Who’s going to pay the bills if you are unable to work due to illness or injury?
Income protection or ‘salary continuance insurance’ (SCI) replaces your income if you are unable to work due to injury or illness.
Income Protection Insurance can provide you with up to 75 per cent of your salary until you are able to get back on your feet, and back to work, or go back to your self employment.
The monthly payment, for a specified period can help you cover your household costs and provide for your loved ones, taking the pressure off financially.
Sequoia Asset Management can help find you the best policy, either in superannuation or outside of superannuation, depending on your needs. When Income protection insurance premiums are paid directly, and not through your superannuation fund, it is are tax deductible.
Some default superannuation funds whether they are retail, industry or government super funds, have default income protection or salary continuance (depending their terminology used). However, the default cover amount might not be right for you. It might leave you underinsured or you might even be over insured and paying too much premium.
Check with one of our advisers to see what type of cover, waiting period and income protection would best suit you, regardless of if you want to hold the cover inside your superannuation fund or outside. As Sequoia Asset Management acts as a broker, we are able to provide unbiased general advice, and find you the best cover, regardless of the insurer.