If you are considering income protection insurance you should act now and implement your new policy before October 1, 2021 while current substantial offerings are still available.

From October 1, 2021 income protection policies will be subject to:

• Policy conditions to be reviewed every 5 years

• Insured income based on your annual income at the time of your claim (currently some policies enable you to use the best 12-month period within 3 years to assess income)

• Changes to maximum income replacement income resulting in a lower ongoing benefit

• Changes to assessment processes which will likely affect claims payments

If you have an existing income protection policy in place that is underwritten your policy will not be affected by these changes.

If you would like advice about income protection insurance for your personal circumstances or you have any queries about your existing policy, I encourage you to contact our office on 07 3720 1299 or email admin@wealthfundamentals.com.au

Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.

The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances.

This information is based upon our understanding of legislation at the time of writing. Such legislation may be subject to change.

This publication cannot be reproduced in any form without the express written consent of the author.