Income protection cover
Protect your income in case you can’t work due to illness or injury
What's Income protection cover?
Income protection cover provides a monthly payment to replace part of your income if you’re unable to work due to illness or injury.
Income protection cover is not available if you have Category D cover.
How can I get Income protection cover with CareSuper?
You may be able to get Income protection cover with us the following ways:
- If you work for an eligible Category B employer and you meet the eligibility requirements, you may have Default cover automatically added to your account.1
- You may be able to apply for Tailored cover.2
How does Income protection cover work?
Income protection can provide you with monthly payments if you can’t work temporarily, due to an illness or injury.
The monthly benefit is payable after your waiting period ends. We offer 30, 60 and 90 day waiting period options.
Your benefit period is the maximum time you can receive these payments. We offer two-year, five-year and to age 65 benefit period options.
The maximum benefit is 75% of your monthly income plus up to 12% super contributions, with a maximum monthly benefit of $30,000.
Find out more about making a claim.
How much Income protection cover do you need?
The amount of cover you need will likely change throughout your life as your financial and personal situation changes.
Key life moments when you might review your cover include:
By reviewing your cover regularly, you can make sure your cover is right for you.
You can check how much cover you need and what it’ll cost by using our Insurance calculator.2,3
Find out more
- Read our Insurance guide.
Video explainers
Income protection FAQs
How can I check my current cover?
The easiest way to check your cover is in Member Online or the CareSuper app.
Find out how to get online.
Otherwise you can call us on 1800 005 166.
How can I change my cover?
How can I cancel my cover?
You can cancel your cover through Member Online, in the CareSuper app, or by completing and submitting the relevant form.
Cover can also be cancelled by calling us on 1800 005 166.
If you decide that you want insurance cover later, you'll need to apply and may need to provide health details. Your application will be subject to acceptance by the insurer. If you cancel or opt out of Default cover, you won’t be eligible for Default cover again.
What Income protection cover do I get automatically?
We automatically apply cover to your account if you meet eligibility conditions without you needing to provide detailed health information (unless you’ve opted out). This is known as ‘Default cover’.1
Default Income protection is only provided to members who are eligible for Category B cover. Default Income protection provides a two-year benefit period and a 90 day waiting period.
Find out more about Default cover.
What does Income protection cover cost?
There are costs associated with insurance. The amount you pay depends on the type and amount of cover you hold, your age, your employer paying SG contributions to CareSuper and your occupation rating. The cost of Income protection is also impacted by your waiting period and benefit period.
You can use our Insurance calculator to work out how much your cover will cost.2,3
Your occupation rating impacts the cost of your insurance – physically demanding or higher-risk jobs generally cost more than office-based roles for the same level of cover. If you’re in a higher risk category than necessary, you could be paying more than you need to.
Disclaimers
1 We’re required to automatically provide default insurance so employers can use CareSuper as their default super fund. Employers use default super funds to pay super contributions into for employees who don’t choose their own fund or have an existing super fund. Learn more about employer obligations.
2 Eligibility conditions apply, and applications may be subject to acceptance by our insurer and any relevant terms and conditions. Category D has limited options for changing cover, read the Insurance guide (Category D) for more information.
3 The insurance fees provided by our Insurance calculator are estimates. Estimates are not available for Category D cover. Read the Insurance guide for more information. You can check your current cover and costs in Member Online and the CareSuper app.