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 an 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 an 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 an 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
  •  

Income Protection

Total Disability Benefit 

If you’re totally disabled as a result of something you’re covered for and can’t work, you’ll receive monthly payments. Find out more

Recurrent Disability

If your disability gets better but then recurs and you’re off work, there’ll be no waiting period before you start receiving payments again. Find out more

Inflation Protection

Inflation Protection automatically increases your Income Protection cover amount by 3% every year, or by the Consumer Price Index - whichever is greater. Your premiums will also increase accordingly. Find out more

Rehabilitation Expense Benefit

To help you get back to health, we will reimburse the expense of your rehabilitation through certain programs. Find out more

Cover Pause

In case of financial hardship, you can pause your cover for up to three months. You won’t pay premiums but you also won’t be covered. It’s easy to switch on your cover again. (This can only be set up over the phone). Find out more

Partial Disability Benefit

If you’re partially disabled as a result of something you’re covered for and can’t work, you’ll receive partial monthly payments. Find out more

Concurrent Disability

If your disability is because of two illnesses or injuries, you’ll only receive payments for one disability - whichever provides you with the highest payment Find out more

Waiver of Premium Benefit

If you’re receiving a monthly payment for Total or Partial Disability, we will waive or reimburse your Income Protection premiums. Find out more

Schedule Injury Benefit

If you have Accident and Sports cover, you can receive an advance payment for certain injuries, such as a fractured wrist. Find out more

Stepped vs. Level Premiums

You can choose to pay either Stepped or Level Premiums. Stepped Premiums increase every year, but generally start cheaper. Level Premiums stay the same and generally cost less in the long run. However, Level Premiums can increase by general premium rate rises and through Inflation Protection. Find out more

What's Included

Total Disability Benefit 

If you’re totally disabled as a result of something you’re covered for and can’t work, you’ll receive monthly payments. Find out more

Recurrent Disability

If your disability gets better but then recurs and you’re off work, there’ll be no waiting period before you start receiving payments again. Find out more

Inflation Protection

Inflation Protection automatically increases your Income Protection cover amount by 3% every year, or by the Consumer Price Index - whichever is greater. Your premiums will also increase accordingly. Find out more

Rehabilitation Expense Benefit

To help you get back to health, we will reimburse the expense of your rehabilitation through certain programs. Find out more

Cover Pause

In case of financial hardship, you can pause your cover for up to three months. You won’t pay premiums but you also won’t be covered. It’s easy to switch on your cover again. (This can only be set up over the phone). Find out more

Partial Disability Benefit

If you’re partially disabled as a result of something you’re covered for and can’t work, you’ll receive partial monthly payments. Find out more

Concurrent Disability

If your disability is because of two illnesses or injuries, you’ll only receive payments for one disability - whichever provides you with the highest payment Find out more

Waiver of Premium Benefit

If you’re receiving a monthly payment for Total or Partial Disability, we will waive or reimburse your Income Protection premiums. Find out more

Schedule Injury Benefit

If you have Accident and Sports cover, you can receive an advance payment for certain injuries, such as a fractured wrist. Find out more

Stepped vs. Level Premiums

You can choose to pay either Stepped or Level Premiums. Stepped Premiums increase every year, but generally start cheaper. Level Premiums stay the same and generally cost less in the long run. However, Level Premiums can increase by general premium rate rises and through Inflation Protection. Find out more

The options you can add

Day One Accident

Instead of having to wait out your chosen waiting period, your payments will start accruing from the first day you’re off work due to a total disability from an injury. (This can only be set up over the phone). Find out more

Increasing Claims

If you are receiving benefit payments, we will increase the payment in line with inflation, while you are receiving them. (This can only be set up over the phone). Find out more

How claims work

How to make a claim

To make a claim, get in touch with our Claims Team. Every claim is different so we assign you a dedicated Claim Manager to find out what you need, and to make it as easy as possible for you. Find out more

Residing outside of Australia

A maximum benefit period of 90 days will apply while you live outside of Australia. Find out more

Other income payments

If you receive other income, it may reduce your Income Protection Benefit. Find out more

General Information

The cost

The cost of your Income Protection cover will depend on a range of factors, including your age and gender, your occupation, health, the cover options you choose, how long you’ve had insurance with us and whether you are a smoker. Find out more

Cover Start and End Dates

We will notify you when your cover is active, and you will stay covered until the policy anniversary following your 64th birthday. This is provided you pay your premiums when they’re due, and you have complied with the Duty of Disclosure. Find out more

Benefit Periods and Waiting Periods

You can choose a waiting period of 2, 4, 13 or 104 weeks. And a benefit period of 1, 2 or 5 years. Find out more

Premium changes

Once your Cover is in place, your policy can’t be singled out for an increase in premium rates because of a change in your health or circumstances. However TAL is able to change the premium rates for all customers if conditions change or we receive more claims than expected. Find out more

Eligibility

The eligible age range is from 18 to 59. Or, 18 to 54 for manual work occupations. Australian citizens, permanent Australian residents, or New Zealand citizens residing permanently in Australia are eligible to apply. Find out more

Minimum and Maximum Cover

You can apply for between $1,000 and $10,000 of cover per month, to a maximum of 75% of your income. Find out more

Loadings and Exclusions

When you apply for TAL Lifetime Protection, you will be asked a number of health and lifestyle questions. These questions relate to your eligibility, whether your insurance will have any exclusions or loadings, and your Duty of Disclosure. Your answers may mean that you have increased risk factors under the Policy. Find out more

What you’re not covered for

TAL Lifetime Protection gives you options to build a comprehensive cover plan, but there are some events we can’t cover. For example, if something happens to you while you’re travelling to a dangerous country, or if you undertake a dangerous activity. Find out more

Need help deciding if Income Protection is for you?

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How can we help?

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