What does income protection insurance cover?

Monthly payments to help cover your mortgage, rent or any other expenses when you are unable to work due to sickness or injury.

With Real Income Protection Insurance in place, you can have cover for up to 70% of your monthly pre-tax income up to $15,000 per month!

We pay you a monthly income benefit if you can’t work due to an injury or sickness that extends for longer than your waiting period. Working Australian residents aged 18 - 60 can apply.

What sickness or injuries could income protection insurance cover?

Some examples of injuries and sickness you may be able to claim for loss of income, depending on your occupation, include:

Back injury
Hearing loss
Loss of vision
Broken arm or leg
Brain injury
Nerve damage
Rheumatoid arthritis
Heart attack
Parkinson’s disease
Mental illness
Chronic obstructive pulmonary disease

What isn’t covered?

Like many types of insurance, there are some things that aren’t covered, called exclusions. For further details please read the Product Disclosure Statement.

Flexible options

There are flexible cover options available to suit your needs and budget. Apply for:

  • Your benefit amount - The amount we pay you when you can't work due to an injury or sickness – apply for an amount from $1,000 up to $15,000 a month, up to 70% of your monthly pre-tax income.
  • Your waiting period - The time you need to wait between stopping work and starting to receive your benefit, you can choose 30 or 90 days.
  • Your benefit period - How long you'd like your income benefit to last while you're unable to work, you can apply for 6 months, 1 year, 2 years, or 5 years.

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Providing an income if you can’t work

Real Income Protection Insurance covers you for more than loss of income, it includes additional benefits to help you with the burden of rehabilitation costs or could provide financial support for your loved ones if the worst was to happen.

Recurrent disability benefit

If your sickness or injury reoccurs within 6 months of your last claim, we treat it as a continuation of the previous claim, meaning there is no additional waiting period.

Rehabilitation benefit

We reimburse you up to an additional 50% of your income benefit to help cover your monthly rehabilitation program up to $3,000 for a maximum of 6 months, or up six times the income benefit towards costs to assist you returning to work.

Final expenses benefit

If you pass away whilst covered, your loved ones 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.

Rehabilitation benefit

Rehabilitation benefit

While income protection insurance can cover you for a loss of income due to an injury or sickness, getting back on your feet can still cost thousands of dollars in addition to your regular living expenses, in physical and occupational therapy – that’s why Real Income Protection has additional cover for rehabilitation.

  • Rehabilitation program – If you participate in an approved rehabilitation program, we will reimburse you up to an additional 50% of your income benefit for each month that you participate in the program, up to $3,000 for a maximum of six months.
  • Return to work costs – We will reimburse up to six times the amount of your income benefit toward expenses such as the cost of special equipment and workplace modifications that are designed to help you re-enter the workforce.

The Real Income Protection Insurance rehabilitation benefit gives you peace of mind knowing that you can afford care, when you need it most.

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The difference between Medicare and income protection insurance

Real Income Protection Insurance provides financial support that you can use for whatever you need, when you need it most.

While Medicare may cover some healthcare costs, income protection insurance can also help pay for any medical expenses as well as with the bills that keep coming.

  • Medicare doesn’t replace lost income

    Without an income, you might struggle to find money to pay for regular bills - this is where income protection insurance can assist. It’s there to replace a portion of lost income, just when you need it the most.

  • Income protection assists with your rehabilitation where Medicare stops

    Depending on your policy, your insurer can reimburse you for approved rehabilitation expenses and help get you back on your feet faster.

  • Medicare doesn’t cover your mortgage

    Income protection insurance can help make sure your rent or mortgage payments are made on time without any added financial stress.

  • Income protection insurance can assist with general household bills

    The regular monthly payments you receive can help make sure your bills and loan repayments are paid on time, as well as help you maintain the lifestyle you’re accustomed to without any added financial pressure.

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.

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