Income Protection Insurance cover

Income Protection (IP) cover provides an income if you are unable to work due to total but temporary illness or injury. 

This type of cover provides you with a monthly income benefit to meet your living expenses when you are unable to work. The maximum payment for Income Protection is 75% of your monthly income (plus up to a 10% super contribution).

Income Protection insurance isn’t provided automatically. You have to apply and be accepted by the Insurer if you want this type of cover.

To calculate your premiums and read more about this cover, download our Insurance Guide. To apply for or change your existing Income Protection cover, complete the Insurance application or variation form at the back of the Insurance Guide.

Special Offer

If you’re a new member you can apply for a monthly benefit of up to $5,000 (including a superannuation contribution), with a benefit period of two years and a waiting period of 90 days without having to provide extra details to the Insurer.

To be eligible for this offer you must be employed (but not self-employed) and successfully answer some health questions in the Special Insurance Offers Form at the back of our Insurance Guide.

Choosing the right cover

It’s important to choose a level of income protection that meets your needs and lifestyle. Please consider the benefit payment period and waiting period that is right for you.

You have a choice of three benefit payment periods – a maximum of two years or five years – or to age 65 if your work category is White Collar or Light Manual (see definitions in our Insurance Guide.) You can choose either a 30, 60 or 90 day waiting period before you are eligible to make an income protection claim.

If you need help with determining the amount or type of insurance cover you need, call our Financial Planners on 1300 131 293.

Not sure of how much cover you need?

Use our Insurance Calculator to find out how much insurance cover you may need and how much it will cost.

Insurance calculator

Increasing your cover

You have the ability to increase your cover amount due to a pay rise or because you have a new job that pays a higher amount. This only applies if the increase in your income is less than 25%, and you let us know within 60 days of the increase. Please call us on 1300 131 293.