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The income you earn between now and your retirement may well be your biggest asset. Protecting it can help ensure you cover your living costs whilst unable to work, and continue to put money aside for your retirement.
Income Protection insurance provides a monthly insurance benefit if you are unable to work because of sickness or injury. You must be continuously disabled for a period of 30 or 60 days - this is known as the waiting period. You can select the appropriate waiting period that is suitable for your needs when you apply for Income Protection insurance cover.
Depending on the benefit period you choose, the monthly benefit for your income protection insurance will continue to be paid monthly in arrears up until you cease to be totally and partially disabled up to either:
• A maximum of two years, or
• To age 65 (does not apply to casual employees and contractors).
The maximum monthly benefit for Income Protection insurance is 85% of your monthly salary (including 10% super contribution) subject to a maximum of $25,000 per month. The maximum amount that can be paid to you directly is 75% of your monthly salary. Any amount above this - up to the maximum of 85% of your monthly salary - will be paid into your Premium Choice superannuation account for as long as you are in receipt of the Income Protection insurance benefit.
BUSSQ Premium Choice members can apply for Income Protection cover online through MemberAccess, or using the Application to change or increase insurance form. MySuper members who wish to apply should first upgrade to Premium Choice – there is no additional cost and your member details will remain the same.
See changes to insurance effective 1 March 2017
Please note: In the event of a dispute, the insurance policy document will override the relevant Product Disclosure Statement and the information contained within this website.
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