Income Protection

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Income Protection provides you with an income should you become unable to work due to an injury or sickness. Benefits are paid monthly. The amount of cover is usually restricted to 75% of your gross salary. Premiums are tax deductible for most taxpayers and the income is assessable because it replaces lost ‘assessable‘ income.

Why do I need Income Protection?

Income Protection insurance is probably the most essential type of insurance cover because your income determines your standard of living, your ability to build wealth and your capacity to provide for retirement.

The choice of cover depends entirely on your individual circumstances. Because of the number of choices, advice from your qualified Lewealth adviser is essential.

For example:

• Benefit periods can vary from 2 years to age 65 or life for accident cover
• Waiting periods (the time before a claim is paid) can range from 14, 30 or 90 days to even longer
• Maximum benefit calculations for self-employed people can be complex
• Claims benefits can be escalated in line with inflation
• Your occupation determines your premium and some companies exclude some occupations altogether
• Policy definitions can vary greatly between companies especially the definitions of "total disability" and the differences between ‘own occupation‘ and ‘any occupation‘ and ‘Indemnity‘ vs ‘Agreed Value‘
• Premiums can be ‘Stepped‘ or ‘Level‘

Benefit for working with us

Our adviser is equipped to advise you in all situations. He or she can assist you to determine the amount of cover you require, arrange quotes from reputable insurance companies and provide expert recommendations.