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Income Protection coverHealth Super's Income Protection cover helps protect your income if you are temporarily disabled due to sickness or injury or accident. The dollar amount of automatic Income Protection cover that 2 units provides is $1000 per month for up to two years. Cover is available up to the age of 60. maximum level of coverThe maximum amout of cover you can insure yoursel for is 85% of your pre-disability income or $20,000 per month, whichever is the lesser. waiting periodThe waiting period is the amount of days that must elapse before your Income Protection benefits can commence. The waiting period is 90 days and commences from the the date that you are first examined and certified by a medical practioner as being Totally Disabled and have ceased work. You can reduce your waiting period to either 30 or 60 days, assuming you have 2 units of automatic Income protection. If you choose a 60-day waiting period, a premium of $2.22 per week will apply and if you choose a 30-day waiting period, a premium of $3.84 will apply. You are permitted to return to work for up to 5 days during the waiting period without re-triggering the waiting period. cost of coverThe first 2 units of Income Protection cover (provided automatically to eligible members) cost $1.24. The cost of any additional cover depends on your age and the amount of units you apply for. The following table shows the premium cost per week for additional units of cover.
Income Protection is available upon application to Health Super Accumulation and Spouse members (only Accumulation members recieve some automatic cover). To be eligible for Income Protection cover you must also have Death and Temporary Disablement (TPD) insurance. choose a level of Income Protection insurance to cover your needsIf you are eligible, when you join Health Super, you are automatically protected for $1,000 a month. If you did unexpectedly fall sick or have an accident, could you get by on this amount? If not, then you may need to consider increasing your cover. To work out how much Income Protection cover you may need or can apply for please refer to the insurance section of the current Product Disclosure Statement. Any application for cover will be subject to AIG Life’s normal underwriting conditions. For more detailed information about Income Protection insurance including eligibility, cover limits, cover ceasing, exclusions and benefit payments, please refer to the insurance section of the current Product Disclosure Statement. If you need help seek the advice of an appropriately qualified financial adviser. got a question about insurance? |
