Accountant Melbourne

 Accidents and illnesses can occur at any time – but for skilled tradespeople, who frequently work in dangerous environments, they’re more likely to occur than for other professionals. Whether it’s working with power tools and machinery or at great heights, or around large, fast-moving vehicles or handling hazardous materials, the risk of injury and/or illness is ever-present. With this in mind, it’s important for tradies to consider how they’d be able to afford their monthly outgoings, and, where applicable, support their family, in the event they became seriously injured or ill – and unable to work. In this post, we look at how to select the best income protection for tradies in Australia and what to keep in mind when choosing an insurance policy. What is income protection insurance for tradies? Income protection insurance for tradies is a type of insurance policy specifically designed for professional tradesmen, such as builders, carpenters, mechanics, and other jobs generally d...

 A life insurance policy is a contract between an insurer and you, the policyholder, that guarantees a lump-sum payout to a specified beneficiary in the event of your passing. Life insurance is an effective and popular way to provide your loved ones with financial protection after you’re gone. The payout from life insurance can help your beneficiary with all short-term expenses immediately after your passing, i.e., funeral costs, outstanding medical bills, etc., as well as ongoing financial obligations like the mortgage or rent and general living expenses. Typically, the first question most people have about life insurance is how much it will cost them and if they can afford it. With this in mind, this post addresses the question of how much does life insurance costs in Australia , which factors affect the price of premiums, and how you can reduce the cost of your life insurance cover. What factors affect life insurance cost? The cost of your life insurance is determined by your ci...

  As a self-employed trade professional, you must be healthy to perform your job. Subsequently, every injury you suffer or illness you come down with can result in lost income until you recuperate and can get back to work. The question is, however, how will you earn an income if you’re afflicted with an injury or illness that leaves you unable to work for an extended period? In this post, we look at income protection policies for sole traders and how they safeguard your income if you get hurt or sick.  What is income protection? An income protection insurance policy safeguards your monthly income if you find yourself unable to work due to illness or injury. Income protection for sole traders is specifically designed for self-employed people registered as sole traders. An income protection policy typically covers up to 70% of a sole trader’s monthly income. Why do sole traders need income protection? Sole traders need income protection because they don’t receive the same benef...

  Despite the immense potential rewards of running your business, being self-employed also comes with its own set of risks. Perhaps the most notable of these is the inability to earn an income if you become ill or suffer an injury. Fortunately, this risk can be mitigated by taking out an income protection policy for self-employed people. Let’s take a look at self-employed income protection and why you should take out this type of insurance policy if you’re one of Australia’s 2.2 million self-employed people. What is self-employed income protection? Self-employed income protection is a type of insurance policy that safeguards the monthly income of individuals who work for themselves; if they’re unable to work because of an illness or injury. Income protection insurance for the self-employed generally provides up to 70% of the policyholder’s monthly pre-disability income. It’s important to note, however, that even the very best income protection insurance for the self-employed only a...

When first hearing about the idea of income protection insurance, many people wonder how it differs from life insurance. Subsequently, individuals who already have a life insurance policy question whether they also need an income protection policy. In most cases, the answer to that would be a yes. This is because the primary purpose of taking out life insurance is, in general, to protect your loved ones in the event of your premature death – as they are financially dependent on you. Whereas, conversely, income protection insurance is typically taken out to protect your own ability to earn an income, in the event an illness or injury prevents you from working. With that in mind, in this post, we look at the difference between income protection and life insurance and whether you really need both types of cover. What is income protection insurance? Income protection insurance allows you to protect your income if you’re unable to work due to an illness or injury. If you have to claim on y...