You can apply to cover up to 75% of your monthly Pre-Tax, income (subject to
a maximum of $10,000).
Provided you have been self employed for at least 12 months prior to the Policy
Commencement Date, and you are an Australian resident aged 18 to 59 you can apply
for Income Protection Cover.
You will receive your chosen monthly Income Benefit, as long as this amount
is no more than 75% of your monthly Pre-Tax, Pre-Disability Income. If you receive
Other Payments while you’re not working (such as payments from another income protection
policy, worker’s compensation or social security) and this combined with the payments
from your Income Protection Cover policy adds up to more than 75% of your monthly
Pre-Tax, Pre-Disability monthly income, your Income Benefit will be reduced to take
account of these Other Payments.
As long as your premiums are paid on time, we guarantee to renew your cover
until the Policy Anniversary following your 65th birthday.
Generally the premiums for the Income Benefit are tax deductible. However just
as your income is subject to tax, any Income Benefit you receive will also be assessable
as income for income tax purposes.
You can apply for Income Protection Cover by calling one of our friendly consultants
on
1300 37 7325.
The monthly Income Benefit payments start at the end of the Waiting Period you
choose (either 30 or 90 days) and are paid to you in arrears. They will continue
for each month while you’re unable to work, depending on the Benefit Period you
have selected - 6 months, 1 year, 2 years or 5 Years. For example, if you choose
a 30 day Waiting Period, your first payment would be 60 days after you were first
eligible to claim (i.e. the 30 day Waiting Period plus 30 days because claims are
paid monthly in arrears).
While it can’t be taken a stand alone policy, there is an option to add Homemaker
Insurance to an Income Protection Cover policy. Homemaker Insurance provides a Homemaker
Benefit of either $500 or $1,000 per month for 6 months if the Homemaker is unable
to perform any three of their Domestic Duty Tasks due to Sickness or Injury. The
total benefit payable for Homemaker Insurance is $18,000.
Yes, as long as you are working at least 20 hours per week and you have been
working in this capacity for at least 12 months prior to the Policy Commencement
Date, you can apply for Income Protection Cover.
No external medical evidence, such as medical tests or blood tests, is required
when applying for Income Protection Cover. You can apply over the phone by answering
a few simple health and lifestyle questions.
No financial evidence is required during the application stage. If you make
a claim we will require you to provide satisfactory financial evidence of your Pre-Disability
Income.
If your Sickness or Injury recurs within six months of your last Income Benefit
payment you can resume receiving your monthly Income Benefit without undergoing
a new Waiting Period. Your claim is only payable for the balance, if any, of the
Benefit Period.
If the Sickness or Injury is due to an unrelated cause, then a new Waiting Period
will apply. This means that you could claim for a Sickness or Injury unrelated to
a previous claim, but the Waiting Period and Benefit Period will apply in this circumstance.
Yes, you may contact us and apply at any time to increase or decrease your insurance.
Any change is subject to approval.
Income Protection Insurance and Life Insurance can work together to provide
financial security for you and your family.
Income Protection Insurance is designed to help replace your Income if you are unable
to work for an extended period due to Sickness or Injury.
Life Insurance pays a benefit in the event of your death and is designed to help
you provide financial security for your family if the worst were to happen.
We will pay the Income Benefit as a monthly amount if you:
- suffer a Disabling Sickness or Injury that leads to a loss of income while covered
under the policy; and
- remain continuously Disabled during the Waiting Period; and
- are continuously Disabled after the end of the Waiting Period; and
- not working in any occupation during the Waiting Period; and
- solely as a result of the Disabling Sickness or Injury, your capacity to earn your
Pre-Disability Income, from your Regular Occupation reduces by 20% or more.
Yes, your occupation could affect the premium you pay. Other factors that might
affect your premium are:
- your age, gender and smoking status at the time of the application;
- the Income Benefit provided;
- the Benefit Period;
- the Waiting Period; and
- other factors including state of health, family history and participation in hazardous
activities.
If you are eligible to receive an Income Benefit you won’t pay premiums on your
policy until you are either able to go back to work, or the maximum Benefit Period
has been reached. Once your Income Benefit payments start we will refund any premiums
you have paid during the Waiting Period.
The premium is calculated at each Policy Anniversary, and as you would expect,
your premiums increase with your age and also if you increase your Monthly Amount
Insured. Each year (on your Policy Anniversary) your Monthly Amount Insured is automatically
increased by 5% and this will be factored into the premium payable. We will write
to you in advance and you can choose not to accept an increase in any given year.
If you choose not to accept an increase, it will not affect your entitlement to
an increase in the future.
The underlying premium rates are not guaranteed. However, you can never be singled
out for a rate increase. Any rate increase will apply to all policies and you will
be given at least 30 days notice of such change.
Yes, as a smoker you can still apply for Income Protection Cover.
All working Australian Residents aged between 18 and 59 are eligible to apply.
If your partner is a Homemaker, you can include Homemaker Insurance on your
policy which can pay a Homemaker Monthly Amount Insured of either $500 or $1,000
for 6 months. It is not possible to cover your working partner on your policy; however
your working partner can apply for a separate Income Protection Cover policy.
Income Protection Cover comes with a
30 day cooling off period.
This means you have 30 days from the Commencement Date to make sure you are happy
with the Policy – this is known as the “cooling-off period”. If you want to cancel
your policy within this 30 day period you may do so, provided you have not made
a claim under the Policy, and any premiums you may have paid in the time will be
refunded with no obligation. All cancellation requests must be made in writing.
You can use the money you receive as you wish – to cover daily living expenses,
pay the rent or mortgage, credit card and car repayments, pay medical and rehabilitation
expenses or even a holiday.
You can choose a Waiting Period of either 30 or 90 days. The longer the Waiting
Period you choose, the lower the premium you pay. Ideally, your Income Benefit should
commence as soon as your income is affected. Everyone's situation is different,
however you may wish to align your Waiting Period with the minimum number of days'
sick leave you will have available at any given time in the future.
If you receive other income during the “claims period”, these will be taken
into consideration when calculating the Income Benefit amount payable.
Certain hazardous activities (including some sports) could affect your application
for Income Protection Insurance. During your application you will be asked questions
about your participation in any hazardous activities and the consultant will inform
you if this affects your application in any way.
Your premium will be debited on the day of your choice, either fortnightly,
monthly or annually. The date you select for your first premium deduction will become
your Policy Commencement Date. You can pay either by automatic debit from your bank,
credit union or building society account or by charge to your credit card.
If you cancel the policy within the “cooling-off period” (within 30 days from
the Policy Commencement Date) we will refund any premiums you may have paid in this
period, provided you have not made a claim under the policy. If you pay fortnightly
or monthly and should you cancel after the “cooling-off period”, no refunds of any
premiums paid will be made. However, if you have paid annually in advance and cancel
your policy after the 30 day cooling off period has expired, any premium refund
due will be paid into your nominated account.
If your application for Income Protection Cover is accepted by us, cover starts
immediately. Your first premium is deducted from the Policy Commencement Date, which
is also set out in the Policy Schedule.
If you (or your legal representative) wish to claim under this Policy, please phone
1300 737 697 or write to
Real Insurance, PO Box 6728 Baulkham
Hills NSW 2153. You (or your legal representative) will be sent a Claim
Booklet, which includes a form to be completed, signed and returned along with other
supporting claim information. We may also require your treating doctor or specialist
to complete a form at your expense.
We will not pay an Income Benefit in respect of a claim for a Disabling Sickness
or Injury occurring directly or indirectly from:
- A Mental Disorder or Illness; or
- An intentional self inflicted act; or
- Attempted suicide; or
- The consumption of drugs (unless under the direction of a Medical Practitioner and
not in connection with treatment for drug addiction, substance abuse or dependence);
or
- The consumption of intoxicating liquor, including having a blood alcohol content
over the prescribed legal limit whilst driving; or
- Normal pregnancy (including participation in IVF or similar program, normal discomforts
such as morning sickness, backache, varicose veins, ankle swelling or bladder problems),
giving birth, miscarrying or having a pregnancy terminated; or
- War (whether declared or not) or war-like activity, or taking part in a riot or
civil commotion; or
- Engaging in any criminal activities or illegal acts.
We will not pay the Income Benefit where we have agreed a special term with you
in respect of your cover that specifically excludes the event or condition leading
to the claim. Any such special term will be agreed with you before your Policy is
issued and will appear on your Policy Schedule.
Whatever combination of benefits you choose, with Income Protection Cover, you
are covered 24 hours a day, 7 days a week, worldwide provided you remain an Australian
resident.
Hannover Life Re of Australasia (Hannover), ABN 37 062 395 484, is the issuer
of Income Protection Cover. Hannover’s portfolio of life insurance business has
been in force for over 40 years and consists of approximately $500 million dollars
of annual premium. The company is part of the Hannover Re Group which is one of
the world’s leading reinsurers. Its worldwide network consists of more than 100
subsidiaries, branch and representative offices in around 20 countries. Standard
& Poor’s have awarded Hannover Re a very strong insurer financial strength rating.