Can I claim income protection insurance as a business expense?

You can generally claim the cost of any premiums you paid for income protection provided the policy is not through your superannuation fund .

Can I get income protection if I'm not earning a wage?

While income protection insurance, which uses your earnings to calculate the benefit amount, requires you to be earning an income, you may be eligible to take out business expenses cover. Keep in mind that every provider is different, so be sure to read your policy's product disclosure statement carefully. If you are still unsure, contact the provider directly.

Is income protection for self-employed?

Yes, in most cases you can get income protection if you're self-employed . You generally need to work more than 20 hours per week, be between 18 and 65 and have been working in the same occupation for at least 12 months before taking out cover.

Can you get income protection as a sole trader?

Yes, income protection is one of the three types of insurance that can be important for a sole trader , along with personal accident and business insurance.

Which is the best income protection?

While there is no one best income protection policy to suit everyone's needs, we've found NobleOak offers a quality policy in general out of those we've reviewed. More on this here .