YOUR PREMIUM
INCOME PROTECT INSURANCE
Your premium estimate
$
Your insured amount:
$
per month
2 weeks free*
When you pay half-yearly
4 weeks free*
When you pay yearly
2 weeks free*
When you pay half-yearly
4 weeks free*
When you pay yearly
2 weeks free*
When you pay half-yearly
4 weeks free*
When you pay yearly
2 weeks free*
When you pay half-yearly
4 weeks free*
When you pay yearly
4 weeks free*
When you pay yearly
2 weeks off applied
4 weeks off applied
Book a call with one of our team members.
WHEN WE WIN, YOU WIN
WeMoney’s Outstanding Customer Service – Income Protection, 3 years running (2024 to 2026).
WHAT’S INCLUDED IN YOUR COVER
Refer to the PDS for the full terms of cover, including conditions, exclusions and limitations.
Income Protect Insurance
You have selected this cover.
Income Protect Insurance can help cover your living expenses if you're unable to work while recovering from an illness or injury.
Total disability
If you’re unable to work for more than 30 days due to an illness or injury (totally disabled) you receive up to 70% of your average monthly income^ (up to $10,000 per month) for up to 12 months^^.
Recurrent disability
Receive your monthly benefit without restarting the 30 day waiting period if you suffer a recurrence of an illness or injury^^.
Cover for different employment types
You may be eligible for cover even if you work part-time+ or are self-employed#.
Automatic indexation increase of benefits applied annually
To help keep up with the cost of living, automatic inflation increases of up to a maximum of 5% per annum are applied to your insured benefit.
Cover outside Australia
You are covered for illness or injury that happens overseas and results in you being totally disabled when you return to Australia, but we will not pay any benefits for loss of earnings from any occupation you have outside Australia. Claims must be made and will only be paid in Australia.
Available to permanent Australian residents aged 18 to 60, with cover expiring at age 65.
If you're unable to work solely due to redundancy, unemployment or any other reasons not solely related to sickness or injury.
If you're unable to work due to a sickness which first became evident within 60 days from the cover commencement date, or a recurrence of the same or a related sickness.
If your injury or illness is a result of (please expand the dropdown):
- A pre-existing condition that existed within 5 years immediately prior to the cover commencement date.
- Intentional self-injury or attempted suicide.
- Normal and uncomplicated:
- pregnancy (includes any condition related to pregnancy that does not require hospitalisation prior to delivery).
- participation in infertility or contraceptive procedures.
- miscarriage; or childbirth.
- Engaging in professional sport or illegal activity.
- Drug or alcohol abuse, use or intoxication, other than the use of prescribed drugs taken in accordance with the directions of a registered medical practitioner.
- An act of war, whether declared or not, hostilities, civil commotion, terrorism or insurrection.
WHY CHOOSE HCF INCOME PROTECT INSURANCE?
Flexible
We pay you cash when your claim is approved, giving you the flexibility to use it to recover your way.
Fast
Most claims are paid in less than 5 days.
Easy
No complex medical checks or underwriting when you take out cover, just talk to our team members.
LEARN MORE ABOUT INCOME PROTECT INSURANCE?
Answers to commonly asked questions to help you make the right choice.
Is income protection insurance tax deductible?
If you buy income protection insurance directly from an insurer, like HCF Life, the premiums are generally tax deductible. You can’t claim a deduction if the policy is through your superannuation fund, as the premiums are deducted from your contributions.
How much does HCF Income Protect Insurance pay?
HCF Income Protect Insurance pays up to 70% of your average monthly income^ (up to $10,000 per month) for up to 12 months if you’re unable to work for more than 30 days due to an illness or injury^^. Your Income Protect Insurance policy will end once the monthly benefit has been paid for 12 months.
Does HCF Income Protect Insurance have waiting periods?
To be eligible to claim, you need to be unable to work for more than 30 consecutive days due to an illness or injury. Please note, no benefits are payable for the first 30 days off work. Also, any illness which first became evident within 60 days after your policy's commencement date, or a recurrence of the same or a related illness, isn't covered.
You’re also not covered for any pre-existing condition. A pre-existing condition is a sickness or disability which you had on your policy’s cover commencement date, or within 5 years immediately prior, and, at the time of the cover commencement date, you were aware of, or a reasonable person in the circumstances could be expected to have been aware of, the sickness or disability.
For full terms and conditions, read the Income Protect Insurance PDS.
How do income protection insurance offsets work?
An offset is an amount of money that can reduce the monthly benefit that we pay you for a successful Income Protect Insurance claim. It can include payments you receive from:
- a current or former employer, business or partnership
- a superannuation, pension or retirement plan
- another income replacement policy insuring against disablement, injury, disease or sickness
- any form of compensation or damages for the sickness or injury suffered, including workers’ compensation, accident compensation or social security payments
- any pension or other payment from a government authority.
For full terms and conditions, read the Income Protect Insurance PDS.
How do HCF Income Protect Insurance premiums work?
Your Income Protect Insurance premium is based on factors like:
- age
- gender
- smoking status
- occupation
- weight to height ratio
- insured benefit amount
- inflation.
Your premium changes each year on your policy anniversary date. Premiums generally increase over time, and these increases are usually higher as you age.
From time to time, we may also change the Income Protect Insurance premium for all policyholders to allow us to cover rising claims costs and better support our members’ needs. You’ll be notified at least 30 days in advance if your premium is changing.
For full terms and conditions, read the Income Protect Insurance PDS.
Have another question? Had over to our Recover Cover FAQs to find more answers.
Important Information
* Offer applies across all HCF Life Recover Cover products. Two weeks free automatically applied to the half-yearly premium payable. Four weeks free automatically applied to the yearly premium payable. Cancellations won’t have the two or four weeks free refunded. Offer available to permanent Australian residents only and age restrictions apply. Products issued by HCF Life. Consider the relevant PDS and TMD available at hcf.com.au/lifeinfo
^ Payment is subject to offsets including any amounts payable from your employer or superannuation fund. Please refer to the PDS and Policy Document for further information.
^^ Subject to conditions, exclusions and limitations. Please refer to the PDS and Policy Document for further information.
+ You must be earning at least $2,000 pre-tax per month and working at least 21 hours per week. You must also have been employed by the same employer or been in the same occupation for at least 12 months.
# You must have been self-employed in the same occupation for at least 12 months.
Please read the relevant Product Disclosure Statement, Policy Document and Financial Services Guide available by calling 1800 560 855 or visiting hcf.com.au/lifeinfo, and consider your financial situation, objectives, and needs before deciding on these products as any advice provided does not take these into account. In addition to these documents, you should also read the Target Market Determination (TMD) for the product, which is available at hcf.com.au/lifeinfo. Recover Cover is issued by our own HCF Life Insurance Company Pty Ltd. ABN 37 001 831 250, AFSL 236 806 (HCF Life). HCF Life is a wholly owned subsidiary of The Hospitals Contribution Fund of Australia Limited ABN 68 000 026 746, AFSL 241 414 (HCF). The premiums for Recover Cover products are paid to HCF Life. HCF receives commission from HCF Life for their sale of up to 40% of the first year's premium plus an additional commission of 80% of HCF Life's underwriting profit each year calculated as premiums less claims and expenses. HCF's staff may receive an incentive depending on the annual premium of these products which they sell. This will not exceed 15% of the first year's premium.
LIFE INSURANCE CODE OF PRACTICE
HCF Life is bound by the Life Insurance Code of Practice which sets out the Australian life insurance industry’s key commitments and obligations to customers. Further information is available at CALI Life Insurance Code of Practice.
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HCF acknowledges the traditional custodians of the lands and water upon which we work and live. We acknowledge Aboriginal and Torres Strait Islander peoples’ rich history as traditional healers and scientists, who have taken care of the health of the land and its people for thousands of years. We give thanks to elders past and present, who we have much to learn from on our reconciliation journey. View our Reconciliation Action Plan
