Get in touch
Phone Envelope Search
incomeprotection

Income Protection Cover

Income Protection Cover replaces up to 70% of the insured person’s income if they’re unable to work due to sickness or injury. This can help cover day-to-day expenses such as school fees and mortgage and car repayments; allowing the insured person to focus on recovery.

overview

Overview

Minimum entry age

18
Maximum entry age

60
Expiry ages

Policy anniversary after the insured person turns 65
Minimum sum insured

$1,500 per month
Maximum sum insured

The maximum sum insured is the lower of $20,000 per month and:

  • 70% of the first $20,000 of the insured person’s regular monthly income, ($240,000 annually); plus
  • 50% of any earnings greater than $240,000.

The insured person can protect their super contributions under the Superannuation Contribution Option.

Under this option they can insure a maximum of:

  • 11.5% of their earnings up until 30 June 2025, and
  • 12% of their earnings from 1 July 2025.

An Income Booster Option is also available, providing an additional 20% of the monthly benefit for the first six months of claim.
Premium type

Variable age-stepped premium
Funding options

Income Protection Cover is available both inside and outside of super
Waiting periods

30, 60 or 90 days
Benefit periods

Two or Five years
To age 65
keybenefits

Key benefits

Income Protection Cover includes the below key benefits, valuable features, and the ability to add optional benefits.

If cover is purchased inside super, then only the benefits and features marked with an * are available. If cover is purchased outside super, then all benefits and features are available.

All Income Protection Cover benefits and features are subject to the full terms and conditions outlined within the Encompass Protection PDS.

Total Disability Benefit*

If the insured person is unable to work due to total disability, we’ll provide a monthly payment that replaces up to 70% of their lost income. Payment will commence at the end of the chosen waiting period and will continue until the end of the chosen benefit period or when they return to work, whichever is earlier.

Partial Disability Benefit*

If the insured person is unable to work to their full capacity due to partial disability, we’ll pay a portion of the monthly benefit that would have been payable to the insured person if they were totally disabled.
otherbenefits

Valuable features

WAIVER OF PREMIUMS WHILE ON CLAIM BENEFIT*

We’ll waive premiums while we’re paying a monthly benefit.

FUTURE INCREASE BENEFIT*

If the insured person’s income increases by up to 15%, this feature allows for the sum insured to be increased  without having to provide further medical evidence.

INDEXATION BENEFIT*

To help ensure cover keeps pace with the cost of living and maintains real value, we automatically increase the Income Protection Cover sum insured and the Superannuation Contribution Option sum insured each year by the lesser of 3% or, the Consumer Price Index.

RECURRENT DISABILITY*

Depending on the chosen benefit period, if the insured person returns to full-time work after receiving a Total Disability or Partial Disability Benefit and they suffer a relapse of the illness or injury within six months, the waiting period will be waived, and the disability claim will be treated as a continuation of the original claim.

DEATH BENEFIT*

If the insured person dies while Income Protection Cover is in place, we’ll pay a lump sum benefit of $10,000.

REHABILITATION EXPENSE BENEFIT

If we’re paying a Total Disability or Partial Disability Benefit, we’ll pay for the costs of participation in an approved rehabilitation program and/or any equipment we agree is needed for the insured person’s rehabilitation.

optionalextras

Optional benefits

In addition to the key benefits and valuable features, under certain circumstances an Increasing Claim Option*, Income Booster Option* and/or Superannuation Contribution Option* can be added to Income Protection Cover for an additional cost. See the Encompass Protection PDS for details.