Income protection insurance
Income protection insurance
If you need to take extended time off work to recover from an injury or illness, income protection insurance can help pay the bills.
Where eligible, you can be paid a benefit of up to 85% of your monthly pre-disability income. This includes super payments. You can receive benefits for up to two or five years while you’re medically unable to work.
Check your eligibility
You can apply for income protection insurance if you’re:
- Aged at least 15 and under 65
- Earning at least $16,000 p.a. through ongoing work or working at least 15 hours each week
- A full-time, part-time, self-employed or casual worker or contractor.
Income protection insurance is only available as voluntary cover and isn’t included as standard cover. You can apply for income protection insurance at any time (subject to eligibility).
Read your Insurance Guide to find out more information, including any extra eligibility criteria and conditions.
Cost of income protection insurance
The cost of income protection insurance is based on your gender, age, occupational category and your chosen waiting period and benefit period.
See your relevant Insurance Guide for details on the cost of cover inculding how it’s calculated and when it’s deducted from your account. Your cover amount will increase automatically each year on 1 July by 5% to account for inflation. Fees will be based on the increased cover.
Calculate your insurance costs
See how much your income protection insurance costs and how making changes could affect the premiums you pay using our insurance calculator.
Your occupation makes a difference to your cover
There are three occupational categories — General, Office and Professional — each reflecting the level of risk associated with different roles and occupations. You can apply to change your occupational category to pay less for your cover.
Income protection insurance provides a temporary replacement income if you’re unable to work due to illness or injury (specific conditions apply). This means you can continue to pay your bills while taking time to recover and recuperate.
To qualify for an income protection benefit, you must suffer (while insured) an illness or injury that meets the definition of total disability or partial disability and have been unable to work for the applicable waiting period.
Premium loadings and/or exclusions may apply to some members. To find out more, read your Insurance Guide.
No, income protection doesn’t provide a benefit payment if you’re made redundant or dismissed from your employment. Income protection is designed to be a temporary replacement income if you’re unable to work due to illness or injury.
The waiting period starts from the date of disablement (that prevents you from being able to work). You can choose a waiting period of 30, 60 or 90 days. Different fees apply depending on the waiting period you choose.
The benefit period is the maximum amount of time benefits may be paid for and begins at the end of the waiting period. You can choose either a 2-year benefit period or a 5-year benefit period. Different fees apply depending on the benefit period you choose.
There are three occupational categories: General, Office and Professional. Your occupational category can make a difference to the cost of your income protection insurance.
Your occupational category will be determined based on your answers in the application for insurance. If the work you do is limited to professional, managerial, secretarial or similar ‘white collar’ tasks, you may qualify for the Office or Professional category and receive more cover for the same fee or keep the same cover and pay less. See your Insurance Guide for more information.