Get Income Protection Insurance on the Central Coast

Income Protection Insurance Central Coast

Protect Your Income In Case Of Emerency

If you suffered from a loss of earnings—due to an injury or another unforeseen circumstance—would you still be able to meet your financial commitments? Sometimes incidents happen, often through no fault of your own. Income Protection Insurance can help to cushion the blow and enable you to continue meeting your financial obligations for a specified period of time.

At Coast & Country Insurance Consultants, we help find the most suitable Income Protection Insurance for our clients. Based in The Entrance, we service customers on the Central Coast and all-around Australia. Call (02) 4334 3622 to get started.

We Can Help You Find The Right Insurance For Your Lifestyle

Income Protection Insurance might be particularly appealing if you are self-employed or a small business owner; have a family or other dependants that rely on your income; or if you have significant debt commitments such as a mortgage or car loan. No matter what your circumstance, our team of dedicated and experienced brokers & advisors are just a phone call or email away. We’re qualified to help you find the right insurance to ensure that you can continue to meet your financial commitments and avoid the risk of losing assets if an illness or injury means you can’t work for a period of time.

Choose From A Variety Of Insurance Packaging Options

Aside from Income Protection Insurance, there are other insurances you may wish to consider as well, each of which we can assist you with, including:

We can also provide you with advice on insurances connected to your Superannuation and also financial planning.

Income Protection Insurance Central Coast
Man counting his money

What is income protection insurance?

Illness and injury can happen unexpectedly and can quickly put us out of work. Without our regular income, we can easily fall behind on bills and loan repayments, leading to insecurity, stress and worry. If you’re sick or injured and unable to continue your normal employment, income protection insurance pays a monthly benefit to replace your salary and ensure you and your family have comfort and peace of mind to be able to meet financial obligations. The duration of payments depends on your policy and could cover you for months or even years while you’re unable to work.

How is income protection insurance calculated?

When you first consider income protection insurance, you might wonder how payments are calculated. We calculate the amount you’ll be paid according to your normal income, and insurance payouts usually cover between 75-85% of what you’d normally be earning. The payments are taxed at the standard rates for income tax. When you inquire about income insurance, our experienced team will meet with you to discuss the policies available to you, which are Indemnity Value and Agreed Value.

Income Protection Insurance Policies Central Coast
Income Protection Central Coast

What are the different policy types available to me?

Income protection policies fall under two categories: Indemnity Value and Agreed Value.

Indemnity Value Policies

When most people take out income protection insurance, they choose an Indemnity Value policy. This policy adjusts your benefit to reflect your normal income at the time you make a claim. While it’s the more affordable of the two policies, your benefit may be impacted if you drop to part-time work, take extended leave or become unemployed.

Agreed Value Policies

An Agreed Value policy allows you to choose a fixed claim benefit value of up to 75% of your income when you take out the policy. While these policies are usually more expensive, they guarantee security if your future income or financial needs aren’t clear.

What does income protection cover?

Our income protection policies cover a range of circumstances to ensure your peace of mind in the event of illness or injury. These include:

  • Prolonged illness
  • Total disablement
  • Severe partial disablement

What does income protection not cover?

While income protection covers a range of circumstances or situations, you may not be protected if you:

  • Have been made redundant
  • Have been sick or injured for less time than the policy waiting period
  • Have voluntarily resigned from work
  • Have pre-existing conditions
  • Are typically pregnant
  • Perform dangerous work or play high-impact sport
  • Pass away
Income Protection on the Central Coast

Why is income protection so important?

Income protection guarantees peace of mind and financial security in the unfortunate event of illness or injury. Illness and injury naturally bring more stress and more medical expenses, and an income protection policy can help you stay on top of your bills and other expenses and maintain as normal a lifestyle as possible. With your finances taken care of, you can put your focus on where it needs to be: your health. Income protection policies may also be able to be claimed as tax deductions depending on your provider – which can save you money in the long run.

How to decide if you need income protection insurance

Our expert team at Coast and Country Insurance Consultants will work with you to assess whether income protection insurance is right for you. While we hope you’ll never be in the situation where you need to make a claim, some people might find an income protection policy gives them and their family reassurance and security. We generally advise you to consider an income protection insurance policy if:

  • You’re the sole wage earner in your family
  • You have children or other dependents
  • You have a mortgage

In insurance broker calculating Income Protection Insurance
Couple with their income protection insurance plan

Contact us today to learn about your income protection options

At Coast and Country Insurance Consultants, we’re passionate about helping you and your family gain security and peace of mind.

Our friendly, qualified and experienced brokers are able to answer your questions and provide expert advice to help you stay safe and secure.

Call us today on (02) 4334 3622.

Frequently Asked Questions

If you can’t work for a while due to serious illness or injury, Income Protection Insurance will typically pay you a monthly benefit. The amount will vary depending on the policy you take out but it’s often up to 70% of your regular pre-tax income. The period for which you receive a recurring benefit will also be policy dependant. Some policies may also provide cover in the instance of redundancy.

Yes, insurers will usually stipulate a waiting period. This is essentially the amount of time that needs to pass after losing your income (through becoming incapacitated or otherwise) before you can begin to receive benefits through your Income Protection Insurance. You’ll usually have the option of choosing your wait period when taking out the policy; however, the shorter the period, the more expensive your premiums may be.

Yes, Income Protection Insurance can usually be claimed back on tax, but not in every circumstance. You’ll need to seek advice prior to taking out a particular policy to ensure you’re eligible. If Income Protection Insurance is taken out through your Superannuation, typically you probably won’t be able to offset the premiums against your tax obligations.

Yes, you can. For some this might not be the preferred option, but for others it may make the most sense. Taking out multiple policies with different waiting periods (short and long term) could be more beneficial given your circumstances than a single policy. To best understand your specific situation, get in touch with a professional insurance broker.

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