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.

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.

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?

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.

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.

Underwriting is the process insurers use to assess your application and decide whether they can offer cover, and if so, on what terms. This may include considering factors such as your age, health, occupation, lifestyle and the type of cover you're applying for.

In some cases, the underwriting process may result in loadings or exclusions:

• A loading is an additional cost that may be added to your premium if you're considered to present a higher level of risk
• An exclusion is a condition or situation that isn't covered under your policy, such as certain pre-existing conditions or risks associated with particular occupations

With Real Income Protection Insurance, we'll assess your application based on the work you actually do each day, rather than your job title alone. This helps us assess your application more accurately.

Like all insurance policies, Real Income Protection Insurance has exclusions and limitations that define when a benefit may or may not be payable. For example you won't be covered if your sickness or injury is directly or indirectly caused by:

• an intentional self-inflicted act or attempted suicide
• normal pregnancy, childbirth, miscarriage or pregnancy termination (including normal pregnancy-related conditions)
• war or war-like activity, or taking part in a riot or civil commotion
• engaging in criminal activities or illegal acts
• a condition or circumstance that's specifically excluded under the special terms and conditions shown on your policy schedule. 

This is a summary only. Please read the Product Disclosure Statement for the full list of exclusions, limitations and conditions that apply. 

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

Visit our claims page for more information.

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

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.

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.

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