Your income fuels your life, whether you’re thriving in Melbourne’s vibrant suburbs or enjoying the coastal vibe of Redcliffe and Scarborough. Income protection insurance ensures you stay financially secure if illness or injury stops you from working. At Catterall Wealth Solutions, we craft tailored policies for Australians in Melbourne and Redcliffe/Scarborough, offering peace of mind and expert advice. Learn why income protection is essential and how to get covered— Contact us to discuss your individual needs
Why You Need Income Protection Insurance
From Melbourne’s bustling CBD to Redcliffe’s sunny shores, an unexpected injury or illness can derail your income. Income protection insurance pays up to 70% of your income if you can’t work, covering rent, bills, and essentials.
Key Benefits
• Financial Stability: Maintain your lifestyle in Melbourne or Scarborough without stress.
• Tax-Deductible Premiums: Save on taxes with deductible premiums.
• Flexible Options: Choose waiting periods (e.g., 30 or 90 days) and benefit periods (e.g., 2 years or to age 65).
At Catterall Wealth Solutions, we help locals in Melbourne and Redcliffe/Scarborough find affordable, comprehensive income protection.
How Income Protection Works
Income protection provides monthly payments to replace lost income due to illness or injury. Here’s the basics:
• Coverage: Get up to 70% of your income, with options for super contributions.
• Waiting Period: Payments start after 14–90 days (shorter periods cost more).
• Benefit Period: Payments last from 2 years to age 65, based on your policy.
• Premiums: Choose stepped (cheaper initially, rise with age) or level (consistent cost).
Superannuation policies are available but often offer lower benefits. Standalone policies, available through Catterall Wealth Solutions, provide better coverage. Visit catterallwealthsolutions.com.au to compare options.
Who Needs Income Protection?
Income protection is vital for anyone relying on their income, especially:
• Self-Employed: Freelancers in Melbourne or business owners in Redcliffe lack sick leave.
• Families: Breadwinners in Scarborough or Melbourne’s suburbs need to protect dependents.
• Tradies: High-risk workers in Redcliffe or Melbourne face injury risks.
Example: Lisa, a Melbourne graphic designer, earns $80,000 yearly. After an illness, her income protection policy pays $4,667 monthly, covering her Brunswick rent. In Redcliffe, Jake, a tradie, uses his policy to pay bills during injury recovery.
Read more about the real cost of not having appropriate Income Protection & Other Personal insurances
How to Choose the Right Policy
Picking the best income protection policy is simple with these steps:
1. Assess Needs: Calculate expenses (e.g., Melbourne rent or Redcliffe mortgage) to set your benefit amount.
2. Check Terms: Ensure the policy covers your job and has clear disability definitions.
3. Balance Costs: Shorter waiting periods or longer benefits raise premiums—find what fits your budget.
4. Get Expert Advice: Work with Catterall Wealth Solutions to compare top insurers and save.
Read more about our easy process to assess your needs and review your insurances
Why Catterall Wealth Solutions?
Catterall Wealth Solutions is your local expert for income protection in Melbourne and Redcliffe/Scarborough:
• Local Expertise: We know Melbourne’s urban costs and Redcliffe’s coastal lifestyle.
• Tailored Policies: We match coverage to your career and budget.
• Top Insurers: Access competitive policies from leading providers.
• Ongoing Support: From selection to claims, we’re here.
Don’t wait—visit catterallwealthsolutions.com.au or call our Melbourne and Redcliffe team for a no-obligation chat.
FAQs
1. Are premiums tax-deductible?
Yes, premiums are usually tax-deductible, but benefits are taxed. Ask us at catterallwealthsolutions.com.au for details.
2. How much coverage do I need?
Aim for 70% of your income to cover local costs.
3. Is superannuation income protection enough?
Super policies often have lower benefits. Standalone policies offer better protection.
Protect Your Future Now
Income protection insurance keeps you financially secure, whether in Melbourne’s lively suburbs or Redcliffe/Scarborough’s coastal haven. Catterall Wealth Solutions makes it easy with expert advice and tailored policies.
Visit catterallwealthsolutions.com.au today to book a free consultation. Safeguard your income with us!
Disclaimer: This article is general information only and doesn’t consider your personal needs. Consult a licensed adviser and review the Product Disclosure Statement before purchasing. Contact Catterall Wealth Solutions for tailored advice