+ Reply to Thread
Results 1 to 5 of 5
  1. #1
    Join Date
    Jul 2008
    Posts
    1,255
    Thanks
    17
    Thanked
    268
    Reviews
    0
    Achievements:Topaz Star - 500 posts

    Default Income Protection Insurance - Do you have it?

    Does anyone have Income protection for sickness or the such for their husband or themselves? I can finally get it for my husband (switched jobs) and what I would like to know is - What percentage do you get back at tax time?

    Can anyone recomend their insurance provider? Anyone/thing to avoid or look out for when taking it out/

    Do some policies allow you to use it if the insured person loses their job?

    Thankyou

  2. #2
    BH-KatiesMum's Avatar
    BH-KatiesMum is offline Community Manager
    Winner 2008 - The most optimistic poster
    Winner 2014 - Most Helpful Moderator
    Join Date
    Oct 2007
    Posts
    24,446
    Thanks
    6,700
    Thanked
    7,413
    Reviews
    3
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 postsDiamond Star - 20,000 posts
    I dont think that you can get it for losing your job ...

    But their are different types of income protection insurance.

    - Some will give you a percentage of your / his income if he is unable to work for illness or injury for a set period of time

    - another type is total and permamanent disablement (TPD) for a permanent injury or illness (such as contracting a terminal illness or being in a car accident) Workers Comp will only cover you for an accident at work. If you or your partner have an accident at home then you can often struggle.

    - have a look at your mortgage if you have one, as your finance provider can often require that you have mortgage insurance, so if you are going to take out income protection insurance you may be able to drop the mortgage insurance, or alternatively just up the mortgage insurance (remember the mtge insurance is to protect the lender, so they wont just drop it without prrof)

    - life insurance, income protection insurance and TPD can often be comboined into one policy

    - life insurance and TPD (but I am not sure about income protection) can be paid by your super fund. Talk to your super manager about whether this can be done under your scheme. If they wont, look at changing super schemes, as this is something that is handy especially if money is tight.

    - I dont think any of these insurances are tax deductable (but im not 100% on that either)

  3. #3
    Join Date
    Aug 2006
    Posts
    2,227
    Thanks
    0
    Thanked
    0
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    In the past few months we've set up the following:
    Critical Illness
    Income protection
    Both of these we pay out of our own pocket, I'm sure you can't get your super to pay for this.
    Income protection is tax deductable, but sorry, I don't know how much/% you can claim.

    We also have life insurance, this is paid for by our super.

    Our insurances are through MLC, but shop around some are going to be better than others.

    We had TPD, but found out that they rarely pay out, and only if you're in a vegetable state. We were advised that Critical Illness was a better option for us. So look into this carefully before you take it out.

    No, you don't get a payout of you lose your job.

    HTH,
    Lisa

  4. #4
    Join Date
    Jul 2006
    Posts
    4,476
    Thanks
    0
    Thanked
    2
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    my husband has income protection insurance as well as trauma and life cover as well. It really hit home for us how important it was when he started his very first job as a medical intern and the second week in, he broke his collarbone in an accident. We'd never be without it now. Not sure what perecentage he gets back, sorry...

  5. #5
    Join Date
    Jul 2008
    Posts
    1,255
    Thanks
    17
    Thanked
    268
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Thankyou for you replies..

    We dont have a mortgage (paid out,but when we did we had loan protection)


    Yeah I didnt think super paid out income protection thats why I am shopping around. It is so important (in my opinon.) I have found a policy that looks good, however are very keen to hear what others have.

    You can claim it as a deduction at tax time, that why I was keen to know about percentages. I may have to ring and ask the ATO.

    Thanks for the advice and keep it comming please


 

Similar Threads

  1. When you had teenage sex did you use protection?
    By Amira in forum General Chat
    Replies: 118
    Last Post: 21-02-2013, 22:06
  2. New Car Paint Protection
    By My Beloved Ones in forum General Chat
    Replies: 0
    Last Post: 15-01-2012, 12:09

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

ADVERTISEMENT

ADVERTISEMENT

FEATURED SUPPORTER
Baby Car Seats and Infant Car RestraintsBuying a baby car seat? Check out our 'go-to' links here!

ADVERTISEMENT