How Much is Enough?
One of the most common questions asked by people considering an income protection policy is – how much should/could I get insured for?
Just how much revenue protection insurance coverage you need depends upon numerous elements, but lots of people element in any other sources of revenue they’d have if they weren’t operating, together with ongoing costs. The maximum cover you are able to request is generally 75% of the gross revenue.
A few other factors may include what exactly you want to be covered for – i.e. illness, trauma, unemployment, redundancy, income reductions etc.. Income Protection premiums are generally tax deductible, even though tax is payable on benefit payments.
Just How much Does Income Protection Price?
The price of revenue protection insurance coverage varies according to a range of elements which includes your age, gender, and also the quantity of cover you need. As an instance, for the equivalent of $3.00 each day, a 33-year-old female school teacher earning $60,000 p.a. could purchase a policy that pays a monthly benefit of as much as $3,750*.
* figures are only estimation – for actual quotes please get in touch with your monetary advisor.