earnings protection assurance

Can I Deduct Pre Tax Health Insurance Premiums - earnings protection assurance

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Throughout life one of your biggest assets is your potential to earn an income. Income safety guarnatee preserves this asset should you palpate an crisis that renders you incapable of earning a wage long term. In other words, if you come to be temporarily or permanently disabled, whether physically or mentally, and thus unable to work, an Income safety policy will see that you continue to get paid up to 75 per cent of your prior salary.

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Can I Deduct Pre Tax Health Insurance Premiums

Although carefully a relative of life insurance, Income safety differs in the sense that the policy possessor does not have to die before any benefits are received. Arrange your policy based on your personel circumstances. For example, if you are single with no dependents you may only want to insure 50 per cent of your wage. However, if you are married with children insuring the maximum whole is the most gather option.

Those aren't the only things to consider - Income safety policies also vary depending on factors such as:
Occupation: A construction worker will typically pay a higher excellent than an office worker. The more corporal risk involved, the higher the cost. There are regularly three policy categories - white collar, blue collar and sole trader/business owner. Lifestyle choices: Smokers will regularly pay more than non-smokers. Health: Any pre-existing curative conditions could affect the cost of your insurance. Age: Unless you gather a fixed premium, the cost of your Income safety guarnatee will continue to rise as you get older. Other factors: Marital status, sex, what percentage of your wage you wish to cover, what you want to be covered for (e.g. Permanent disability, temporary disability or both) and nominated waiting duration (the longer the waiting period, the cheaper the premium).

Income safety will cover up to 75 per cent of your income, which can be a lifesaver when it comes to things such as bills, groceries, prestige card bills and home loans. There are, however, some extras you may want to ask your guarnatee victualer about. It is inherent to be covered for recovery costs, which can contain the hiring of a nurse or a partner's wage if they have to take time off to care for you. Business owners may want to cover themselves for office rent and linked costs required to keep the workplace running such as phone and electricity bills.

Another plus with Income safety is that the premiums you pay are tax deductible. The whole you can claim back will vary depending on personel circumstances and your policy so it may be a good idea to get your accountant's guidance before signing anything.

Remember to read over your policy's terms and conditions carefully before according to it. It may be boring, but it will save you a lot of time and money in the long run.

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