Up until a while ago high income earners were allowed to insure themselves only for up to $30,000 per month on their Income Protection Insurance Policies.
Depending on which ever Life Insurance Company that you decide to go with the basic concept still remains the same - to receive this output of $30,000 per month you were required to earn $560,000 per annum gross.
Insurance companies insure only 75% of your annual income. That 25% of lost income gives claimant an incentive to return to work as soon as possible. Capped maximum benefit is even a bigger incentive for high income earners.
However some insurance companies have seen fit to allow up to $60,000 per month benefits due to the increase in the cost of living, in case the main bread winner of the family was unable to work due to an accident or illness.
Two of the major insurance companies have increased maximum Income Protection monthly benefits for their current products. ING Australia and MLC Australia are offering $60,000 maximum Income Protection benefit to surgeons, doctors lawyers and barristers.
To receive the increased Income Protection benefit it is a requirement to provide additional financial information.
Please give us a call on 1300 793 143 or fill out the form on this page and let one of our professional staff assist you with your requirements.