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What is Income Protection Insurance and why should I have it?

Posted on 12 March 2015

What is Income Protection Insurance and why should I have it?
 
Have you thought about what would happen to you and your family if suddenly you found yourself unable to work?


Would you be able to support your family if you were injured or sick and needed to take several months off work? Income protection insurance, sometimes known as salary continuance, can help provide you with in income to manage your expenses if you are unable to work for a certain amount of time.


Unlike other life insurances that are paid as a lump-sum, Income Protection is a monthly benefit that pays you up to 75% of your income and covers you for accidents, illnesses or major traumas. It pays you up until you return to work (after your waiting period) or, if you can't return, up until the benefit period. This can be up to age 65/70 depending on the policy and your occupation.


Income protection is tax deductible and is designed to ensure that you can continue to pay the mortgage, general household expenses and carry on financially until you are able to return to work.


I can assist with personal life insurance to protect your income in the event of death, injury or illness.  

This information is intended to provide general information only and has been prepared without taking into account any particular person's objectives, financial situation or needs ('circumstances').  Before acting on such information, you should consider its appropriateness, taking into account your circumstances and read the applicable Product Disclosure Statement (PDS).  Westbook Investments Pty Ltd trading as Pilot Insurance ABN 12 085 026 713 is a Corporate Authorised Representative (No. 462716) of ClearView Financial Advice Pty Ltd ABN 89 133 593 012 AFSL No. 331367.

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The information in this website is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product.

Westbook Investments Pty Ltd trading as Pilot Insurance ABN 12 085 026 713
is a Corporate Authorised Representative (No. 462716) of ClearView Financial Advice Pty Ltd ABN 89 133 593 AFSL No. 331367

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