If you are purchasing cover within your Super Fund then you are not able to buy the Normal TPD or Trauma products.
You may still purchase these products from us but they must be outside of your Super Fund in a separate policy.
What is Income Protection?
Income protection insurance is a product that replaces some of your income if you're unable to work due to illness or injury.
The majority of policies will provide you with a fortnightly or monthly benefit payment up to 75% (some up to 85%) of the income amount you’ve insured.
Typical product design is a 30, 60 or 90 day waiting period (when you don’t receive any benefits) and a two-year benefit period.
Income Protection - Additional Benefits Bundle
The following Additional Benefits may be purchased by you as an optional extra with an additional premium payable. Please note these Additional Benefits are bundled together and cannot be purchased individually.
Full descriptions of reach of the above benefits are contained in the PDS.
This Bundle requires a 10% increase to the Income Protection portion of your premium.
What is Accidental Death?
Accidental Death pays your Estate a benefit upon your death from an injury. It differs from Life insurance because it will not pay a benefit if the death is caused by an illness.
It would be paid in addition to any life insurance benefit you were entitled to and is significantly cheaper to buy because it only covers injury.
Typically, the sum insured would be in the range of $100,000 to $1,000,000, depending on your circumstances.
What is Total Permanent Disablement (TPD)?
TPD is a product that pays you a lump sum amount if you suffer a serious illness or injury that leaves you unable to work again on a permanent basis.
It is often purchased in addition to Income Protection. The sum insured needs to take into account your permanent inability to earn an income from working. A good way of calculating it is to think in terms of a multiple of your income. For example, 10 times your income should effectively provide you with 10+ years of your current income to live off.
So Income Protection can be viewed as the shorter-term solution to get you back on your feet whilst hopefully reaching full recovery. TPD is the long-term solution for a permanent disability.
The combined Total of Normal TPD and Other TPD can be no more than 10 times your Income value, up to a maximum of $3,000,000.
Normal Occupation means your most recent occupation prior to the injury or illness that led to your disability. If the insured person had more than one occupation, it would be that which the majority of their income is derived from.
Other Occupation means you are incapable of working in any occupation for which you have the education, training and experience, which lasts for at least twelve months and at the end of that period is beyond hope of improvement.
You can choose one of Normal or Other or a comination of the two. The premium is less for Other as you are less likely to become totally & permanently disabled when there are a higher number of alternative jobs you can do with your disability.
What is Trauma?
Trauma Insurance provides you with a lump sum payment if you suffer a serious medical condition such as a heart attack, stroke or cancer. A trauma benefit is typically used to:
Trauma insurance can be bought separately but is usually bought in conjunction with death, income protection and TPD cover.
The sum insured could range from $50,000 to $500,000 – a lesser amount when it’s bought in conjunction with the other products, a higher amount if it’s bought standalone.
This insurance is arranged by Aspect Underwriting on behalf of certain underwriters at Lloyd’s.
Aspect Underwriting is a Corporate Authorised Representative (ABN: 91 161 017 007,
CAR No. 001247437) of Empire Insurance Services Pty Ltd (AFSL No. 232987).
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