Income Protection

Essentially an insurance product designed to replace your income if you cannot work due to being disabled by accident or sickness.

This is a very technical product and there are hundreds of options in the market to cover you. However, there are pitfalls and variations you need to be aware of.

One key benefit with Income Protection, is that if it is set up properly, premiums are tax deductible. Yes, even if you earn a salary or a wage, you can claim a tax deduction for the premiums you pay.

This might help to understand Income Protection:-

Question: If you took a 6 month holiday without pay, starting right now. How would you pay the Mortgage? Rates? Insurance ? What about the power bill ? Groceries? What if you holiday ended up being for a year or 2? Worse still ... what if you could never return to work!? Where does your income come from?

Richard is an expert on Income Protection ... book an appointment with Richard.

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