Real Income Protection Insurance

If you were injured or became sick and couldn’t earn an income, how would you pay the bills? Whether you are young and single, or have a family to look after, you’re the key to maintaining the kind of lifestyle you enjoy.

With Real Income Protection Insurance, your application is based on your work duties and not your job title, which can make the application process simple – now covering a greater range of Australian workers, helping you focus on recovery and getting back to work without added financial stress.

What’s covered?

  • Income protection: If you can’t work due to an injury or sickness, you can get cover up to 70% of your monthly pre-tax income – up to $15,000 per month. The monthly payments can be used to pay bills and living expenses, or whatever else you want to use them for.
  • Recurrent disability benefit: If your injury or sickness reoccurs within 6 months of your last claim, we will treat it as a continuation of the previous claim, which means there won’t be an additional waiting period.
  • Rehabilitation benefit: We may reimburse up to an additional 50% of your income benefit each month you participate in your rehabilitation program, for up to 6 months, to the maximum amount of $3,000. Or, we may reimburse up to 6 times the income benefit toward costs to assist you to return to work.
  • Final expenses benefit: If you pass away while covered, your family can receive $10,000 to help cover funeral costs or other final expenses.
  • Increasing claim benefit: If your benefit period is 2 years or 5 years, your monthly income benefit will increase by 3% annually if your monthly income benefit has been paid continuously for 12 months.

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Features & Benefits

  • Cover up to 70% of your pre-tax income, up to $15,000 per month
  • Flexible cover options to suit your needs and budget
  • Working Australian residents aged 18 - 60 can apply over the phone with no medical, blood test or forms required
  • Get assessed based on your work duties instead of your job title
  • Stress-free claim experience with your own dedicated claims specialist based in Australia
  • Apply for a benefit period from 6 months, 1 year, 2 years, or 5 years
  • Choose a waiting period to suit you, either 30 or 90 days
  • Premiums can be tax-deductible – seek professional advice
  • Includes cover if you’re unable to work due to a mental health event
  • You’ll get back 10% of the premiums you have paid in the first 12 months with The Real Reward

Some things you should know

  • Monthly benefit amount and benefit period are dependent on underwriting outcome.
  • The income benefit payments you receive will be either monthly amount insured or 70% of your pre-tax income, whichever is less, and reduced by any other disability payments for your injury or sickness.
  • Policy expires on the policy anniversary after your 65th birthday.
  • This is a summary of the Real Income Protection Insurance policy. For full details including what exclusions apply, read our Product Disclosure Statement.

Life Insurance Code of Practice

To make sure you receive the highest standard of service when taking out cover, we comply with the Life Insurance Code of Practice. Read more

What is income protection insurance?

If you are unable to work because of an injury or sickness, income protection insurance can cover up to 70% of your pre-tax income, up to $15,000 per month, to help relieve financial pressure while you get back on your feet.

What does it mean to be unable to work due to an injury or sickness?

You must be:

  • Unable to perform the usual duties of the regular occupation you earn your income from; and
  • Receiving regular care from a medical practitioner in relation to the injury or sickness you are claiming for; and
  • Unable to earn an income and suffering a loss of income; and
  • Unable to work for longer than your chosen waiting period; and
  • Not working in your regular occupation or earning money from any other source.
How much income protection insurance do I need?

How much income protection insurance do I need?

When choosing the amount of cover you want to be insured for, you should consider things such as your monthly debt repayments (mortgage, personal loans or credit cards) and weekly expenses (groceries, utilities, out of pocket school costs) to make sure you have enough to cover all outgoing expenses until you are back at work.

With Real Income Protection Insurance, you can get cover up to 70% of your pre-tax income as a monthly benefit up to $15,000 per month – but what does this mean for you?

The following table breaks down salary ranges and the potential monthly benefit based on that salary:

pre-tax salary
pre-tax salary
monthly benefit
$100,000 $8,333 $5,833*
$75,000 $6,250 $4,375*
$50,000 $4,167 $2,917*

*Your potential monthly benefit payable may be different to the monthly amount insured as it will be reduced if you are receiving other disability payments e.g. workers compensation or sick leave and will depend on your income at the time of claim.

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Waiting periods explained

The waiting period is the time you have to wait before your income benefit payments are payable and will affect the cost of your monthly premiums. When applying for your policy, you can choose a waiting period of 30 or 90 days.

How long am I covered for?

The benefit period is how long you can receive benefit payments, and this will impact the cost of your monthly premiums. You can apply for a benefit period of 6 months, 1 year, 2 years, or 5 years. A longer benefit period means that you may be eligible to receive income protection payments for a longer period.

When will my benefit be paid?

During your benefit period, your income benefit is paid monthly in arrears with your first payment occurring one month after the end of your chosen waiting period.

Got any questions?

Give us a call or request a callback, and one of our friendly team will be happy to answer your questions.

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Other Commonly Asked Questions

Do I need income protection insurance?

Everyone’s individual situation differs. Some of the things to consider when choosing whether to purchase cover can include:

If you are self-employed and don’t have access to sick-leave and paid time off, income protection insurance could provide financial security if you are unable to work due to injury or sickness. If you have dependents, income protection insurance could help make sure they are financially secure if you are unable to work.

If you have financial commitments, such as a mortgage, income protection insurance could help you continue to make repayments even if you are unable to work.

Income protection insurance could also be beneficial if you don’t have enough savings to cover your expenses while you are off work and not earning any income for several months or more.

If you are unsure whether you need income protection insurance, speak to your financial advisor.

What does income protection insurance cover?

If you are unable to work due to an injury or sickness, Real Income Protection Insurance covers up to 70% of your pre-tax income up to $15,000 a month, so you can focus on getting back on your feet without added financial stress.

As well as helping you cover everyday living expenses and pay mortgage or credit card repayments on time, in addition you could be reimbursed for some of your rehabilitation program or return to work costs. You could modify your house to make it more accommodating for your new circumstances, or your loved ones could receive a final expenses benefit to help them cover your funeral expenses if the worst happens while your cover is active.

Learn more about what income protection insurance covers.

Are income protection insurance premiums tax deductible?

Yes, according to the Australian Tax Office (ATO) you may be able claim the cost of your income protection insurance premiums against any loss of income. When considering the tax implications of Real Income Protection Insurance, always seek professional advice. Learn more about is income protection insurance tax deductible?

Are there any exclusions that apply to income protection insurance?

Yes, there may be some exclusions. No income benefit will be payable if the injury or sickness is caused directly or indirectly as a result of:

  • an intentional self-inflicted act;
  • attempted suicide;
  • normal pregnancy, giving birth, miscarrying, or having a pregnancy terminated;
  • war (declared or not) or war-like activity, or taking part in a riot or civil commotion; or
  • engaging in any criminal activities or illegal acts.

Other exclusions may apply. Please read the Real Income Protection Insurance PDS for further details.

Does my job affect my income protection insurance premium?

Yes, your job could affect the premium you pay. With Real Income Protection Insurance, premiums are determined by several factors including the duties you perform as part of your work, as well as your age, smoking status, and more.

When can I make a claim?

Claims should be made as soon as possible after the incident giving rise to the claim. 

Visit our claims page for more information.

What documents do I need to provide?

Your dedicated claims specialist will provide you with a claim form as well as details of any other documents that may be required which will include:

  • Proof of Identity
  • Proof of income

Visit our claims page for more information

How long will it take for my claim to be processed?

Once we receive all the documentation we have asked for, your claim will be submitted to Hannover (insurer) to be assessed. We will call you as soon as there is an update or within 10 business days of receiving your forms, and every 10 business days thereafter to keep you informed of how your claim is going.

If your claim is approved, payment will be made promptly. Sometimes assessment leads to a need for additional information. This may require you to provide the extra information, or we may seek it directly from your medical practitioner. In either case, we will consider any new information promptly and inform you of the outcome.

How do the payments work?

You will receive a monthly payment. You can start to accrue payments once you have been unable to work for longer than 30 or 90 days, depending on the waiting period you have chosen. Payments are made at the end of the month and then will continue each month you are out of action up to 6 months, 1 year, 2 years, or 5 years depending on the benefit period you have in your policy cover.

How are the payments made?

The payments will be made directly to the bank account that you nominate on your claim form.

Ready to protect your income?

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Exclusions applicable include but are not limited to, no cover for injury or sickness caused through an intentional or self-inflicted act, war or riot, engaging in criminal acts or associated with pregnancy or elective surgery. For further details please read the PDS.