It’s easy to overlook the thing that allows you to accrue wealth: your ability to earn an income. We look at how to protect this often overlooked asset.
We take a look at APRA’s new guidance and direction regarding home loan serviceability and income protection insurance.
From 31 March 2020, insurance companies must stop providing ‘agreed value’ policies that are based on the income you advise at the start of cover, regardless of any subsequent change in income. This means no more ‘agreed value’ contracts can be bought or sold after 31 March 2020.