Finance and Wealth > Financial Planning
Income protection
Protect your income in the event that you’re unable to work due to an accident or sickness. Income protection insurance replaces lost income if you’re unable to work.
Your income is your most important asset
Your income is a vital asset. It supports your lifestyle, helps you plan for the future, and provides for your loved ones. That’s why securing it against unexpected disruptions is crucial. Our income protection service is designed to provide you with financial stability in times when you are unable to work due to illness or injury. Ensuring you have a reliable safety net allows you to maintain your standard of living and focus on your recovery without financial stress.
Benefits
Financial security
Continue to receive a portion of your income even when you can’t work.
Peace of mind
Alleviate the worry of how bills and expenses will be paid during periods of ill health.
Lifestyle maintenance
Protect your current lifestyle and financial obligations effortlessly.
What is Income Protection?
Income protection insurance is designed to provide you with a regular income when you are unable to work due to sickness or injury. This type of cover is essential for anyone who relies on their earnings to support themselves and their families. Whether you’re employed, self-employed, or a contractor, income protection ensures that you continue to receive a substantial portion of your income, typically up to 75% of your pre-tax salary, helping you to manage your financial commitments until you can return to work.
How it works
1. Policy activation
Once you have an income protection policy, coverage starts after a predetermined waiting period, which you select based on your personal savings and needs.
2. Claim process
If you fall ill or get injured, you can file a claim with supporting medical evidence. We streamlined claims process is designed to verify and begin compensation quickly.
3. Regular payments
After approval, you will start receiving monthly payments to cover lost earnings, allowing you to focus on recovery without financial pressure.
4. Flexible terms
We offer various coverage options that can be tailored to match your occupation, income level, and risk exposure.
Our Income Protection Specialists
With over 25 years of experience each, Tim Foster and Paul bring a wealth of knowledge and a personal touch to Financial Planning at APS. Tim launched our Financial Planning department in 2006 and is known for his simple, straightforward strategies that help clients maximise their financial assets. As a Certified Financial Planner (CFP), Life Risk Specialist (LRS) and Advanced Diploma holder, he also has extensive expertise in Government Superannuation funds and is often called upon to share his knowledge at seminars. Paul’s background spans wealth creation, cash flow management, retirement planning, Centrelink strategies, insurance, debt minimisation and superannuation. He has guided clients from all walks of life, from wealth accumulators to retirees, and takes pride in making financial advice clear, practical and supportive. Together, Tim and Paul take the time to listen, understand, and tailor strategies that give you clarity and confidence at every stage of life.
What does Income Protection Cover?
Our income protection is comprehensive, covering a wide range of scenarios where loss of income due to health issues might occur:
- Illness and injuries: Covers most illnesses and physical injuries that prevent you from working.
- Mental health: Includes claims related to mental health issues, recognising the impact they can have on your ability to earn.
- Partial disability: If you can return to work in a reduced capacity, partial benefits help make up the difference in your earnings.
However, it’s important to note what is typically not covered:
- Pre-existing conditions: Illnesses or injuries that existed before the policy was purchased may not be covered.
- Self-inflicted injuries: Any injury or health issue that is the result of self-harm will not be covered.
- Normal pregnancy: Standard pregnancy and childbirth are not covered unless there are complications.
Income Protection FAQs
How much income protection do I need?
The amount of income protection you need typically depends on your current earnings, your financial obligations, and your lifestyle. A general rule is to cover up to 75% of your gross salary, which should sustain your normal expenditure without drastic changes to your way of life.
Does income protection cover redundancy?
No, income protection policies do not cover job redundancy or dismissal. This insurance is specifically designed to provide support in the event of inability to work due to health reasons.
How much does income protection insurance cost?
The cost of income protection insurance varies based on your age, occupation, health status, and the level of coverage you choose. We offer competitive rates with flexible options to fit your budget and needs.
Is income protection insurance tax deductible?
Yes, premiums paid for income protection insurance are generally tax-deductible in Australia, as they are considered personal expenses to protect your earned income.
How do I claim income protection?
To claim income protection, notify us as soon as possible after you become aware that you might need to make a claim. Provide all necessary documentation, including medical certificates and proof of earnings, as required by us to process your claim efficiently.
Income Protection with APS
With income protection, you can ensure that your most valuable asset, your ability to earn, is protected during times of uncertainty. Whether recovering from an injury or managing a serious illness, our income protection plans provide the financial support you need to maintain your lifestyle. Contact us today to discuss how we can tailor an income protection plan to suit your needs and give you peace of mind knowing you’re well-prepared for whatever lies ahead.
Looking for life insurance?
Life insurance provides a financial safety net for your family, if you’re no longer around. Learn more
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Important information
APS Financial Planning Pty Ltd and its advisers are Authorised Representatives of Beryllium Advisers Pty Ltd ABN 30 646 510 769 AFSL 528250