July 13 – Trevor Thompson

The last thing the Financial Planner’s daughter is doing with her super (she doesn’t know it yet ) is buying Income protection.
Most corporate super funds have Life and Total and Permanent Disability insurance built in. If you have a partner, debts or kids that is important, very important. It isn’t when you are young and in your first job. The premium cost would be better directed at paying for income protection. Would you want to be forced to move back into the oldies if you had a long term illness or accident? If you pay for your own Income Protection you can claim a tax deduction. But I have already convinced Emma to continue her own private health cover when she was too old to stay on mine. That’s responsible enough. We will let her super pay for her income protection. In fact, the Govt will pay for it for her with that Co Contribution.

By Trevor Thompson. 
CFP DipFP

SENIOR PARTNER