Income Protection Insurance
The benefit provided from this insurance cover is designed to bridge the gap where you are unable to work and are receiving reduced or no income as a result of a temporary disablement.
Income Protection insurance cover is separate from our Death Only and Death and Total & Permanent Disablement (TPD) (Standard and White Collar) cover.
Cover available
You can apply for this type of cover in addition to the Death Only or Death and TPD group life cover.
The maximum benefit for income protection insurance is 85% of your pre-injury or illness salary (this is made up of 75% paid to you as income and 10% superannuation contribution paid into your LUCRF Super account), and is capped at $20,000 cover per month.
How Income Protection works
Income Protection insurance depends on various factors such as your age, gender, the type of work you do and the waiting period you choose. It is available in three levels of cover, depending on the type of work you do. Your job and role will be confirmed before any insurance claim is accepted.
White Collar
For professional, clerical or administrative white collar workers who do not perform any manual work, including sales people not involved in deliveries.
For skilled and unskilled workers, performing light manual work and involved in non-hazardous industries and/or tasks. Light blue also covers supervisors of heavy blue workers or fully qualified tradespeople (details of qualifications must be provided).
Heavy Blue
For skilled or semi-skilled manual workers and heavy machine operators who are not exposed to high risk accidents, health hazards or who do not participate in high risk occupations are classified heavy blue.
- the end of the 2-year benefit period;
- reaching age 65;
- death; or
- when you are no longer disabled.
You are eligible to apply for cover if you are working a minimum of 15 hours per week for a LUCRF Super employer.
When are benefits payable?
- incapable of performing one or more of the duties of your regular occupation necessary to produce income, as confirmed by a medical practitioner; and
- not engaged in any occupation; and
- under regular treatment and following the advice of a medical practitioner.
- you have been totally disabled:
- for a period during which a total disablement benefit has been paid; or
- for at least seven (7) days out of twelve (12) consecutive days during the waiting period;
- you then return to work, or are then capable of returning to your usual occupation, but only in a limited capacity; and
- the income you are earning, or are capable of earning, is less than your pre-disablement income, due to the injury or illness causing total disablement.
Benefit payments will not be made if the event giving rise to the claim is caused directly or indirectly by:
- war, or act of war;
- an intentional self-inflicted act;
- pregnancy, unless you are disabled for more than three months after the end of the pregnancy, in which case the waiting period is deemed to start on the later of the date total disablement begins and the end of the pregnancy.
- if the premium has not been paid;
- where you do not provide notice as soon as reasonably possible after your disability starts, to the extent that assessment or management of your claim is prejudiced;
- while you are imprisoned or the subject of a custodial sentence as a consequence of being convicted of committing a criminal offence.
LUCRF Super
PO Box 211
North Melbourne Vic. 3051
Example
Andrew
- 25 years old at next birthday
- Lives in Victoria
- Storeman (Heavy Blue Collar)
- Gross weekly income of $500.
| Wants cover of: | $500 per week (based on 85% of weekly income, of $588.24) |
| Cost of cover per unit: | $0.22 |
| Chooses: |
5 units income protection cover $100 x 5 units |
| Cost per week: |
$0.22 x 5 = $1.10 per week This premium is deducted from Andrew's super account on a quarterly basis Please note: The 9% stamp duty (approx.) is included in the premium. |
If you have any further queries regarding our Income Protection insurance, please contact us directly on 1300 130 780.
Forms
-
Member Income Protection form
Please complete this form to apply for income protection insurance cover if your employer contributes super for you.
Download » -
Member Income Protection form - Personal Plan
Please complete this form if you are a Personal Plan member and would like to apply for, or change, income protection cover.
Download » -
ING Personal Statement
All Personal Plan members are required to complete this form, as are all members applying for cover above 7 units or $750,000 (including industry fund members).
Download »
