You insure your house and your car but have your insured your ability to earn income? At Mount Martha Accountants we can assist you in setting up high quality Income Protection Cover including analysis of the various Insurers in the market. In today’s financial environment where mortgage interest, food, electricity and everything else is going up rapidly your ability to earn income has never been more important.
Since January I have had 3 of my clients claim on their Income Protection cover and it made me realise how valuable this cover can be, for these clients their injuries were short term (6 weeks – 12 weeks) so even without Income Protection the impact would not have been too severe but it was still useful for them to have this cover available. I also have clients that are on long term claims where they may be receiving Income Protection payments for the rest of their working lives (depending on the policy terms Income Protection can cover you till age 65 or 70)
Income Protection Insurance is generally a tax deduction and so from a tax point of view you should consider holding Income Protection Insurance in your own name rather than inside your super fund. If you would like a quote or analysis of which Income Protection Cover is right for you please contact us below.
Alan Maddick is a Licensed Financial Adviser; Authorised Representative of Vivid Financial Planning AFSL 478 937
This content has been prepared without taking account of your personal objectives, financial situation or needs. Before you make any decision regarding any information, strategies or products mentioned in this newsletter, consider whether it is appropriate to your own objectives, financial situation and needs.