Wealth and Asset Protection
Do you have any children or dependants?
Do you have a mortgage?
Has someone who know suffered cancer?
Do you have a money tree growing in the backyard
for that rainy day?
Life Assets offers client the ability to explore the options of a comprehensive Wealth Creation Strategy addressing the following insurances:
Income Protection Insurance
Should you become ill or have a serious accident that stops you from working for a prolonged period, the lack of income could seriously jeopardise your financial plans and future. This is especially true for those who have outstanding mortgages and personal loans. In these instances, income protection cover should be considered to guard against prolonged income loss.
Income protection Insurance primarily provides the following benefits;
A regular income benefit of up to 80% of your gross earnings for a set period of time.
Fully tax deductible premiums, effectively reducing your out of pocket expenses
.
Most Income Protection Policies through an employer super fund will only have a 2 year benefit period. Due to these policies falling under the discretion of the super fund trustees, in some instances the Trustee may elect to pay a lump sum equal to six months of the monthly benefit without any further payments. As income protection payments are generally treated as assessable income the tax man would further dilute this payout.
It is important that the level of cover you need be reassessed each year to ensure it is appropriate for your circumstances. Please contact us.
