If you are injured or ill and unable to work income protection will pay you a maximum of 75% of your gross income. Income protection shall start paying you after you have completed the waiting period elected on your policy at the time cover was taken out. No benefit shall be payable for or during the waiting period.
For example, if you have a policy that carries a waiting period of 30 days and pays you until you are 65 years of age this is how it works. Lets say you are sick for 60 days in total. The first 30 days you do not receive a benefit, the second 30 days you receive a benefit equal to your coverage. Waiting periods can be for 14 days, 30 days, 60 days, 90 days, 180 days , 12 months or 2 years. Benefit periods can be for 2 years, 5 years and generally to age 65.
At WRS we have the tools to be able to determine which policy is best for you. We consider such variables as your occupation, age, smoking status, pastimes and income level to determine the best insurer for you. We can then use our database to tailor a product that fits your needs. Income protection is also a tax deductible expense and is a lost leader product for the insurers. It is among the most claimed upon and paid personal insurances.
At WRS we are committed to assisting our clients in obtaining income protection cover. This said, we can not guarantee that it shall be available to you. Factors such as pre-existing medical conditions, age and occupations all play a role in being able to secure income protection insurance.
The idea of managing your own superannuation money seems like common sense. At WRS we have over 20 years of helping our clients establish and manage their SMSF’s. The compliance and regulatory requirements placed on trustees is onerous. Ensuring that your fund is compliant, decisions accurately documented, and strategies implemented within the letter of the law is just the beginning.
There is an idea out in the community that Superannuation is an investment of its own. It is spoken about as if it were an investment. My super made money last year but lost money the year before. This is inaccurate and I will tell you why. Super is a vehicle. It’s not an investment.
At WRS we take a staged approach to financial planning for our clients. We determine where the priorities are and then break down how we achieve those priorities. We take into consideration minimising tax payable and selecting assets that are relevant to your income or growth needs.
Our expertise in life insurance goes back over 20 years. Whether you need to protect your family or your business, WRS have the knowledge to ensure that you get the advice that fits the need.
If you are still reading then maybe you should consider either reviewing your existing income protection or taking out an income protection policy.
If you do not have a policy then let us explain what it is. Income protection keeps your income coming if you are injured or ill and unable to work.
At WRS we subscribe to the Warren Buffett approach in regards to investments. In recent commentary Warren Buffett recommended his wife , on Warren’s passing, direct a great deal of his monies to index investing. At WRS this has been our approach for over a decade.