Income Protection Insurance

Financial protection if you are temporarily unable to work due to illness or injury.

Key features

  • You can apply if you're between 18-59 years old
  • Monthly payments if you can’t work due to illness or injury
  • Cover for up to 75% of your monthly income to a maximum of $10K per month
  • No medical tests required on application
  • Available to purchase via self-managed super funds

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What is Income Protection Insurance?

Income Protection gives you an alternative source of income if you are temporarily unable to work due to an illness or injury that has left you Totally Disabled or Partially Disabled.

A monthly payment for a nominated period of time can help you keep your household up and running, and provide for your loved ones while you recover.

That's what Income Protection is really about:  taking the financial pressure off so you can concentrate on getting back on your feet.

Income Protection

What am I covered for under Income Protection?

You can tailor your cover to suit your individual needs. Your choice of cover will impact the types of events you can claim against.

You can choose all three types of cover, or two or just one. It's up to you.

Accident Cover

You will be covered if you are temporarily unable to work due to an Accidental Injury (subject to any Special Conditions outlined in your Policy Schedule).

What you're covered for:

  • If you are injured in an Accident that has left you Totally Disabled and unable to work in any gainful occupation
  • OR

  • If you are injured in an Accident that has left you Partially Disabled and you have suffered a reduction of 20% or more in your ability to generate a monthly income, but you are still capable of performing some duties in a gainful occupation
  • Examples of accidental injuries include:

  • Breaking a leg in a household accident
  • Injuries sustained in a workplace accident or a transport accident
  •  

Illness Cover

You will be covered if you are temporarily unable to work due to an Illness (subject to any Special Conditions outlined in your Policy Schedule).

What you're covered for:

  • If you suffer an illness that has left you Totally Disabled and unable to work in any gainful occupation
  • OR

  • If you suffer an illness that has left you Partially Disabled and you have suffered a reduction of 20% or more in your ability to generate a monthly income, but you are still capable of performing some duties in a gainful occupation
  • Examples of illnesses include:

  • Medical events such as a heart attack or stroke
  • Mental Health Related Illness as per PDS such as anxiety or depression
  •  

Sports Cover

If you take up Accident Cover, you can extend it with Sports Cover. This means you are covered if you are injured while playing a sport (subject to any Special Conditions outlined in your Policy Schedule) and are unable to work.

What you're covered for:

  • If you are injured while participating in a Sport left Totally Disabled and unable to work in any gainful occupation
  • OR

  • If you are injured while participating in a Sport that has left you Partially Disabled and you have suffered a reduction of 20% or more in your ability to generate a monthly income, but you are still capable of performing some duties in a gainful occupation
  • Examples of Sporting injuries include:

  • Suffering a torn hamstring when playing tennis
  • Suffering a spinal injury while playing football
  •  

What important details do I need to know?

What’s not covered:

You will only be covered for the events listed under the Cover type you choose.   
Eg, if you choose only Accident Cover, you will not be covered for any events listed under  Illness Cover or Sports Cover

Regardless of the cover types you choose the following applies:

  •  No payment will be made if the event giving rise to the claim is caused directly or indirectly by an intentional, self-inflicted act by you
  • Pregnancy, giving birth, miscarrying or having a pregnancy termination unless Total Disability or Partial Disability continues for longer than 3 months after pregnancy ends, in which case Disability will be considered to have started at the date the pregnancy ends
  • war, terrorism, civil commotion or unrest; guerrilla or insurgent activities in countries outside Australia;
  • you visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has issued a ‘Do Not Travel’ warning advice that is in force during the time you stay in that country;
  • any Illness, Injury or Sports Injury that occurs as a result of, or during the course of, committing or attempting to commit a criminal offence; 
  • Mental Health Related Illness or any Mental Health Related Illness as a result of an Accidental Injury, Sports Injury or Illness after a Benefit has been paid for two years

Cover Start and End Dates

Once your application is accepted by us your Cover continues until the Policy Anniversary prior to your 65th birthday as long as you have complied with the Duty of Disclosure and paid the premiums when due.

Your Cover will end when Cover is removed from your Policy, Cover lapses through non-payment of premiums (where premiums are payable) or when Cover expires at age 64. There may be other reasons Cover may end.

Please see the PDS for further details.

What's not covered

What’s not covered:

You will only be covered for the events listed under the Cover type you choose.   
Eg, if you choose only Accident Cover, you will not be covered for any events listed under  Illness Cover or Sports Cover

Regardless of the cover types you choose the following applies:

  •  No payment will be made if the event giving rise to the claim is caused directly or indirectly by an intentional, self-inflicted act by you
  • Pregnancy, giving birth, miscarrying or having a pregnancy termination unless Total Disability or Partial Disability continues for longer than 3 months after pregnancy ends, in which case Disability will be considered to have started at the date the pregnancy ends
  • war, terrorism, civil commotion or unrest; guerrilla or insurgent activities in countries outside Australia;
  • you visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has issued a ‘Do Not Travel’ warning advice that is in force during the time you stay in that country;
  • any Illness, Injury or Sports Injury that occurs as a result of, or during the course of, committing or attempting to commit a criminal offence; 
  • Mental Health Related Illness or any Mental Health Related Illness as a result of an Accidental Injury, Sports Injury or Illness after a Benefit has been paid for two years

Cover Start and End Dates

Once your application is accepted by us your Cover continues until the Policy Anniversary prior to your 65th birthday as long as you have complied with the Duty of Disclosure and paid the premiums when due.

Your Cover will end when Cover is removed from your Policy, Cover lapses through non-payment of premiums (where premiums are payable) or when Cover expires at age 64. There may be other reasons Cover may end.

Please see the PDS for further details.

Waiting Periods & Benefit Periods

Waiting Periods & Benefit Periods

A choice of Waiting Periods applies from the Date of Disablement before Benefits commence:

  • 2 weeks;
  • 4 weeks;
  • 13 weeks; or
  • 2 years (104 weeks)

You can also select the length of your Benefit Period (subject to eligibility). This is the length of time we will pay you a Benefit once we have accepted your claim and Monthly Benefit payments commence:

  • 1 year;
  • 2 years; or
  • 5 years

Conditions

Please note the following conditions:

  • You must be Totally or Partially Disabled for the entire waiting period
  • The Benefit Period is payable once per claimed condition, including any recurrences;
  • Benefit payments expire at the end of theBenefit Period; and
  • A maximum Benefit Period of 2 years applies for claims arising from Mental Health Related Illnesses even if a longer Benefit Period has been selected.

Health & Lifestyle Assessment

Health & Lifestyle Assessment

When you apply for TAL Lifetime Protection, you will be asked a number of questions related to your health and lifestyle.  You can answer these online or over the phone.  No medicals are required when you apply.

By agreeing to the Duty of Disclosure you have agreed to be honest and accurate in your answers to these questions.

Your answers to the questions may mean that you have increased risk factors under the Policy.

Loadings & Exclusions

In some cases we will be unable to provide you with all or some parts of the Cover for which you have applied.

In other cases, Cover may be subject to conditions such as a Premium Loading, or an Exclusion.

A Premium Loading will mean that you pay a higher premium for the Cover

An Exclusion will mean that you will not be Covered if you suffer a specified excluded medical condition, or you are injured as a result of participating in an excluded pastime or activity.

Income Calculations & Offsets

Your income calculation and benefit amount

 You Income is considered to be the total of:

  • your average income in the 12 months prior to your Disability occuring.   This may include income from your occupation, your partnerships or trusts,  income from your investments, and other sources of income
  • the Monthly Income you received in the claimed period

We calculate 75% of your total income to arrive at your Incomed Protection Benefit payment. Your Benefit payments start to accrue when your claim is admitted and your Waiting Period has expired.

Payments are paid monthly in arrears; and Benefit payments will continue for as long as you are Totally Disabled or Partially Disabled in accordance with the terms and conditions of your Policy and will cease at the end of the Benefit Period or Cover Expiry, whichever is earlier.

Adjustments and offsets

Adjustments and Offsets reduce your Income Protection Benefit, if you receive other income payments, which together with the Benefit exceed 75% of your Average Monthly income.

Examples of other income payments include:

  • any other income protection or similar policy;
  • any workers’ compensation, legal judgment, or
  • statute related payment; or
  • sick leave greater than 60 days

Need help deciding if Income Protection is for you?

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