Income Protection and Business Insurance

insuranceWhile most people don’t hesitate to insure their property or car, they often forget to insure their most important asset—themselves.

How would you, your family or business be affected if you suddenly passed away, were unable to work for a prolonged period of time or were diagnosed with a critical illness like cancer?

Many people have life and sickness insurance cover incorporated into their superannuation funds. If you are unsure we recommend you check with your superannuation fund provider to understand what cover you have and your options to vary that cover.

While life insurance provides financial comfort in the case of an income earner passing away it does not provide the required support in times where someone is unable to work. Income protection insurance provides one option to cover yourself during times of need.

Income Protection Insurance and Business Insurance Premiums paid before 30 June are Tax Deductible.

OTA has partnered with Fitzpatrick & Co, who can help assess your circumstances and make suggestions on how best to protect the things that are most important to you.

Income Protection Insurance (Online Application)

Your mortgage repayments, utility bills, food, and clothing are all dependent on your income. For most people, if your income were to suddenly cease (due to sickness, injury, or any other inability to work), the result would be serious financial hardship.

Income protection insurance provides a regular income if you are disabled by a sickness or accident. It effectively replaces your lost income, up to a maximum of 75% of your gross income. Best of all, this type of insurance is tax deductible.

For more information, visit: Income Protection Insurance

Business Insurance (Online Application)

There are two key aspects of business insurance:

  • Key Person Insurance: a key person is one whose removal from a business is likely to result in a significant downturn in profits, or to impact negatively on other financial aspects of a business. Business insurance provides life and permanent disablement protection for this key person until a suitable replacement is found.
  • Partner Protection Insurance: if you own a business in partnership with another individual, then the death of your business partner can cause a number of issues. Partnership protection insurance ensures that in the event of a business partners death, the surviving partner receives full ownership in the business whilst the estate of the deceased receives a fair value for their share.

Once again, both of these types of insurance are tax deductible. For more information, visit: Business Insurance