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Investment options for monthly income 2020

Premiums paid by employers to provide cover for their employees are tax-deductible as a business expense and are a taxable benefit to the employee. Benefit payments paid from the policy, following an accident or illness affecting the policyholder, are free of income tax and National Insurance contributions for individual policies. For group policies, benefits are paid as taxable and NIable earnings.

IPI policies are relatively expensive due to the guarantees offered by the policy. However, premiums decrease as the deferred period increases and choosing a ‘suited occupation’ or ‘any occupation’ option over an ‘own occupation’ will likely reduce the cost of the policy. In 2014, some insurers launched a new variant called as “Guaranteed Age Rated”. In this option, the pricing will go up as the policy holder gets older, but the pricing term i.e.

IPI policies are classed as long-term insurance and are regulated by the Financial Services Authority (FSA) under its Insurance Conduct of Business Sourcebook (ICOBS) rules. This requires the issuing insurance company to keep records of the contract for a minimum of six years, and the policyholder has a minimum of 30 days to cancel the contract. If cancelled, the policyholder is entitled to a full refund of any premiums paid.

Income Protection in Australia is designed to provide replacement of income to individuals who are unable to work due to illness or injury. Income Protection in Australia will generally replace up to 75% of a person’s gross income. The majority of policies offered in Australia will provide benefits if a person is unable to conduct their own occupation, even when a policy is held within superannuation.

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