Income Protection

[annapana]

Hi - just after some guidance. My partner is home full time looking after children, when they go to school, he’ll also be doing school drop offs/pick ups, so unlikely that he’ll be able to return to any normal kind of work for 10 years or so.

Do we keep his income protection ?

thanks

[marty998]

I am not a financial advisor (not that they are unbiased or anything lol) but an income protection policy is only useful if you are involuntarily unable to work?

Suspect there's not a lot of point paying for it right now, he can take up a new policy when he returns to work (if his income is actually required for you both).

[annapana]

That’s what we’re thinking marty998

[chasingthegoodlife]

What did you end up deciding Anna? I’m also wondering about this for a similar reason - is there any point keeping my IP while I am off on mat leave and then hopefully returning only part time. Only reason I can think of is if he develops a medical condition while not covered he may find it hard to get coverage in the future?

[MrThatsDifferent]

I work and have been wondering if I really need this or not? Also, I just read that IP is tax deductible but have never claimed it, have any of you? Where does it go and how do I find out how much to claim?

[annapana]

Hi - we have decided to drop the income protection. The risk is that an injury may occur. We will take it up again when returning to work.

Thanks

[mrmoonymartian]

I work and have been wondering if I really need this or not? Also, I just read that IP is tax deductible but have never claimed it, have any of you? Where does it go and how do I find out how much to claim?

I only know if it's through your super it's not tax deductible.