Tenth Avenue Accountants & Financial Advisors
Income Protection Insurance on the Central Coast
We make income protection insurance easy to understand, with clear explanations, practical guidance and support for choosing and managing your cover.
Helping You Understand Income Protection Cover
Transparent Reporting
Accredited Advisors
Tailored Financial Support
At Tenth Avenue Accountants & Financial Advisors on the Central Coast, we help simplify income protection insurance so you can make knowledgable decisions about your financial security. This type of insurance is designed to provide regular payments if you can’t work due to illness or injury.
We explain how policies differ, what they cover and how waiting periods or benefit durations work. Our goal is to make the process straightforward, giving you clarity about how your cover fits into your overall financial plan.
For simple, clear information about
income protection insurance, contact
(02) 4399 1551 to speak with our team today.
Making Sense of Policy Options
Choosing the right income protection insurance depends on your financial needs, work type and income level. Some policies cover a fixed percentage of your income, while others offer variable benefits.
It’s important to review exclusions, benefit periods and premium structures before committing to a policy. Keeping track of your coverage and regularly reviewing it helps you stay organised and informed about your protection level.
By understanding how
income protection insurance works, you can make confident decisions about which coverage suits your current lifestyle and future plans.
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FAQ
What is income protection insurance?
Income protection insurance is a type of cover that replaces part of your income if you’re unable to work due to illness or injury. It provides regular payments — typically up to a set percentage of your income — for a defined benefit period. The purpose of this cover is to help maintain financial stability when you can’t earn your usual income. Policies can vary in cost, coverage level, and waiting period, so it’s important to understand the terms before choosing one.
How does income protection insurance work?
With income protection insurance, you pay premiums to maintain your policy, which activates if you meet the conditions of a valid claim. After a waiting period — which could range from 14 days to several months — you may start receiving payments. The amount you receive is usually a percentage of your regular income. Payments continue until you return to work or reach the end of the benefit period, whichever comes first. Understanding these details helps you choose a policy that aligns with your financial goals.
Is income protection insurance tax deductible?
Yes, premiums paid for income protection insurance held outside of superannuation are generally tax deductible, as they relate to protecting your income stream. However, if your policy is held within super, the tax treatment may differ. The payments you receive from an income protection claim are usually considered taxable income. It’s important to check your policy details and speak with a financial advisor or accountant to confirm how tax laws apply to your specific situation.
Operating since
2017
Serving the Central Coast
