Life insurance is all about providing that financial cushion for you and your loved ones during the toughest times, but there’s a big question: will you or your beneficiaries need to pay tax on those life insurance payouts? It’s an important aspect of financial planning. If you pass away or can’t work, your benefit payment could be a lifeline. Whether your benefit will be taxed varies depending on the insurance type and circumstances. Let’s break it down.

Income protection insurance can be a financial lifesaver if you get sick or injured and can’t work for a while. It provides a monthly income to help cover your living expenses during tough times. You can get this insurance either through your superannuation fund or as a separate policy (retail insurance). Each option has its own pros and cons. Let’s break down the key differences so you can decide what’s best for you.

Running your own business comes with a lot of perks, from setting your own schedule to pursuing your passions. But amidst the hustle and bustle of entrepreneurship, it's crucial not to overlook the importance of financial protection. While being your own boss brings many joys, it also means you're solely responsible for your financial security in times of illness or injury. Today, we're diving into income protection insurance for the self-employed. Whether you're a freelancer, consultant, or small business owner, understanding the ins and outs of income protection can give peace of mind as you navigate the twists and turns of your entrepreneurial journey.

Life's full of surprises, mate – some good, some not so much. That's why understanding your insurance options is crucial. Considering your options? Well, you might have stumbled upon health insurance and life insurance. Today, we're breaking down both types of cover, highlighting their differences, and exploring how they can complement each other.

People often ask, "Do I really need life insurance if I don't own a house?" Well, what do you think is your most precious asset?

Now, some people might say their fancy car or their shiny new phone. But the real answer is something a bit more intangible. It's your ability to make money. Yeah, you heard me right. That job that puts food on the table and keeps a roof over our heads.

So, you're minding your own business, going about your life, when BAM! You get hit with some unexpected illness or injury.

Income protection insurance is a financial safety net, providing support when life takes an unexpected turn due to illness or injury, and you find yourself unable to work. It ensures that a portion of your income continues to flow during challenging times. One key aspect of income protection insurance to grasp is the waiting period. In this article, we'll delve into waiting periods—what they are, their significance, and how to choose the right one for your needs.

If you're knocked off your feet by sickness or an injury, income protection's designed to replace a portion of your income. But what if you've got a few paychecks coming in and if you have two or more sources of income? Let’s dive in!

Does life insurance feel like you're submerged in a sea of options? Well, we're here to throw you a life jacket and make it all easier. We're putting the spotlight on income protection insurance—more specifically, a benefit period up to age 65—as opposed to the 2 or 5-year benefit period your super fund might be offering. We'll explain why we believe a benefit period to age 65 is the bee's knees when it comes to protecting what matters most to you.

Ever thought about what would happen if you got sick and couldn't clock in at work? How would you pay your bills? And let's say it's not just a little flu, but a serious, life-changing illness. Would you be able to cover the medical expenses?

Let's face it, claiming on insurance can be a pretty daunting thought. But having income protection in your back pocket gives you that extra bit of security when life throws something unexpected at you. It pays to know you've got some cover if things take an unexpected turn, and that's when income protection can be a lifesaver.

What exactly does "life insurance" entail anyway? Let’s get down to business as I try to explain the basics of what it is, how it works, the different types of policies available, and some of the frequently asked questions about it.

If your income protection policy is being paid through cashflow then some (or all) of the premiums will be tax deductible and as such your insurance provider will be mailing or emailing you the tax statements.

Current income protection products are generous, and as a result, insurance companies are losing money. APRA (The insurance regulator) has stepped in to create rules to make insurance policies taken out after 1 October 2021 more sustainable. This means that insurance policies taken out before 1 October 2021 are likely to be better quality policies than covers taken out after the changes.