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Why your employees should consider income protection insurance
Even though your employees may be entitled to WorkCover through your company, it is still worth them considering income protection insurance to provide an additional level of cover.
Income protection provides cover for injuries and illnesses that occur either at the workplace or outside of work. Casual employees are now eligible for income protection insurance too.
| Income Protection* | WorkCover | |
|---|---|---|
| Cover provided | Replacement income up to 85% (10% contributed to your super account) of your pre-disability income if unable to work due to illness or injury | Wages, medical expenses and rehabilitation costs |
| What it covers | Any accident or injury either at home or work, anywhere in the world | Work related injuries and illnesses |
| Who is eligible | Any employed person including casuals and self-employed workers that meet requirements | Usually doesn't cover self-employed workers |
| Length of benefit | Up to 5 years | Length of the benefit will vary from state to state |
| Cost | Dependent upon selected cover | No cost – cover is provided by employer |
*For full terms and conditions refer to our Insurance Guide. Please note any WorkCover payments received will offset your income protection payments.
"LUCRF Super has been great. My wife and I are expecting a baby in three months. Recently I've applied for more units for Death, TPD and Income Protection. Knowing that you’re covered if anything was to happen takes a lot of stress away". Robbie, LUCRF Super member, NSW
