Your ability to earn an income is likely to be your most valuable asset in life! Insuring your income can give you peace of mind that your family and lifestyle will be protected while you recover if you are unable to work due to injury or illness.
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With an appropriate Income Protection Insurance cover you can arm yourself against these possible threats to your lifestyle.
These premiums are generally tax deductible.
The cover usually pays up to 75% of your net income before tax. If the worst case scenario becomes a reality you can still pay your regular bills such as your utility bills and your mortgage, school fees, put food on the table and provide the necessary expenses for your family.
Self Employed Persons
Need to protect themselves against sickness to make sure they can still function financially in the event of illness or accident, especially since they don’t have the standard employee benefits paid to employees..
Income Protection Insurance can also cover 100% of non variable business expenses.
Our Advisers assess your needs and seek the most effective cover that will respond to your occupation, age and income bracket.
Frequently Asked Questions for Income Protection Insurance and Business Expenses Insurance.
Can I claim the premiums in my tax return?
Yes, genuinely premiums are tax deductible for both self employed persons and employees.
Am I covered whilst overseas on holidays?
Yes, in most cases you are covered 24/7 worldwide. It’s important to review your policy to ensure this is included.
Can I have my existing superannuation fund my external cover?
Yes, this is an outcome that can be achieved, it is important to consider any restrictions that the superannuation legislation may impose.
I am self-employed, what is considered income?
Depending on individual circumstances, a range of financial constituents can be considered as income. E.g. wages/salary, dividends, directors’ fees, depreciation, superannuation contributions etc. Best to liaise with an adviser to accurately determine appropriate level of cover.
Need to Claim?
The knowledge and experience of Citycover’s amazing team is widely recognised. We are extremely passionate insurance professionals, who love what we do.
Senior Insurance Adviser
Claims Services Manager
Senior Claims Adviser