Income Protection is designed to bridge the gap where you are unable to work and are receiving reduced or no income as a result of a temporary disablement.
This insurance is separate from our Death Only and Death and Total & Permanent Disablement (TPD) insurance. You can apply for Income Protection in addition to the Death Only or Death and TPD cover.
The maximum benefit for Income Protection insurance is 85% of your pre-injury or illness salary (this is made up of 75% paid to you as income and 10% superannuation contribution paid into your LUCRF Super account), and is capped at $20,000 cover per month.
Income protection insurance is offered in weekly benefit units of $100 (see premiums table below). All benefits are payable after your choice of a 30/60/90-day waiting period.
Income Protection insurance depends on various factors such as:
It is available in three work categories, depending on the type of work you do. Your job and role will be confirmed before any insurance claim is accepted.
For professional, clerical or administrative white collar workers who do not perform any manual work, including sales people not involved in deliveries.
For skilled and unskilled workers, performing light manual work and involved in non-hazardous industries and/or tasks. Light blue also covers supervisors of heavy blue workers or fully qualified tradespeople (details of qualifications must be provided).
For skilled or semi-skilled manual workers and heavy machine operators who are not exposed to high risk accidents, health hazards or who do not participate in high risk occupations are classified heavy blue.
You are eligible to apply for cover if you meet the following criteria:
Income protection benefits are payable when, as a result of injury or illness, you are:
Partial benefits are also payable when all of the following apply:
The income you are earning, or are capable of earning, is less than your pre-disablement income, due to the injury or illness causing total disablement.
Benefit payments will not be made if the event giving rise to the claim is caused directly or indirectly by:
Benefit payments may be reduced or refused:
The table below shows Income Protection insurance - Weekly Premium rates (in dollar amounts) per $100 weekly benefit.
(at next birthday)
|30 day |
|60 day |
|90 day |
The example below demonstates how to work out the weekly premium rate for this insurance, depending on the amount of cover you wish to be insured for.
If you have any further queries regarding our Income Protection insurance, please contact us directly on 1300 130 780.