Check out our easy to use Income Protection Insurance Calculator below to work out how much Income Protection Benefits you can apply for.
The definition of insurable income is the income you earn by your own personal effort (i.e. will cease if you are unable to work) before tax is deducted. It includes your total salary package, including salary, wages, fees, packaged fringe benefits, regular commissions and bonuses, overtime payments and superannuation.
Insurable income does not include investment or interest income unless you are Investment Stock Trader.
This can be a complex area so speak to one of our advisers who will be more than happy to help.
For the self employed, e.g. Sole Trader, a partner in a business or an employee of your own company, the income definition most insurers use is the same as above but also includes:
Your share of net business income (after deduction of all business expenses) directly due to your personal efforts, but before tax plus any add backs. Insurable income does not include investment, interest income or business income that you will continue to receive if you are unable to work.
Again this can be a complex area so speak to one of our advisers who will be more than happy to help.
Need more information? Do you now need to calculate how much life insurance you need see our easy to use Life insurance calculator.