INCOME PROTECTION COVER |
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How long can you cope without your income? Whether you are single, or have a family or a mortgage, your income is one of your most valuable assets because it supports your lifestyle.
What is Income Protection cover? Income protection cover helps to replace your lost income in the event that you can’t work due to illness or injury. You are covered even if you are not at work, or on a holiday.
How does it work? If you have to be off work for an extended period because of illness or temporary disability, basic cover provides you with up to 75% of your annual salary in monthly payments, after a 60-day waiting period. Payments will continue until you have recovered sufficiently to work again, or up to the maximum benefit period of two years. Even if you’re temporarily or partially disabled, you may still qualify for a monthly benefit payment for up to 2 years. In other words, income protection cover goes to work, when you can’t.
What is a waiting period and benefit period? A waiting period is how long you have to wait while sick or injured before you are eligible to receive your benefit payments. The default waiting period with Vision Super is 60 days but you can apply to reduce the waiting period to 30 days. You will need to complete and send us the insurance form 2 and Personal Statement.
A benefit period is the maximum length of time in which benefit payments will be paid. Vision Super Income Protection cover provides benefit payments for up to 2 years.
Do I need to review my Income Protection cover when my salary changes? Yes! It’s important for you to let us know if your salary changes, because your cover doesn’t automatically adjust to reflect a salary change. To inform us of a salary increase within 30 days of the increase, you will need to provide a letter from your payroll department confirming your new salary and effective date, and insurance form 2.
If more than 30 days has lapsed since your salary increase, you will also need to provide us the Personal Statement.
How much income protection cover do I need? This depends on your financial commitments e.g. mortgage repayments, school fees, living costs etc. Get your estimate with our Income Protection Calculator.
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*capped at an annual salary of $128,000. If your salary is greater than $128,000 a year, you must apply to increase your cover to 75% of your annual salary. Requests are subject to approval by the insurer and you will need to provide medical evidence. For more information or assistance, please call our friendly Member Services team on (03) 9911 3222 (regional callers 1300 300 820) or email us. |
