Protect your income in case you may not be able to work*
If you are temporarily unwell or an injury prevents you from working, Income Protection cover can provide you with a monthly benefit to replace your income for up to two years, or longer.
You may be automatically covered for the unexpected
When you first join the Industry Division of Club Plus Super, you may be automatically accepted for Short Term Income Protection (IP) cover without having to supply evidence of health (“automatic cover”).
If you join as a Personal Division member, you may be eligible to apply for ‘pre-approved’ Short Term IP cover, without having to be medically assessed by the insurer.
*Your income/salary may contain many different components such as bonuses, overtime, allowances or commissions, so it is important you understand how our insurer defines your salary for income protection cover. You should refer to the Industry Insurance Booklet or the Personal Insurance Booklet for the full definition of Salary, and note that it specifically excludes any director’s fees, compulsory employer superannuation entitlements, investment income and profit distribution.
How much are you covered for?
With Club Plus Super, you can receive a monthly benefit of up to 90% of your salary plus a superannuation guarantee (SG) benefit of up to 9.5% of your salary. Generally benefits are payable after a waiting period of 21 days, unless you select a longer waiting period. The maximum benefit payment period is two years.
You can vary your cover
You can reduce or cancel your automatic cover at any time by completing the Insurance Variation, Cancellation or Reduction form.
You also have the option to extend the waiting period from 21 days to 45 or 90 days by completing the Insurance Variation form. Reduced premiums apply under the extended waiting periods.
Extra cover can be applied for at any time, but you will need to complete the Personal Statement form (industry and personal division) and be assessed by the insurer.
What is Long Term Income Protection cover?
You have the option to apply for Long Term IP cover, which pays you a benefit up to age 65 after a two-year waiting period.
Under Long Term IP cover, you can receive a monthly benefit of up to 75% of your salary plus a superannuation guarantee (SG) benefit of up to 9.5% of your salary.