Income protection benefits
Income protection means you can focus on the things you love now, so you don’t have to worry about the 'what-ifs' for later.
Income protection
In case of illness or injury, income protection can make a big difference to you and your loved ones. It can pay up to 87%* of your salary, so you can keep paying the bills while you’re temporarily off work.
Jump on our free insurance calculator, or talk to one of our insurance specialistsAD2 to help determine how much you need, and how much it costs.
No out-of-pocket expenses
Premiums are paid from your super, so your take-home pay isn’t reduced.
Cover that reflects your salary
Income protection can pay up to 87%* of your salary, so you can keep paying the bills while you’re temporarily off work.
Cover when you need it
Flexible waiting periods are available so you can have access to cash when you need it.
Long-term cover available
Choose how long you’ll receive benefits for - from 2 years, 5 years and even up to the age of 65.
How income protection works
Income protection can cover between 15% and 87%* of your normal monthly income.
If you make a successful claim, the insurer will work out your benefit by looking at your cover amount, your pre-disability income, other disability payments and the policy maximums.
Please refer to the Insurance Handbook for examples of claim calculations.
Income protection application options
You can get a quote and apply for income protection in three different ways. There is Basic Plus Cover, IP Express and Tailored income protection with full underwriting. Check out the premiums and what suits you with the following tabs.
You can also refer to the Insurance Handbook for more detail about these options.
- Basic Plus Cover
- IP Express
- Tailored income protection with full underwriting
Income protection cover as part of Basic Plus Cover
If you’ve never held income protection cover through your account with us, you may be able to apply for it as part of Basic Plus Cover, through your Member Online account.
This is a quick way to get income protection cover by answering only a few questions about your employment, health and lifestyle. Depending on your answers you may be referred for full underwriting where we may ask for more information about your employment, health and lifestyle.
Income protection cover as part of Basic Plus Cover is subject to maximum cover limits and specific waiting and benefit periods.
Get more options with IP Express
If you don’t have income protection with us, another way you can apply is through IP Express, through your Member Online account.
This is a quick way to get income protection cover by answering only a few questions about your employment, health and lifestyle. Depending on your answers you may be referred for full underwriting where we may ask for more information about your employment, health and lifestyle.
Income protection cover provided via IP Express is subject to maximum cover limits and specific waiting and benefit periods.
Tailored income protection cover with full underwriting
You can apply for income protection cover with full underwriting. This allows you to apply for more cover with a wider range of benefit periods and waiting periods. With full underwriting, you’ll be asked several questions, including some about your:
- Employment
- Health and lifestyle
- Medical history
- Current and past insurance
The insurer will decide:
- If they can offer any cover
- The cost of cover
- If any special conditions will be applied
Next steps
Apply for income protection
If your income is suddenly impacted because you are temporarily off work due to an illness or injury, you might need help paying your living expenses.
You might need income protection cover if you:
- have a mortgage or other debts
- are self-employed or own a small business and don’t get paid sick leave
- don’t have enough savings to cover your expenses.
Review your income protection
If you already have Income Protection cover, we recommend that you regularly review your cover to make sure it keeps up with any salary increases you receive.
You can apply for higher cover if you need to.
Super simple - your income protection questions answered
Sam is currently 40 years of age, earns $100,000 a year and has had income protection cover for the last ten years. Sam’s income protection currently covers 87%* of his salary which is equal to a benefit of $7,250 per month in the event he’s off work temporarily due to an injury or illness and needs to submit an income protection claim.
He’s also chosen a 30-day waiting period and cover for two years. The current cost of his income protection cover is $17.94 monthly, or $215.33** a year, paid directly from his super account. Following an untimely accident, Sam’s doctors have advised him that he can’t work for 12 months while he undergoes treatment and rehabilitation.
Sam decides to submit an income protection claim, and after waiting the 30-day waiting period, his claim is approved by the Insurer and his income protection benefit commences. The insurer pays 75% of the benefit as income (less any applicable tax) to Sam’s bank account, monthly in arrears, and the remaining amount is paid to Sam’s super account as a superannuation contribution. Sam is also kept regularly updated about the ongoing claims assessment process for the duration of his claim.
With income protection cover, Sam can confidently manage his bills and living expenses while he recovers from his accident, ensuring his financial security and peace of mind.
You can apply for income protection cover if you have money in your super account and are:
- An Australian resident
- At least 15 but less than 65
- Employed for at least 15 hours per week
- At work on the date you apply
You can refer to the Insurance Handbook for more detail about applying for cover.
When you apply for income protection you choose:
How much you want to be insured for
Between 15% and 87%* of your normal gross (before-tax) monthly income. A limit of $40,000 per month applies.
If you receive other disability income because of your illness or injury, such as motor accident insurance or workers compensation, your income protection benefit may be reduced at claim time because of these payments. More information about how other payments may reduce your income protection benefit is available in the Insurance Handbook.
A waiting period
How long you’ll need to wait before you become eligible to claim after you become disabled. It’s important to know you won’t receive any income protection payments for the waiting period.
A benefit period
The maximum amount of time payments to you can continue while you’re disabled.
When you apply for income protection cover, you can choose a benefit period of either, 2 years, 5 years, or to age 65. While you are disabled, this is the maximum period of time you can get an income protection benefit paid to you. Depending on your circumstance, it may be less.
Your waiting period and benefit period options are shown below:
Scroll table horizontally on mobile
| Waiting period options | ||||
| Benefit period | 14 days | 30 days | 60 days | 90 days |
| 2 years | ✓ | ✓ | ✓ | ✓ |
| 5 years | Not available | ✓ | ✓ | ✓ |
| To age 65 | Not available | ✓ | ✓ | ✓ |
The longer the benefit period, the more your cover costs.
The cost of your income protection insurance comes out of your super balance, and is based on several factors including your:
- Age
- Cover amount
- Insurance category
- Waiting period
- Benefit period
Plus any premium loadings the insurer applies.
In addition to your insurance premiums, we deduct an insurance administration fee. This fee is $1.85 per month and helps cover the cost of managing your insurance.
There are 4 insurance categories that can be applied to your cover – the Professional category provides the lowest premium and premiums increase through the Low Risk, Medium Risk and High Risk insurance categories in that order.
Your insurance category is important. If you’re in a higher risk category than your work requires, you might be paying more for your cover than you should.
You can review your insurance category, and apply to change it if you need to, by logging into Member Online.
You can refer to the relevant Insurance Handbook for more detail about insurance categories.
Looking to apply for insurance, transfer or make changes to your existing cover? The easiest way to do this is by logging into Member Online.
Here are some handy links:
- Apply for or increase your insurance
- Change or cancel your insurance cover
- Life events cover
- Transfer your cover to Aware Super
- How to claim an income protection benefit
Use our free insurance calculator to help determine how much you need and how much it will cost:
Talk to an expert – book an appointment
Talk to one of our insurance specialists to find the cover you need.AD2
Explore other types of insurance
Total and permanent disablement (TPD) cover provides a lump sum payment if you’re unlikely to work again due to an illness or injury.
Death cover provides a lump sum payment if you die. This can help loved ones in time of need.
