What is it?
Income protection cover provides you with an income if you are temporarily (or permanently) unable to work due to illness or injury. Many families today rely on two incomes, so it’s important for the incomes of both partners to be protected by insurance.
How it works
The premiums are deducted from your super account. Life and disability cover insures against a wide range of medical conditions and accidental events. Claims are considered by our insurer and the NGS Super Trustee and successful claims are paid as a lump sum.
Income protection claims are considered by our insurer and the NGS Super Trustee. Successful claims are paid as monthly payments (after expiry of your waiting period) for as long as the disabling condition continues up to a maximum of two years, five years, to age 65 or to age 67 (depending on the benefit period selected).
The amount of cover
You can be insured for cover that provides an income protection benefit of up to 90% of your pre-incapacity income (including up to 10% super contribution) where payable up to age 65. For any benefit payable between age 65 and 67, cover reduces to 70% of your pre-incapacity income (nil super contribution).
How to do it
The key feature of our ‘needs-based’ design is that the amount of standard cover you have changes at certain ages. The Standard Cover package (while not necessarily being suitable for everyone) is designed to provide a basic level of protection throughout your working life, without your active involvement.
Standard Cover offers:
- an age-based approach for life cover, providing different levels of cover at various ages, which aims to provide appropriate cover based on ‘average member’ life stages. Life cover is lowest when you are young and automatically increases as you get older (when your need for cover may be higher), then reduces again as you approach retirement;
- Disability (TPD) and Income Protection (IP) benefits that work in conjunction with each other. Our long-term IP benefit payment period will help to meet your future living expenses, while the lump sum disability (TPD) benefit aims to provide protection for other financial costs associated with a permanent disability.
Our standard IP cover provides a monthly benefit of up to 80% of your pre-incapacity income plus up to 10% super contribution, if you are unable to work due to injury or sickness for more than 90 days. You can be paid benefits for up to 5 years (or to age 67 if this is earlier).
You can apply for additional cover if you need more than our age-based Standard Cover.
Making a Claim
In the event that you may be eligible to make a claim on your insurance, please call us on 1300 133 177. We will help you through the process and will provide you with a designated claims officer who will be in regular contact with you. You will find out more about eligibility in our Insurance Guide.Download PDF