Income Protection Insurance
Income protection is designed to pay you a benefit, up to 75% of your nett taxable income, if you are unable to work as a result of an accident or illness.
How soon will I receive it?
This length of time, called your 'Waiting Period' is the minimum period of time that you must be off work before you are eligible to begin your claim. Typical waiting periods that people choose are 7 days, 14 days or 30 days.
How long will I receive my benefit?
Income protection plans have the flexibility to continue eligible claim payments throughout the benefit period. Your benefit period is the maximum period of time that you will receive your benefit for any one claim. Typical benefit periods are 2 years, 5 years and to age 65.
Your ability to earn an income is your most valuable asset... Is yours protected?
Life Insurance
Life Insurance will pay a lump sum payment to the clients estate if he/she was to die or become terminally ill.
How do I benefit?
The payment left behind as a result of your death would be designed to clear all debts, and can even provide your partner or family with an income to assist in the mourning and recovery period after your death.
Therefore, you have comfort in knowing the loved ones that you have left behind are in a sound financial situation.
Nothing can replace you, but Life Insurance can replace your income and repay all your debts!
Business Expenses Insurance
What is it?
This is a similar concept to Income Protection as it will pay a benefit if you (as a business owner) are unable to work due to an accident or illness.
How does it differ from Income Protection?
Unlike Income Protection, paying you 75% of your nett taxable income, Business Expense Protection can pay up to 100% of your businesses ongoing expenses. In doing so, it is quite possible that, in your absence, your business could continue functioning and you won't have the worry of your expenses whilst you are recovering.
What are some examples of expenses that I can cover?
Of course, every business is different and will incur different expenses necessary to run the business. However, a summary of some typical expenses are:
- Rent or Interest/Fees on a Loan to Finance Premises.
- Property Rates/Taxes.
- Telephone.
- Gas, Electricity and Water.
- Car Lease.
- Salaries of Employees (generally non income contributing).
- Payroll Tax on the above Salaries.
- Superannuation on above Salaries.
- Advertising.
- Accounting.
- Insurance and Legal Fees.
Unfortunately, even if you were forced to stop work, your business expenses will continue ...
Trauma Insurance
What is it?
Trauma Protection is designed to assist if you were to suffer a major illness. Examples are heart attacks, strokes, cancer and comas.
In fact, many companies products are so comprehensive that it would be a simpler task to list what isn't covered in trauma insurance.
How does it work?
Trauma Insurance is designed to pay you a lump sum benefit upon diagnosis of the specified traumas in your product, e.g. cancer.
What can I do with the money?
It is entirely up to you how you spend it. Generally it is advised to be put toward the raised medical expenses you incur, along with funding a leave of absence from work to give you the ultimate chance of recovery.
