Self Employed Income Protection
Self Employed Income Protection insures your most valuable asset, the ability to earn an income. Income Protection will cover up to 80% of your salary for a determined period if you’re temporarily unable to work because of sickness or injury.
Income protection offers the following benefits:
- Covers up to 80% of your income
- Generally 100% tax deductible
- Ensures that your family lifestyle is maintained
- Offers you and your family peace of mind
Premiums may vary according to age, gender, smoking status, occupation, waiting period, benefit period, agreed or indemnity style policy, minimum working requirements, etc.
Agreed Value or Indemnity Cover
One of the key areas to consider when choosing Income Protection is whether you would like agreed value benefits or indemnity cover. This will generally be determined on how volatile your income can be as well as your employment status. An agreed value policy has the potential to ‘lock in’ your salary as it is today while an indemnity cover will require proof of your salary at the time of the claim. We can assist you in selecting which option is most suitable for your circumstances.
This refers to the period of time you are off work due to illness or injury, before the benefit period commences. Typically, the shortest is 14 days with options of up to 2 years. Generally, the longer the waiting period, the lower the premium.
We prefer taking a policy with a benefit payable to you until age 65, giving you the comfort of knowing that payments would potentially continue until you either return to work or reach the age of 65. Other options are 2 or 5 years. In some high risk occupations, a 5 year benefit is the only period available.