Income Protection Insurance, what is it?
Provides you with up to 75% of your monthly income up to a maximum age of 70 in the event you are or ill or have an accident and your are unable to work for more than 10 hours per week.
These benefits can help you meet your commitments and living expenses, and for the upkeep of any dependants you might have. They provide an essential source of income after your sick leave entitlements have been exhausted.
The premiums for most people are tax deductible each year for their income protection insurance premiums, therefore the net cost can be 33% lower than the actual premiums paid.
Benefits
Coverage for short term and long term conditions The benefits are normally paid monthly and can vary from company to company, therefore specific and professional advice will help you find the right policy to suit your needs.
For example, Mary is a 30 year old IT programmer earning $100,000 pa , she gets sick and is unable to work for 12 months. She would be eligible for.
75% of $100,000 or $75,000 spread over 12 months , equalling $6,250 per month.
Should Mary be permanently disabled she would continue to receive this income to age 70.
View our Fact Sheets for more information:
AIA LIVING
ASSURANCE EXTRA
PARTNERS LIFE