrelink entitlements.
Please contact our advisers for your personal tailored advice.
We have provided an Income Protection Insurance calculator to help you determine what amount you can Insure yourself for.
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