Income Protection Insurance
from ATB Wealth Strategies, Sydney
Income Protection Insurance Australia
Being unable to work due to an illness or accident can place an immense strain on your finances — but having income protection insurance helps lighten the load. You receive financial support if you are incapacitated, which will cover expenses and allow you to maintain your lifestyle.
Policies are available that can be tailored to your specific requirements, which in turn, reflects the amount of the income protection premium you will pay. Some of the benefits include bed confinement cover, rehabilitation costs, and transportation costs.
And, while variations in cover can be a minefield to navigate — ATB Wealth will do the hard work for you and find the match for your circumstances. We will explain to you in a jargon-free approach the pros and cons, so you can make an informed decision.
Don’t wait until it’s too late. Speak to ATB Wealth Strategies today.
What Does Income Protection Insurance, Sydney, Cover?
We’ve established that income protection insurance safeguards some of your income if disaster strikes and you are unable to work due to injury or illness. This means you can focus on your recovery rather than worry about your day-to-day living expenses and outgoings. It’s generally based on your income in the year prior to your incapacitation.
ATB Wealth’s expert insurance advisors will review the small print for any exclusions and the full definition of what is covered. We will then make sure the policy you choose has the appropriate level of cover for you. As financial advisors, we aren’t tied to any one product and can search the market to find the best fit.
Get covered now by speaking to our expert financial team.
Do You Need Income Protection Insurance?
No one likes to believe that we may become sick or suffer an accident that renders us unable to perform our jobs — but these things do happen. Income protection can be particularly important if:
- You are a small business owner or are self-employed — annual leave and sick pay might not apply to you.
- Dependents or family members rely on your sole income for living expenses.
- You have a mortgage or debts such as credit cards or loans that have to be paid — irrespective of whether you work or not.
Our friendly financial planners can help you assess the amount of income protection you need as part of your wealth strategy and ensure it’s going to cover you. We will work closely with you to evaluate your budget and expenditure — and the amount of income you need to cover all eventualities. We will also consider whether you require separate trauma or permanent disability insurance as a backup plan.
Don’t wait until it’s too late, speak to us today.
ATB Wealth Strategies Can Help You Choose the Right Income Protection Plan
Income protection policies insure you for a percentage of your salary at the time you make a claim — referred to as an indemnity value policy. Keep in mind that if your salary decreases, so will the payments you receive. Our experts can help you set the percentage at the right level with the best policy for your needs.
We will explain to you in plain English everything you need to know about how your income protection policy will work. It’s not a simple case of becoming ill and getting paid immediately — there are waiting periods, which can be anything between 14 days and two years. This means if you are still unable to work once the specified timeframe is reached, then you become eligible for payments.
As part of your overall wealth plan, we will make sure you have a contingency in place such as savings, sick pay, or leave that you can use to fund yourself and your family during the waiting period.
There are also restrictions on how long payments will be made, which could be anything from approximately two to five years, or on reaching a certain age. Ascertaining how much this will affect your premiums is another factor we take into account.
Like many other insurance policies, there are different ways to pay your premiums:
- Level premiums — start with a larger contribution when you take the policy out and aren’t based on your age — increases over time happen slowly.
- Stepped premiums — these tend to rise annually, as there is more chance of you making a claim the older you become.
We can help you decide which type of premium best suits your circumstances now and in the future.
Protect Your Future with Solutions from ATB Wealth
Save yourself the worry of how you can support yourself or your family when life throws you unwanted surprises — incorporate insurance protection into your financial plan. Illness and injury are a very real part of life, and you need to be prepared.
Our financial planners and advisors are experienced in offering the guidance you need. We will consult with you to determine what insurance policies will be best for you, and build them into your plan for wealth creation.
We aren’t tied to any single product, so can offer income protection insurance options from many different sources to protect you from the unforeseen. We have your back, placing our focus entirely on your requirements. When life becomes challenging, you and your family will have peace of mind that you can maintain your lifestyle.