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OASIS – GOLD COAST INCOME PROTECTION INSURANCE
Gold Coast Income Protection insurance pays you a monthly benefit while you cannot work. It can pay up to 75% of your income each month you are off work whether you are off work for a few months, a few years, or even if you were to be off work until you are age 70. Income Protection allows you to recover while off work so that you don’t go backwards financially after your sick pay runs out.
Income Protection insurance (salary continuance insurance) is essential for the majority of working Australians. If you rely on your income to live, then you need income protection if you cannot work due to an illness, injury or accident, whether is happens at work, at home or on holiday.
Why should earners have Gold Coast Income Protection insurance?
- To give you and income when yours stops due to injury, illness or accident.
- Provide the ongoing income you need to pay the mortgage, provide food, pay bills and meet everyday living costs that you depend on your wage to provide.
- Remove the worry and stress that losing an income can have.
Other factors to be aware of with Gold Coast Income Protection:
- Premiums can be tax deductible and/or paid from your superannuation.
- Income protection insurance also has a waiting period (the time before you can be paid) and a benefit period (how long you can get paid for). The waiting period can be between a few days through to 2 years, the most common is 30 days. The benefit period can be between 2 years and up to age 70 for some occupations.
- You can also ensure the amount of Income protection cover you have increases each year with inflation.
- Premiums can be paid monthly, half yearly or annually. And you can have all or most of your Income Protection cover paid from your Superannuation.
- You can choose to have an agreed value or an indemnity income protection policy. Agreed value locks in the amount of income you will receive so even if your income drops you will still get paid the amount insured. Indemnity means the amount you get paid out will be determined by how much you have been earning during the 2-3 years before you make a claim.
Income Protection Insurance is the most commonly claimed personal insurance. Yet many Gold Coast people and Australians do not have this cover because they don’t want to pay for it. We insure our car, but not our income.
SOME OF THE AREAS WE SERVICE FOR GOLD COAST INCOME PROTECTION INSURANCE ARE:
Please feel free to have a chat with us here at Oasis Financial Planning for all your Gold Coast Income Protection Insurance needs.