End this financial year by starting something important
ProtectionArticle22 June 2026
| A quick summary for those in a hurry |
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| With 30 June fast approaching, now is the time to review more than just your tax deductions. You should also consider your income. If illness or injury stopped you working, how would your mortgage, rent, groceries, and other bills, get paid? Income Protection insurance can help you keep your lifestyle while also reducing financial stress. Applying while you’re healthy can help you secure the best possible terms. Plus, organising cover by 30 June can also offer tax advantages – based on your income and other deductions. Zurich Assure can help you understand your lifestyle costs and insurance cover options. |
As the end of the financial year approaches, you're probably switching into "get organised" mode. You gather receipts. You review your spending. You might even set goals for the year ahead. It's also the perfect time to look at the one thing that underpins every other part of your financial life – your income.
If an illness or injury stopped you from working, even temporarily, would your lifestyle also stop? Your household costs would continue. Your mortgage or rent would still be due. Your bills would keep coming. Groceries, fuel, childcare, and other everyday expenses would still need to be paid.
Income Protection is designed to help by replacing a portion of your income if you can't work due to sickness or injury. And by putting it in place before the financial year ends, you can make the decision even more worthwhile.
5 reasons smart Aussies are acting before June 30
1. You may be able to claim a tax deduction
For many people, one of the strongest reasons to organise Income Protection before end-of-year is the potential tax benefit. In general terms, the premiums you pay towards Income Protection cover may be tax-deductible. So, if you organise your policy and pay your Income Protection premium(s) by 30 June, you may be eligible for a tax deduction after lodging your tax return.
Of course, your tax liability is unique to your financial situation. So, it's smart to speak with a financial adviser who can also provide tax advice services, like Zurich Assure, to check what applies to your circumstances.1
2. Protect your biggest asset like you protect everything else
Most of us insure our cars, our homes, and even our pets. Yet the thing that pays for it all is often left unprotected – your ability to earn an income. Income Protection insurance helps fill that gap.
If you were unable to work due to illness or injury, it can provide monthly support for you and your family to cover essential living costs. That can mean the difference between keeping life stable and being forced into difficult financial decisions. It also means that, rather than being distracted by financial stress, you can stay focused on getting better.
Very helpful and informative, gave me a good understanding of where I’m at and my financial position”
3. Protect your savings and keep your long-term plans
Most of us try to have some savings for a rainy day. But, when your income stops, your savings can disappear quickly. Emergency funds don't go as far when you start using them to cover regular expenses month after month. Without a back-up plan, you may be forced to dip into savings set aside for a home deposit, children's education, holidays, or retirement. Some people also rely on credit cards and loans – which can then be hard to repay.
Income Protection is designed to reduce the need to "cash out" your future to pay for today. It helps you keep momentum on the plans you've worked hard for, even if life takes an unexpected turn.
4. Applying while healthy can save you more than just tax
Your Income Protection policy will usually be assessed at the time you apply. So, applying while you're in good health can improve your chance of securing cover on standard terms.
Waiting can be risky. Any delay increases the risk of a new health issue, an injury, or even just an unexpected test result. That could affect the cover available to you or the premium you may end up paying. It could even mean you're no longer eligible for cover at all. More than just the opportunity for a tax deduction, acting now helps you take control before your circumstances change.
My adviser was fantastic. Patient, great experience and very helpful in navigating such a complex area.”
5. We all work better when there's a deadline
30 June is a useful date because, as people, many of us procrastinate. With a deadline we're more likely to turn good intentions into action. Getting a quote today, and avoiding the last-minute rush, will also reduce the chance it gets pushed out by work pressures, family commitments, or travel – and then delayed until next year.
Starting now also gives you time to think through your choices. That can make a real difference to how much cover you really need. Ask yourself:
- How long could you and your family cover expenses by using savings alone?
- What essential monthly costs would still need to be paid if you couldn't work?
- How quickly would you need payments to start if something happened?
Ready for the next step?
Income Protection is an important part of protecting your lifestyle, your savings, and your ability to move forward with confidence.
Zurich Assure can help you understand your options and choose cover to fit your specific needs and budget. If you're reviewing your finances before 30 June, now is the time to include your income protection in your plan.
For more information or a quick quote, visit the Zurich Assure website or call 131 551.
1Zurich Assure financial advisers are qualified to provide 'Tax (financial) advice services' in relation to certain life and superannuation products. More information can be found at the Tax Practitioners Board website.
The information in this article has been prepared by Zurich Assure Australia Pty Limited ABN 58 657 804 736, AFSL 538863.This information is current as at 22 June 2026 and may be subject to change.
This information does not take into account your personal objectives, financial situation or needs. You should consider these factors and the appropriateness of the information to you.
