Important - Please Note
The calculated figure gives you an indication of the cover that you may be eligible to apply for. This can be a complex area so you need to speak to one of our advisers who will be more than happy to help.
The following is general information about some of the factors your adviser will take into consideration when helping you.
Employees
The definition of Insurable Income is the income a person earns by their own personal exertion/effort before tax is deducted, and that income will stop if that person is unable to work. Income can include the total salary package, including salary, wages, fees, packaged fringe benefits, regular commissions and bonuses, overtime payments and superannuation.
Insurable Income does not generally include investment or interest income.
Self Employed:
For the self employed, e.g. Sole Trader, a partner in a business or an employee of their own company, the income definition most insurers use is the same as above; however it also includes: their share of net business income (after deduction of all business expenses ) directly due to their personal exertion, before tax plus any add backs. Insurable Income does not include investment, interest income or Business income that a person will continue to receive if you they are unable to work.
