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When it comes to protecting your financial future, having the right Income Protection Penrith policy is essential. At MLS Financial, we specialise in helping clients in Penrith and beyond to secure comprehensive income protection tailored to their unique needs. Our personalised advice ensures you receive suitable cover while also making sure it is cost effective and tax efficient.
Understanding Your Income Protection Needs
Our process begins with a clear consideration of what protection you want to protect yourself and your family. We help to educate you on the options available and what is important based on your life stage. We don’t just consider income protection, but also the other insurance options available and how they interact.
If income protection is important for your financial situation, we start with a comprehensive needs analysis to determine the level of cover you require. This involves evaluating your current income, expenses, and financial commitments. We identify the right amount of cover needed to maintain your lifestyle should you be unable to work due to injury or illness.
Balancing Cost and Benefits
Once we have a clear understanding of your needs, we guide you through the cost-benefit trade-offs. This means evaluating different policy options, such as benefit periods, waiting periods, and types of cover, and understanding how they impact the premium costs. For example, opting for a shorter benefit period can reduce costs, but it may also limit the duration of financial support.
Comparing Policies Across Leading Insurers
MLS Financial takes the guesswork out of selecting the right policy and features by comparing options from leading insurers. We consider your situation and what options are required, we help you to get insured with the right policy, whether that is low cost, or the most comprehensive protection.
Optimising Tax Efficiency and Cash Flow
A key benefit of getting professional insurance advice is our focus on tax efficiency versus cash flow considerations. We analyse whether funding your income protection through personal cash flow or superannuation is more beneficial for you. Each option has its pros and cons; for example, paying premiums through superannuation won’t necessarily strain your personal cashflow, but could impact your retirement savings. Whereas personally paid income protection policies may offer a tax deduction, but you will need to fund it from your personal cashflow.
We provide tailored advice to help you make the most financially sound decision.
Assisting with the Insurance Application Process
Applying for income protection can be a long process. Insurers will go through a lengthy financial and health questionnaire to identify health concerns where they can apply loadings or exclusions. These terms mean:
- Loadings – Increased premium cost due to a high risk factor in your health, such as being overweight or smoking.
- Exclusions – An area of your body or health where there is a higher risk of future injury that the insurer will not pay a claim on. A common exclusion is the insurer to exclude all mental health related claims if you have had any mental health symptoms in the past.
We assist you through your application process to ensure you are disclosing your health appropriately, without giving the insurer information they have not asked for. In addition, if the insurer provides an initial outcome with unexpected loadings or exclusions, we advocate on your behalf to get the best and fairest outcome for you.
What does Income Protection advice cost me?
Our range of insurance services is often paid through the insurance provider that is best for you. This often means that there is no additional cost outside of the premiums on the insurance policy.
For an obligation free discussion on your situation and what insurance you need and if there is any further advice cost, please contact us.
Contact MLS Financial for Insurance Advice in Penrith
With over 20 years of experience in providing financial advice, we’ve helped many clients in Penrith secure the right income protection. Our personalised approach, coupled with a deep understanding of the local market and leading insurers, ensures you get the best coverage to safeguard your income and a local advocate for you.
Contact us today to learn more about how income protection can complement your workers’ compensation and secure your financial future.
If you want to discuss any strategies for your financial plan, contact MLS Financial today through our online contact form or on 1300 791 800.
Disclosures:
- This information has been compiled from sources considered to be reliable, but is not guaranteed.
- The information contained on this website is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. MLS Financial and Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.
