Income care

Income Care provides affordable protection against loss of income, should you become sick or injured and unable to work.

Income Care replaces a proportion of your income if you are totally disabled through sickness or injury and cannot work. The basic cover allows you to insure up to 75 per cent of your income and offers a range of waiting and benefit periods.

You can tailor your Income Care cover by taking up any or all of the following optional benefits:

• Increasing Claim Option
• Accident Option
• Super Continuance Option
• Cash Back Option
• Premium Saver Option

You also have the option of including Business Overheads Cover, which is specifically designed for self-employed people. This cover ensures the eligible fixed operating expenses of the business can still be paid, even if you are unable to work because of sickness or injury.

Affordable coverage
Premiums are based on considerations including your age each year, health, gender, occupation, smoking habits, waiting period, benefit period and sum insured.

Tax deductibility
The premium for an Income Care policy will generally be an allowable deduction from your assessable income under Section 8-1 of the Income Tax Assessment Act 1997. This deductibility applies whether you are self-employed or an employed person.

• Important information about advice
  As this advice including the statements on taxation which are based on the continuance of present taxation laws, rulings and their interpretation has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances.
  
  Taxation information is for general information only and is current as at 9 October 2003. As individual circumstances differ, you should seek assistance from your taxation adviser.
  
  Income Care, Income Care Plus and Business Overheads Cover are components of the Personal Insurance Portfolio, issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (CMLA). CMLA is a wholly owned subsidiary of the Commonwealth Bank of Australia. The Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the products it offers.
  
  View a Product Disclosure Statement (PDS) for Personal Insurance Portfolio (PDF 704kb) and consider it before making any decision about this product.