Choice of cover
Income Protection Super
Income Protection Standard
Income Protection Plus
Minimum entry age
18
Maximum entry age
60
Eligibility requirement
The insured person must be employed and working at least 20 hours per week at the time of application
Expiry ages
Plan anniversary after the insured person turns 65 if the chosen benefit period is:
• 2 years
• 5 years; or
• to age 65.
Minimum sum insured that can be applied for
$1,500 per month
Maximum sum insured that can be applied for
The maximum sum insured is the lower of $30,000 (restricted to $20,000 at plan commencement) and:
• 75% of regular income up to $26,666 per month; plus
• 50% of any regular income between $26,667 and - $46,666 per month; plus
• 20% of any regular income greater than $46,666 per month
Funding options
Income Protection Cover is available both inside and outside of superannuation
Premium type
• Stepped
• Level to age 65
• Level to age 70
Waiting periods before claim
• 4 weeks, 8 weeks, 13 weeks, 26 weeks
• 1 or 2 years
Benefit periods (duration of claim payments)
• 2 or 5 years
• To age 65
• To age 70
Product structure combinations
Stand-alone
Split
If the insured person is unable to work due to total disability, we’ll provide a monthly payment that replaces up to 75% of their lost income. Payments will start at the end of the chosen waiting period and will continue until the earlier of when they return to work or until the end of the chosen benefit period.
We’ll pay a portion of the sum insured each month even if the insured person is partially disabled.
Waiver of premium while on claim benefit*We’ll waive premiums while we’re paying a monthly payment. Waiver of premium while on parental leave benefit*If the insured person goes on parental leave, we’ll waive premiums for up to three months while they’re on leave. Waiver of premium while involuntarily unemployed BENEFIT*We’ll waive premiums for up to three months if the insured person becomes involuntarily unemployed. Suspending cover benefit*Cover can be suspended for up to 12 months if the insured person is experiencing financial hardship. Future increase benefit*If the insured person’s income increases, this feature allows for the sum insured to be increased by up to 15%, without having to provide further medical evidence to us. |
Indexation benefit*To help ensure cover keeps pace with the cost of living and maintains real value, we’ll automatically increase the Income Protection Cover sum insured each year by the higher of 3% or the percentage increase in the Consumer Price Index. Relapse benefit*Depending on the chosen benefit period, if the insured person returns to full time work after receiving a Total Disability Benefit or Partial Disability Benefit, and they suffer a relapse of the same or related illness or injury within six or 12 months the waiting period will be waived and the disability claim will be treated as a continuation of the original claim. death benefit*If the insured person dies while Income Protection Cover is in place, we’ll pay a lump sum benefit equal to the lesser of six times the monthly benefit and $50,000. Flexibility to reduce two year waiting period benefit* If a two-year waiting period to complement an existing group income protection policy is selected and that income protection policy ceases, the waiting period can be reduced without the need to supply further medical information to us. |
To support the insured person’s recovery, we’ll reimburse any costs associated with rehabilitation – such as specific programs or equipment – up to a maximum of 12 times the monthly benefit.
If a total or partial disability is a result of elective surgery under the advice of a medical practitioner, an operation to improve appearance as a result of illness or injury, or surgery to donate a body organ or bone marrow to another person, the monthly benefit will still be payable.
Regardless of whether the insured person is working or not, a monthly benefit will still be payable if they suffer one of the specific injuries, such as the loss of use of a hand or foot, listed under their cover.
If the insured person is confined to bed for at least three consecutive days during the waiting period, we’ll pay 1/30th of the monthly benefit for each day they’re in bed.
If as a result of disability, the insured person is totally dependent on a family member for everyday care, we’ll help subsidise any loss in that person’s income as a result of caring for the insured person. In this instance, we’ll pay up to 50% of the monthly benefit.
If the insured person is confined to bed and dependent on a paid professional housekeeper for essential everyday home care needs, we’ll pay a benefit to help cover the cost. In this instance, we’ll pay up to $150 each day or 1/30th of the monthly benefit, whichever is less.
We’ll reimburse an immediate family member’s accommodation costs by up to $250.00 per day if the insured person is confined to bed and the family member has travelled to be with them.