Browse Forums Home Finance 1 Mar 19, 2010 9:06 pm Hi does anyone have any good advise on some sort of insurance that would cover everyday expenses for accident, sicknes and loss of employment. Thanks p.s that does not cost an arm and a leg My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: mortgage/income protection insurance 2Mar 20, 2010 9:58 am Hi Camy, This is something we've looked into a bit but haven't made any firm decisions yet. So far our lenders products seem alright though the fine print conditions vary quite a bit between policies and providers. Though the best value we've found has been through our super providers, but their policy conditions are a bit stricter. The most expensive products we've found so far is any that are standalone policy from any of the providers we don't have any other commitments with. So i'd recommend checking your super and lenders options first. Our Build - Places Fairhaven 23+ - https://forum.homeone.com.au/viewtopic.php?f=31&t=28045 Our Landscaping - Belial's Backyard - https://forum.homeone.com.au/viewtopic.php?f=19&t=45375 Re: mortgage/income protection insurance 3Mar 20, 2010 10:47 am Belial Hi Camy, This is something we've looked into a bit but haven't made any firm decisions yet. So far our lenders products seem alright though the fine print conditions vary quite a bit between policies and providers. Though the best value we've found has been through our super providers, but their policy conditions are a bit stricter. The most expensive products we've found so far is any that are standalone policy from any of the providers we don't have any other commitments with. So i'd recommend checking your super and lenders options first. Thanks for your reply Belial, Ya we had the banks finacial adviser look into this for us Which cost abit and he came back with ing as the bests (which who my hubby super is through, but he didnt know that I dont think) but, at over $400 a month it still seemed alot, just thought there might be a cheaper way of doing this! My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: mortgage/income protection insurance 4Mar 20, 2010 10:50 am Something that i forgot though, i was talking with a coworker of mine, he said after talking to a tax agent that i *think* a proportion of his income protection insurance is tax deductable. A fair wack of it in fact if i remember correctly. Might be worth looking into because its not cheap. See http://www.ato.gov.au/individuals/content.asp?doc=/content/19669.htm But that said you'd need to check with either the ATO or your tax agent/accountant as to how it is applicable to you. Our Build - Places Fairhaven 23+ - https://forum.homeone.com.au/viewtopic.php?f=31&t=28045 Our Landscaping - Belial's Backyard - https://forum.homeone.com.au/viewtopic.php?f=19&t=45375 Re: mortgage/income protection insurance 5Apr 01, 2010 9:07 pm Income Protection covers you for 75% of your gross income and the premium is tax deductible to you at your marginal tax rate. It covers you for any injury or illness that prevents you from working longer than your "waiting period". You are then paid a monthly benefit until you return to work. Something to note, you need to pay income tax on any benefit you receive, just like you do on your normal gross income. It is based on the risk level of your occupation, so an administration assistants premium would be cheaper than a brickie's labourer. Eg. Let's say you earn a salary of $50,000. Your monthly benefit would be 75% of $50,000 / 12 months = $3125 monthly benefit. Let's assume you choose a 30 day waiting period and a benefit period to age 65. If you couldn't work for 3 months, you would receive nothing for the 1st 30 days (which is the waiting period) but then you would receive 2 monthly benefits (2 x $3125). Benefits would cease once you return to work. If you could never return to work, you'd be paid your monthly benefit (indexed) to age 65. This insurance does not cover you for redundancy or similar. Some lenders do have an insurance that covers mortgage repayments only for around 3 months if you became redundant but that's pretty much it. Income Protection cover is quite expensive because it can be easily claimed upon. To reduce the cost of the cover, you can choose a longer waiting period i.e. 60 or 90 days. You can also reduce the Benefit Period to 5 years if you prefer. So once you take these into consideration plus the tax deductibility, it's not too bad. ETA: The above is based on if you were to own the cover personally outside of Super. The premiums aren't necessarily cheaper through Super but if you pay in pre-tax dollars which is what happens when through Super, that can obviously be a bonus. Can't claim as a tax deduction in personal tax if through Super. Building an Eden Brae Saville 27 http://karry327.blogspot.com/ Building thread https://forum.homeone.com.au/viewtopic.php?f=31&t=44247 Re: mortgage/income protection insurance 6Apr 01, 2010 9:28 pm We looked in to insurances for hubby as he is self-employed and also the main money earner - unfortunately none of the insurances were suitable given his line of work (wouldnt cover what we would need) They asked us if we were interested in mortgage insurance and we said that at the moment we're not as the land loan will never be a problem, but once construction finishes and our repayments are at $1800+ a fortnight then Id be back to ask more questions! Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: mortgage/income protection insurance 7Apr 02, 2010 9:47 am So can you get mortgage protection seperate, and what sort of costs are involoved (I know, how long is a piece of string). We have been trying to get DH income protection, but finding it really hard due to his line of work (underground miner). So far the only one we have found to insure him will only do it for a maximum of 2 years!! We want it longer than that. Anyway, maybe we can look into mortgage protection for now, but will we have the same problems? Re: mortgage/income protection insurance 8Apr 02, 2010 2:06 pm Yes unfortunately for some occupations, they're deemed too risky and are either uninsurable or as you've found have a maximum benefit period of 2 years. It's slightly different and not tax deductible but you should look into Trauma insurance. It's available to everyone and isn't occupation based. It's a great insurance to have - especially if Income Protection Cover isn't available. Building an Eden Brae Saville 27 http://karry327.blogspot.com/ Building thread https://forum.homeone.com.au/viewtopic.php?f=31&t=44247 Re: mortgage/income protection insurance 9Apr 02, 2010 2:16 pm karry327 Yes unfortunately for some occupations, they're deemed too risky and are either uninsurable or as you've found have a maximum benefit period of 2 years. It's slightly different and not tax deductible but you should look into Trauma insurance. It's available to everyone and isn't occupation based. It's a great insurance to have - especially if Income Protection Cover isn't available. thanks for this karry327. i too will look into it. VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: mortgage/income protection insurance 10Apr 02, 2010 3:11 pm karry327 Yes unfortunately for some occupations, they're deemed too risky and are either uninsurable or as you've found have a maximum benefit period of 2 years. It's slightly different and not tax deductible but you should look into Trauma insurance. It's available to everyone and isn't occupation based. It's a great insurance to have - especially if Income Protection Cover isn't available. Thanks for that, will look into it too. I know my DH's work is risky being underground, but I think it's a load of crap we can't get income protection. He's more likely to be killed or injured doing other everyday things than what he does for work Re: mortgage/income protection insurance 11Apr 08, 2010 1:30 am Hubby pays more in mortgage protection (where should something happen, the house is paid off) which is through the bank, than he does in income protection (as provided through his employer) He is also covered for 98% of his wage during illness, but only claiming more than a 10 day period, anything before that, he isn't covered. Contact your union, they can be a great help, then the bank as a last resort. Dear J.K. Rowling, Your books are entirely unrealistic. I mean, a ginger kid with two friends? Sincerely, Anonymous Re: mortgage/income protection insurance 12Mar 17, 2011 4:20 pm A thorough research on available insurance options is a must when it comes to choosing a income protection insurance. Best idea would be to compare in detail all the offerings. There are many vendors and brokers, compare their offerings and make sure you read the fine print Re: mortgage/income protection insurance 13Aug 28, 2011 6:32 pm we're considering this too but still weighing the option between mortgage or income protection insurance. does anyone heard of Ali Group insurance? I've heard that they offer an income protection that covers redundancy, but not too sure. Hi , I'm currently going through this now within the Whitehorse council which has a similar set of restrictions. We're having to make compromises with our floor plan due… 3 30668 Yes, neither is termite damage that is not covered by your house insurance. 3 6571 |