Mining Insurances GR & SL Collins Pty Ltd T/A
Mount Isa Insurance Consultants

ABN 23 010 695 913, Corp. Auth. Rep. No. 251017
76-78 Camooweal Street, Mount Isa QLD 4825
PO Box 2248, Mount Isa QLD 4825
Phone: (07) 4743 4555   Fax: (07) 4743 8798
E-mail:
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Hard Times Mine
INCOME PROTECTION
TOTAL & PERMANENT DISABLEMENT
TRAUMA
LIFE
.
PERSONAL

Life
Rollovers
Savings Plans
Managed Funds
Superannuation
Income Protection
Financial Planning
Estate Planning
Tax Savings
Annuities
Trauma

A Corporate Authorised Representative of
Link to Millennium3 Financial Services
Millennium3 Financial Services Pty Ltd

ABN 61 094 529 967
AFS Lic. No. 244252

Head Office
7/50 Borthwick Ave,
Murrarie QLD 4172

.Income Protection insurance

The most important asset a person has is their ability to work. Income protection insurance allows people to insure a portion of their income - generally 75 per cent of their annual salary - in case they are unable to work.

Income protection insurance is the most expensive form of life insurance. However, it is also the most flexible from a cost perspective.

You can reduce your premium by agreeing to accept a longer waiting period, before the insurance starts paying, and by reducing the length of time benefits are paid.

A standard employee eligible for two weeks sick leave might be able to combine that with a couple of weeks holidays and some savings. Therefore they might decide on a two-month waiting period, if they believe they can cover themselves during the first two months of incapacitation.

However, self-employed people often don't get sick leave or holiday pay. Unless they had access to a significant amount of savings, they might want to opt for a period of just 14 or 28 days before their payments start to kick in.

The other choice is how long the benefits are paid for.

Insurers have varying periods of cover, but the standard policies offer payments that last for two or five years, or until age 60 or 65.

A recent study found less than 6 per cent of working Australians have income protection insurance. Another advantage of income protection insurance is that it is tax deductible because any benefit paid is considered by the Australian Tax Office to be assessable income.

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Mt Isa Insurance Consultants is not authorized to provide advice on general insurance products however has a referral arrangement with an insurance company who will be able to assist you.

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