Income ProtectionInsurance

Private Capital Management

Income Protection Insurance

Income protection insurance pays an instalment benefit based off your salary if you suffer illness or injury and unable to work.  Benefits are typically paid monthly. 

The purpose of income protection is the protect your lifestyle and that of your family.  Typically, income protection payments are calculated off 75% if your earned income (and can be increased to 85% if superannuation payments are included).

Income protection is generally available from ages 19 through to 75, with a higher coverage period than typically found in group insurance in superannuation and direct insurance obtained over the phone or internet.  Did you know that many income protection policies only cover you for a period of 2 years?  Private Capital Management will ensure your income protection policy will cover you from time of claim to the expiry date, lasting as long as you need to protect your wellbeing. 

There are two types of income protection policies: agreed and indemnity value.  Agreed pays a fixed amount that is determined at the commencement of the policy irrespective of the life insureds income at the time of claim.  Indemnity value pays a benefit up to the maximum about insured at the commencement of the policy determined by the life insureds income at the time of claim.  There are benefits for both types of structures.

Generally, premiums are tax deductible however benefits are included in assessable income of the recipient come tax time.

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THE BENEFITS OF OBTAINING INCOME PROTECTION INSURANCE THROUGH PRIVATE CAPITAL MANAGEMENT

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TOTAL OR PARTIAL DISABLEMENT PAYMENT

Income protection insurance provides a monthly benefit should you suffer a total or partial disablement

TERMINAL ILLNESS BENEFIT PAYMENT

Income protection insurance provides a lump sum payment if you are diagnosed with a terminal illness

WAIVER OF INSURANCE PREMIUMS TO HELP YOUR CASH FLOW

Should you become totally or partially disabled and receiving a claim, there will typically be no requirement to pay the income protection premiums

REHABILITATION EXPENSES TO GET YOU BACK TO WORK

Using our leading insurance providers, income protection may cover the cost to attend rehabilitation programmes to get back to work

PAYMENT OF A SERVERITY BENEFIT

Income protection provides an additional monthly benefit if you have become totally disabled and unable to perform everyday duties

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DEATH BENEFIT PAID TO YOUR LOVED ONES

Income protection may provide a lump sum payment if you pass away to help support your loved ones