Income protection

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Protecting your income

Income protection cover provides you with a replacement income if you are temporarily unable to work due to illness or injury (conditions apply).

Who can apply?

If you’re under age 65 and earning at least $16,000 p.a. on an ongoing basis, or working 15 hours or more per week, you are eligible to apply for income protection insurance, even if you are a contractor, part-time employee or a casual employee.

How much cover can you have?

The maximum amount of income protection you can apply for is determined by your income. How much cover you need depends on your estimation of your required income if you are not working. Your cover will automatically increase by 5% on 1 July each year to account for inflation.

Your monthly benefit can be no more than 85% of your gross monthly salary (conditions, exclusions and maximum benefit limits apply, see the Insurance Guide for more information). Of this, up to 75% will be payable as a benefit and 10% as a super guarantee contribution.

For more information on income protection cover, refer to the Insurance Guide and Member Guide PDS.

Need help?

You can also speak to a financial planner to help you work out how much income protection insurance you might need. CareSuper members can access financial advice on super-related topics over the phone at no extra cost.


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