Income Protection Insurance
Frequently Asked Questions
- Can I earn other income while I'm receiving Income Protection payments?
If you qualify to receive Total Disability payments and you return to work on a partial basis earning less than you were before your claim, you may be eligible for a Partial Disability Benefit. This allows you to receive some Income Protection payments on top of the partial income you’re able to earn.
Your Claims Manager will use your payslip (or other proof of income) to understand what your regular income is and the reduction in your benefits as you receive income from sources such as Workers’ Compensation, Centrelink, other insurance policies and, in some cases, sick leave.
You must let your Claims Manager know if you return to work, or are receiving income from other sources, so we can make sure you receive the correct payments.
- What is the waiting period for Income Protection insurance?
The Waiting Period is the period of time from the Date of Disablement before Benefits start accruing for Income Protection Insurance. When structuring your policy, you can choose between 2 weeks, 4 weeks, 13 weeks; or 2 years (104 weeks). Benefits are not payable during the Waiting Period. Generally, the longer the Waiting Period, the cheaper the premiums.
We make your first payment one month after the Waiting Period ends. For example, you chose a 4 week Waiting Period. If you were injured and stopped work on 1st April, your waiting period would start on 1st April and end 28 days later on 28th April.
You would then qualify for your Benefits from the 29th April. And your first payment would be paid one month later, on the 28th May.
- What additional features can I set up over the phone?
You will need to speak to a member of our team on 13 49 60 about including any of the following:
Increasing Claims Option (For Income Protection only) – If you are receiving benefit payments, Increasing Claims allows the benefit amount to increase based on the indexation factor or 3%, whichever is lesser. (This can only be set up over the phone).
Day One Accident (For Income Protection only) – instead of having to wait out your chosen waiting period, if you’re disabled for the entire waiting period your payments will start accruing from the first day you’re off work due to a total disability from an injury (only available to 2 and 4 week waiting periods).
- Need more information?
Please call us on 13 49 60 or take a look at the PDS