Often when we ask clients such as you “what is your greatest asset?” the answer we receive are – “Our House, Super, maybe a car”. And sure these things are really important. But without being able to work and generate an income, you won’t be able to afford a House, grow your Super or the running costs of your car.
When you think about it, your wage literally pays for everything: Housing (Mortgage/Rent), Food, Holidays, Entertainment, Education, Cars, Credit Cards etc.)
But 7 out of 10 Australians do not have Income Protection Insurance – relying on the Australian attitude of “she’ll be right”. And for many Australians who do have some protection, its often not enough or structured in the best way to either maximise Tax deductions or minimise cash flow costs.
There are also so many different providers and options when it comes to Income Protection Insurance. And this is where GNS Group can help you.
We can understand what is important to you, how to best structure your protection and then compare different providers and policy definitions to make sure you will get a pay out when you really need it.
Some Insurance Companies get a bad reputation when it comes to paying out. And it’s probably the biggest concern people have. The 3 most common reasons for receiving what you expected are: Inaccurate/incomplete medical disclosure at the time of application A poor quality policy with weak definitions on how and when you will get paid Incorrect structuring of the policy to properly protect you.
When it comes to Income Protection Insurance – you get what you pay for!
The things that GNS Group will assist you with includes:
Appropriate Structuring (inside Super or personal policy) Waiting period (7 days, 30 days, 6 months) Benefit Period (You will be paid for 1 year, 2 years, 5 years, until age 65) Stepped/Level Premiums (Stepped premiums cost more every year you have a birthday, Level premiums do not increase with age) Agreed/Indemnity Value ( A bit like Car Insurance, Agreed Value gives you certainty, Indemnity or market Value is how much you are earning immediately before making an insurance claim) Super Booster/Mortgage Benefit (Something extra to help with the Mortgage or to pop into Super while you are not working to allow it to keep growing)
When someone purchases their first car, they make sure that they get the proper insurance. But when someone gets their first job, not many people even consider Income Protection Insurance.
Insuring a $40,000 car that reduces in value every year for $1,500 seems to be a good deal, but spending $1,500 to insure your $40,000 wage that grows in value every year is lower down the priority list.