Got questions about your existing cover with us? Great, you’ve come to the right place! Here are some of the most popular questions we get asked by our current clients:

This is a quick fix. You can call the provider directly and update them over the phone. This is the fastest and most secure way as it avoids needing to fill in any paper forms. However, if you prefer we can assist with a paper form to update payment details too. To update, call the provider with the number on your statement. They will need to verify you and you’ll need your policy number, DOB and address. They’ll then be able to update your payment details over the phone or direct you to where they need a document completed.

As tax time rolls around, we all want to make sure to maximise our deductions and your income protection premiums are tax deductible. As long as they are paid in your own name and not by your super fund. There are two ways to get your most recent statement and it’s provider specific, some providers will enable you to login and create an online account. They will then have within your online portal access to your annual tax statements. The second way is to call your provider. They will be happy to help and can email you a copy of your last year’s tax certificate. Call the number on your statement and request for your annual tax statement. They will then need to verify you and ask for your policy number, DOB and address. They’ll then be able to provide you with a copy of the document you need or the dollar amount to provide to your accountant verbally over the phone.

The only insurance which is tax deductible against your annual income is your income protection. Generally, costs you incur directly related to your ability to earn an income may be tax deductible. This may include premiums which go towards income protection policies, classifying this as a legitimate expense item. 

Income protection insurance is primarily designed for those with a quantifiable, regular income or who work at least 20 hours a week.

Yes, if you are diagnosed and you are unable to work, once you pass your waiting period on your income protection cover it will begin paying. We did a full webinar on this and you can click here to see the slides. 

The insurance we’re offering is designed purely for protection and isn’t a savings plan. It will never have a surrender or cash value.

It’s important that if your circumstances change or are likely to change, you should advise us promptly. We can then review your plans to ensure they remain appropriate for your changed circumstances.

You can always request the insurance provider to align your income protection benefit with your current income. But always note that any change will be subject to approval.

Stepped premiums are generally less expensive than level premiums when you initially take out the policy. However, your insurance premiums will increase each year as you get older.

Level premiums are fairly constant and do not increase with age. However, any increase in insured amounts will result in a premium increase.

Two parts insurance rises each year due to our ages. Your age is the main part that makes up your life insurance premium cost. Typically, the premium goes up by around 7% to 11% for every year we age; it can be as low as 4% annually in your 30s, and as high as 15%+ annually if you’re over age 60. The second component is what’s called the CPI factor. This is that both your premium and insured benefit rise to keep up with inflation. It’s usually called a ‘CPI feature’ which stands for Cost price index. This is an option to protect yourself against inflation and it increases both the benefit as well as your premiums each year. You can call your insurance company directly and turn this feature off if you see that it’s included in your annual statement.

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