Income Protection

Being sick is hard enough, without having to also worry about your finances. Your ability to earn an income is one of your greatest assets, so it makes sense to protect it. That’s where Income Protection insurance can help.

Young couple with child

What is Income Protection insurance?

Income Protection insurance helps to protect you and your family by paying up to 75% of your income if you're unable to work. This can help cover your living expenses, such as your mortgage, school fees and car repayments.

By providing you with a monthly payment, income protection allows you to focus on your recovery.

Key features
  • Monthly payments to replace part of your income when you’re sick or injured and can’t work  
  • Your premium is automatically waived while you are receiving payments
  • Recurring disability benefit if your disability recurs while this insurance is in force, as well as an elective surgery benefit 
  • Choose a waiting period of 14 or 30 days
  • Child support income benefit provides a one-off payment the first time your child has a critical condition or if your child dies (outside super only)
  • Up to 12 times your monthly benefit for rehabilitation expenses and a rehabilitation bonus for up to 12 months (outside super only)
  • Death benefit of  up to $60,000
Product overview

How does it work?

You'll receive a monthly payment for each month you're:

  • totally disabled, or
  • partially disabled.

 We offer three types of insurance. Your financial adviser will help you decide which is the most appropriate for you. 

Insurance types

  • Income Protection Platinum: Provides a comprehensive range of benefits and additional options for people in most occupations
  • Income Protection: Provides a wide range of benefits and additional options for people in most occupations
  • Income Protection (Special Risk): Provides a range of benefits and additional options for people who work in certain occupations which are hazardous, or present special assessment difficulties such as armed security guards. After the first three years, we'll review your Income Protection insurance each year and may offer, but don't guarantee, its renewal

Cover amounts

A monthly benefit (paying up to 75% of your income) for each month you're totally disabled or partially disabled up to:

  • $30,000 for all occupations, or
  • $60,000 for some professional occupations (eg surgeons, accountants and solicitors).

Waiting and benefit periods

Income Protection and Income Protection Platinum

  • Choice of waiting period: 14, 30, 90 days or one or two years
  • Choice of benefit payment period: two or five years, up to age 65 (or 70 for Income Protection Platinum)

Income Protection (Special Risk)

  • Choice of waiting period: 30 or 90 days
  • Choice of benefit period: two or five years

Premium options 

You can choose to pay your premiums as:

  • Stepped – as you get older, your insurance premium will vary each year and your benefits will remain the same
  • Level – your insurance premium does not go up by age-related increases and your benefits will remain the same

Regardless of whether you choose stepped or level premiums, when you renew your insurance each year your premiums may vary due to rate increases, Consumer Price Index (CPI) increases, policy fee increases or if you add additional insurances to your policy.

Funding options

Income Protection insurance is available both inside and outside super.

Additional options

You can apply for these options at an additional cost:

Extra benefits option (outside super only)

  • Nursing care benefit (payable during the waiting period)
  • Accommodation benefit
  • Transportation benefit
  • Home assistance
  • Critical illness benefit
  • Advanced payment benefit

Keep up with inflation

To make sure benefits keep up with inflation, your benefits and earnings before disability will be increased annually after benefits have been paid continuously for a full year.

Short waiting period for accidental injury option (outside super only)

Allows you to receive benefits while you're totally disabled during the waiting period.

Lump sum benefit option (outside super only)

A lump sum payment when you're totally and permanently disabled and can't work.

Reduce the cost of your insurance

Here are some options that will help you reduce the cost of your insurance:

  • Premium saver option – choose to exclude any disability, condition or loss arising from or contributed to by selected conditions
  • Non-occupational cover option (Income Protection Special Risk only) – choose to exclude disabilities which happen at work or as a result of work, or for which you can claim benefits under workers' compensation or similar schemes

Do you need Income Protection insurance?

You may want to consider Income Protection insurance if you:

  • have a partner, family or dependants
  • have a mortgage or any other personal debt
  • have a business or self employed
  • would need money to live if you were unable to work
  • don’t have adequate savings to cover unexpected expenses.

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