Compare Income Protection for Managers

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

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Income Protection for Managers!

If you manage 2 people or more you may be able to get income protection considerably cheaper by reviewing your policy to see if you are on the best occupational rating. Let us help by discussing your occupation with the 9 insurance companies on our panel to see if you can save money.

According to salary comparison website, PayScale, the average salary of a general manager in Australia is $89,651.

These figures put general managers above the average Australian salary, which is at $69,992. But what would you do if you suddenly fell ill or got injured?

That is where income protection insurance comes in. It is a type of insurance that is designed for people earning a living to receive regular salary in case they are unable to work due to an illness or injury.

How Income Protection Insurance Works

Income Protection can protect up to 75% of your salary if you cannot work due to any illness, accident or injury. You need to select a waiting period and a benefit period. The waiting period is the amount of time you will need to wait until you are eligible to receive the claim, typically that’s 30 days, however, other common waiting periods are 14 days or 90 days. The benefit period is the amount of time you can be paid for if you cannot get back to work. Typically, people choose an age 65 benefit, but 2 years and 5 years are also common.

Can my superannuation pay for premiums?

Premiums can generally be paid for inside or outside of superannuation. If you choose to pay outside of superannuation then the premiums are generally tax deductable at your marginal tax rate. If you go on claim the benefits are usually taxable. If you pay inside your superannuation, your super generally pays an annual amount by a partial rollover to the insurance company. With most of the companies we work with, you will receive a 15% upfront tax rebate and a further 9% discount for choosing to pay annually (total discount approximately 24%). If you need to claim, money gets released from your super fund to you as temporary incapacity is a condition of release of super funds.

Contact us on 1300 793 143 or submit your details on this page and we will organize you quotes from up to 9 Insurance companies in under 10 minutes. Our consultants will talk you through the process. Contact us today for more details!

AMP
AMP
CommInsure
CommInsure
MLC
MLC
Zurich
Zurich
AIA
AIA
Asteron
Asteron
ClearView
ClearView
OnePath
OnePath
TAL
TAL