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Income Protection in Australia

Income Protection Insurance: Get a monthly income when you have days off work, due to accident or illness. Free advice. Compare quotes, instantly! Please visit www.lifeinsurancedirect.com.au/income-protection/

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Income Protection in Australia

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  1. Income Protection In Australia

  2. Income Protection In Australia • Income Protection in Australia is designed to provide replacement of income to individuals who are unable to work due to illness or injury. •  Income Protection in Australia will generally replace up to 75% of a persons gross income © Copyright 2011 - 2012 www.IncomeProtectionDirect.com.au

  3. Eligibility For Income Protection • Age between 18 and 59 • currently working at least 20 hours per week in your main occupation • have been working for at least 12 of the last 24 months, and • are an Australian or NZ citizen or permanent resident currently residing in Australia © Copyright 2011 - 2012 www.IncomeProtectionDirect.com.au

  4. Benefits Of Income Protection • Income protection insurance. policies offer a number of benefits in comparison to other insurance policies such as accident, sickness and unemployment insurance or personal accident and sickness • A waiver of premium option may be provided whereby premiums for the IPI policy are not required while benefits are being paid from the policy, but the policy cover continues as normal. © Copyright 2011 - 2012 www.IncomeProtectionDirect.com.au

  5. Cover Options In Income Protection • Income protection includes: • Waiting Period - the length of time from date of illness or injury that a person needs to be disabled prior to benefit entitlement. The waiting periods available include, 14 days, 30 days, 60 days, 90 days, 180 days, 1 year and 2 years. The longer the waiting period the cheaper the premium. • Benefit Period - the maximum length of claim per event. The options include 6 months, 1 year, 2 years, 5 years, until age 65 and until age 70. © Copyright 2011 - 2012 www.IncomeProtectionDirect.com.au

  6. Taxation Of Income Protection Policies • Income Protection is generally tax deductible to individuals, however claim payments are considered assessable income for taxation purposes. • Insurers rarely withhold taxation amounts and as such, individuals on claim need to keep funds aside in order to meet future taxation obligations © Copyright 2011 - 2012 www.IncomeProtectionDirect.com.au

  7. This presentation has derived numerous citations from various sources including http://en.wikipedia.org. The complete article can be found here. • IncomeProtectionDirect does not claim the ownership over the content of this presentation.

  8. Thank You IncomeProtectionDirect.com.au

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