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The advice available on the Start Income Protection website is general advice only. Please consider personal circumstances and the PDS (Product Disclosure Statement) when determining the best product for you.
Income Protection Insurance

Income protection insurance provides a steady income, usually up to 75% of your earnings, if you are temporarily off work due to an injury or sickness covered under the policy. If you were unable to work for an extended period of time, are you able to maintain your current standard of living for your family? Income protection insurance gives your peace of mind that your financial position is secure and you can concentrate on your recovery. Depending on the level of insurance the benefits can be paid for 1 year, 2 years or even 5 years. Premiums paid are generally tax deductible, whilst any claim benefit received is income tax assessable.

Life Insurance

Life insurance provides a lump sum payment to your family in the event of your death or diagnosis of a terminal illness. It provides peace of mind knowing your family will be looked after financially when you pass away.

You can tailor life insurance to suit your family requirements and current financial position. The payment can be put towards specific financial goals such as education for your children or your mortgage or used for general bills.

Life Insurance in Your Superannuation Fund

Life insurance income protection insurance can be setup so premiums come directly out of your superannuation fund. This has the major benefit of still having the peace of mind knowing you family is insured whilst not directly affecting your daily cash flow.

There are a number of varieties of income protection insurance with varied waiting periods, benefit period and features. It is important to shop around and obtain a true comparison of different policies. It is important to seek professional advice from someone who understands your needs and requirements.

Income Protection in Your Superannuation Fund

Like life insurance, income protection can also be setup so premiums come directly out of your superannuation fund. Knowing you are insured if you are unable to work for a period of time and not have your daily cash flow affected is a major benefit. It is important to discuss your options with a professional in this market as well as someone who cares about your needs and requirements.