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Income Protection

Income Protection. Protect your income. Protect your life.

Have you ever considered that your income could stop, and not because of unemployment? Or be dramatically reduced?

In 2013, this happened to 48,389* Australians who made an income protection insurance claim. Illness or injury has the potential to effect any of us, regardless of age, income or occupation. Your bills don’t stop simply because you can’t work and earn an income.

Income protection insurance is designed to replace your lost income if you are unable to work due to sickness or injury. If you rely on your income, as most of us do, it’s an important consideration.

Most likely you rely on your income to pay the mortgage or rent, groceries, car payment, costs of raising children and anything else you require to live.

With an income protection policy, you can continue to receive a certain percentage of your regular income for a period of agreed time. For example, you could receive 75% of your regular income for up to two years.  Different policy options are available, and we can help you select the best options for your situation. When considering an income protection insurance policy take into consideration the following:

Waiting Period

When deciding on your policy options you must select a waiting period. This is the period of time that passes prior to your claim being paid. Generally, it’s between 30 and 90 days.

Existing Leave Entitlements

You might already have leave entitlements such as annual leave, sick leave and long service leave that you can use prior to accessing your income protection insurance. If you have accumulated ample leave you may wish to extend your waiting period as your leave can cover the gap.

Tax Deductible

Your income protection insurance premium may be tax deductible according to the Australian Taxation Office (ATO).


Income protection insurance can be included inside or outside your superannuation. Many retail superannuation funds offer basic level income protection that might not provide enough coverage or suit your needs. At Ricarmo Financial Group we can offer you personalised income protection insurance and in most cases the premium can be taken directly from your superannuation fund, freeing up your after-tax income. Our insurance specialists can discuss the best options for you, contact us today

Don’t risk leaving your financial future to chance.

Ricarmo Financial Group can help you tailor a specific insurance plan that will protect you, your family and their future.




*  IP Claims