Luke on 2CC – What is income protection?

Income protection – Why is it important? 

Financial Adviser, Luke Smith, Financial Planner CanberraFinancial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 26 February 2021. This week’s topic: What is income protection and why is it important? 

So what is your greatest asset? It’s probably your income. Many people only realise this when they become injured or ill and cannot go to work. This week Luke and Leon explore what income protection insurance is as well as the key things you need to consider when looking at income protection cover.   

Key highlights include:

  • What is income protection? 
  • Did you know that income protection tax deductible?
  • How much of your income can you insure?
  • Should you hold cover in your own name or via your super fund? 
  • What is a super linking strategy? 
  • Why policy definitions matter! 
  • What happens if your income changes?
  • What is the waiting period?
  • How long do you want to be paid for, should you need to make a claim?
  • Does the policy you hold allow for partial claims? 
  • Being made redundant – or quitting your job – these are not claim events, as you still have the ability to do your job.
  • How much is enough? You need to check and review your cover.
  • Can you get cover if you are a contract worker, or a worker with irregular income?
  • Luke’s top tips for considering income protection cover. 
  • A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

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Do you need advice around income protection insurance?

Income protection cover is generally available for all occupations
When was the last time you reviewed your income protection cover? If you need help, please seek advice. 

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Income protection insurance can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own insurance, investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

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