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incomeprotection

Income Protection Cover

Income Protection Cover provides a monthly benefit payment if the insured person becomes totally disabled or partially disabled as a result of illness or injury, for longer than the specified waiting period.

overview

Overview

Minimum entry age

18
Maximum entry age

55
Eligibility requirement at time of application

Gainfully employed for at least 20 hours per week at the time of application
Benefit expiry age

Policy anniversary after the insured person turns 65
Minimum monthly benefit that can be applied for

$1,500 per month
Maximum monthly benefit that can be applied for

The lesser of $30,000 per month and:

  • 70% of the first $25,000 per month of your regular income; plus
  • 50% of the next $16,667 per month of your regular income; plus
  • 20% of the remainder of your regular income

100% of statutory employer superannuation contributions, up to 15% of regular income, can be insured under the Superannuation Contribution Option as a super sum insured.

The combined sum insured and super sum insured cannot exceed $30,000 per month.
Premium type

Variable age-stepped premium
Funding options

Income Protection Cover is available both inside and outside of super
Waiting periods

Four weeks, eight weeks or 13 weeks

Two years (only available if the insured person is insured under a group salary continuance scheme)
Benefit periods^

Two or five years
To age 65

^ For benefit period to age 65 or five years in combination with a waiting period of two years, claims are assessed based on an ‘any occupation’ basis after two years on claim.
Product structure combination

Stand-alone Income Protection Cover

Split Income Protection Cover
keybenefits

Included benefits

Income Protection Cover provides a comprehensive range of included benefits and optional benefits that can be added to your plan at an extra cost. These are listed below.

If Income Protection Cover is purchased inside super, then only the benefits marked with an * are available. If Income Protection Cover is purchased outside super, then all benefits are available.

All Income Protection Cover benefits and features are subject to the full terms and conditions outlined within the Futura Protection PDS.

Total Disability Benefit*

Provides a monthly benefit if the insured person is unable to work due to total disability, replacing up to 70% of the insured person’s regular income.

Partial Disability Benefit*

Provides a reduced monthly benefit if the insured person is unable to work due to partial disability.

Death Benefit*

Provides a lump sum payment of $10,000 if the insured person dies.

Indexation Benefit*

Automatically increases the sum insured on each plan anniversary by the percentage increase in the Consumer Price Index (CPI), ensuring cover keeps pace with the cost of living.

Suspending Cover Benefit*

Suspends cover for up to 12 months if the plan owner (or insured person where applicable) is experiencing financial hardship.

Future Increase Benefit*

Allows the sum insured to be increased by up to 15% after the insured person’s income increases without having to provide further evidence of the insured person’s health, occupation and pastimes.

Waiver of Premium While Involuntarily Unemployed Benefit*

Waives premiums for up to three months over the life of the plan if the plan owner (or insured person where applicable) becomes involuntarily unemployed.

Waiver of Premium While on Claim Benefit*

Waives premiums for Income Protection Cover while we’re paying a monthly benefit.

Relapse Benefit*

Depending on the chosen benefit period, if the insured person returns to full-time work after receiving a total disability benefit or partial disability benefit, and they suffer a relapse of the same or related illness or injury within 6 months or 12 months, we’ll waive the waiting period.

Rehabilitation Benefit*

If we’re paying a Total Disability Benefit or Partial Disability Benefit, we’ll pay the costs of the insured person’s participation in a rehabilitation program approved by us and/or any equipment we agree are needed for the insured person’s rehabilitation.

Two Year Waiting Period Reduction Benefit*

Allows the insured person to reduce their two year waiting period to 13 weeks upon their group salary continuance scheme ending due to involuntary cancellation or a change in employer without having to provide further evidence of the insured person’s health, occupation and pastimes.

Medical Professionals Benefit

Allows medical professional to be deemed total disabled or partially disabled where, due to a needlestick injury or splash injury, they suffers an occupation-acquired HIV infection or occupationally-acquired hepatitis B or C infection and this reduces their regular income.

This benefit is only available if the insured person is a medical professional.
optionalextras

Optional benefits

In addition to the included benefits and valuable features, under certain circumstances an Increasing Claim Option, Superannuation Contribution Option and/or Premium Waiver Option can be added to Income Protection Cover for an additional cost. See the Futura Protection PDS for details.