Income Protection - What's that?

Being off work due to illness or injury can put a major strain on your finances

Income Protection is exactly that - it replaces your income if you can't work as a result of sickness or injury. You are covered 24 hours a day, 7 days a week

WHY HAVE INCOME PROTECTION?

“How will I pay my car loan, my mortgage, my kids' school fees and feed my family and myself if I'm not able to work?”

Once you’ve exhausted your normal leave entitlements, you’ll still need to support your family, pay the mortgage or simply continue to fund your lifestyle and wellbeing. It provides you with a monthly benefit while you’re unable to work.

WHO CAN BE COVERED?

Generally, employees up to age 60 and working 25 hours or more per week, can have income protection.

WHAT CAN I BE COVERED FOR?

“You can be covered for up to 70% of your salary (subject to a benefit limit)”

If you require a benefit above the limit we can arrange this but you may be required to complete some medical questionnaires. Depending on your needs, you have the ability to choose a 30, 60 or 90 day waiting period, and you can be covered for 2 years or until you turn 65. The choice is yours.

In addition your premiums may be tax deductible, however any benefit you receive may be subject to normal rates of income tax.

MY LAST EMPLOYER GAVE ME COVER!

Income Protection Insurance will generally only cover you while you’re employed. You should review your cover to determine if it is still current and suitable to your needs.

At QA Insurance, we can help you assess the amount of cover, the length of time you might need it for, and the best way to structure your policy to be most affordable. Contact us today for a no obligation discussion.

General Advice Warning

QA Insurance Pty Ltd as trustee for the QA Insurance Trust (ABN: 59 644 299 394; Corporate Authorised Representative Number:1293763) is an Authorised Representative of QA Insurance Pty Ltd (AFSL 542245). This document has been prepared by QA Insurance Pty Ltd.

When two or more people own a business together, it's important to consider your Exit Strategies. When and how does one owner, or all of them, leave the business? Are you going to grow it to become a particular size, then sell it? Or, are you building a business for future generations to join and share in the value? The decisions you need to make about your planned exit strategy are critical. Equally, and we think more critical, is your Unplanned Exit Strategy - your Business Succession Plan.

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