Get Income Protection Insurance on the Central Coast
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.
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.
We can also provide you with advice on insurances connected to your Superannuation and also financial planning.
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.
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 policies fall under two categories: Indemnity Value and Agreed Value.
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.
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.
Our income protection policies cover a range of circumstances to ensure your peace of mind in the event of illness or injury. These include:
While income protection covers a range of circumstances or situations, you may not be protected if you:
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.
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:
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.
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.
Absolutely. One of the advantages of income protection insurance is the degree of flexibility it offers:
Choosing the right level of customisation requires careful consideration of your circumstances and future predictions. Consulting with an advisor can help provide a clear understanding of your insurance needs and guide you towards the most suitable policy.
Several factors contribute to the cost of income protection insurance:
Understanding how these factors influence your premium can guide you in making informed decisions about your policy and potentially help you manage the costs more effectively.
Yes, having a pre-existing medical condition does not automatically disqualify you from acquiring income protection insurance. However, the specific condition, its severity and how it’s managed can influence how providers assess your application.
In several cases, providers may still offer coverage, but the pre-existing condition will be excluded from the policy. This means that if you’re unable to work due to a related illness or complication, you won’t be eligible to make a claim. In other scenarios, providers may still cover the condition but at a higher premium to compensate for the increased risk. This is often subject to a careful review of your medical history or additional medical examinations.
The claim processing time for income protection insurance is not standardised and varies depending on several factors. Upon filing a claim, the provider typically requests the necessary documentation to validate it. This could include medical reports, proof of income and sometimes additional information about your circumstances. Gathering and submitting these documents can take time and directly impact the overall processing duration.
Once the provider receives all the necessary documentation, they will assess your claim. The complexity of your claim can influence how long this takes. Simple cases might be resolved within a few weeks, while more complex situations involving ongoing medical conditions or ambiguous circumstances might extend the process over several months.
When you’re setting up your policy, you choose the duration of this period, with options generally ranging from 14 days to 2 years. Your choice should ideally reflect how long you could sustain yourself financially during a sudden loss of income.
Consider your personal savings, sick leave balances and any employer-provided benefits when deciding on the waiting period. The aim should be to strike a balance between manageable premium costs and having sufficient coverage when you need it.
A change in job or occupation can impact your income protection insurance. This is because your occupation directly influences your risk level. If you transition into a higher-risk role, your provider may re-evaluate your policy and potentially increase your premiums to offset the heightened risk. Conversely, if your new occupation is considered less risky, you might be eligible for reduced premiums.
However, it’s worth noting that certain professions might not be covered under standard income protection policies. Thus, switching to such a profession without notifying your provider might compromise your ability to make future claims.