Income Protection.

Income Protection allows you to cover your expenses and maintain your lifestyle if you are unable to work for several months, a year or longer.

Premiums are tax deductible.

According to recent studies, 83% of Australians have car insurance1 , but only 31% have income protection2. What is more important, your ability to drive or your ability to generate an income?

We all know how important a regular income is in maintaining our lifestyle and of those close to us. What really are the chances of having that taken away from us?

What are the Chances?

A car being stolen and not recovered? 1 in 9093
Having to claim on a home &/or contents policy? 1 in 134
Becoming disabled for more than 3 months before age 65 and having no income? 1 in 35
Suffering from cancer before the age of 75? 1 in 3 for men,
1 in 4 for women6

Most people would not think twice about insuring their home and car. However, many have not even considered protecting their most important asset, themselves.

1 AAMI Fact Sheet, Shopping for Car Insurance, September 2008
2 TNS/IFSA Investigating Income Protection Insurance in Australia July 2006
3 Statistics from the National Motor Vehicle Theft Reduction Council – 12 months to June 2010.
4 Insurance Statistics Australia June 2010.
5 Calculations based on data of individual disability income insurance sold by Australian life offices, Institute of Actuaries of Australia 2002. Report of the Disability Committee. IA Aust: Sydney.
6 Cancer Institute NSW ‘The Cancer in NSW Incident and Mortality Report’ 2007.
7 This figure is based on a 25 year claim, adjusted for inflation at 3% each year.

Elaine is a 53-year-old high-flying executive earning $370,000 per year.  She is single and has no children.  Three years ago, Elaine started her own consultancy business.  She has her own home valued at $1.5m with a mortgage of $750k.  She also has a share portfolio valued $200,000, with a margin lending debt of $80,000.

Elaine goes for her scheduled mammogram and is diagnosed with early stage breast cancer.  She is unable to work whilst she is having chemotherapy, with the chemotherapy to continue for a period of 6 months.

Elaine is one of the lucky ones.  She was diagnosed early and by having income protection insurance in place, she:

  1. received monthly benefits of up to 75% of her usual salary, which enabled her to keep up with the interest payments on her debts;
  2. was covered for some of her mother’s travel and accommodation expenses, given her mother had travelled from overseas to be with Elaine during her treatment; and
  3. was able to focus on her treatment and recovery, whilst not having to worry about a loss of income during her recuperation.

GOOD ADVICE MATTERS

We uncover the best income protection for you.

  • 1. DISCOVER

    We listen and act when we understand.

    We start by establishing a crystal-clear understanding of your circumstances and identify what is important to you. In this introductory stage, we discover your budgetary guidelines and expenses to establish a clear understanding of the types of cover most suitable for you.

  • 2. RESEARCH

    We uncover the cover best for you.

    We undertake thorough market wide research across all insurers and carry out in-depth policy & contract analysis. All our research takes into account a pre-assessment of any medical & financials issues and includes in-depth premium analysis.

  • 3. ADVICE

    We provide intelligent and expert advice.

    Our advisers will discuss the outcome of the research and an evaluation of the proposed levels of cover. We will provide a Statement of Advice and discuss the best options for you and your circumstances.

  • 4. IMPLEMENT

    We provide intelligent and expert advice.

    Our dedicated administrators will arrange all paperwork, fast tracking any medical & financial requirements. We have considerable expertise in negotiating medical loadings or exclusions which is a huge benefit to the client at this point in the process.

  • 5. ANNUAL REVIEW

    We keep you and your cover up-to-date.

    Each year we will review your policy, discuss your levels of cover and make amendments if required. You will receive a summary of schedules and taxation information from us and the insurer year on year.

  • 6. CLAIMS TEAM

    We take the worry out of claims

    Our dedicated claims team aims to ensure you receive priority service and peace of mind though the claims process. 24/7 phone and online fast and efficient service including crisis management.