INCOME PROTECT INSURANCE

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. Learn more about income protection insurance deductions.

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.

To be eligible for Income Protect Insurance, you must be:

• a permanent Australian resident
• aged 18 to 60, with the policy expiring at 65
• earning at least $2,000 pre-tax per month
• working at least 21 hours per week
• employed by the same employer or been in the same occupation for at least 12 months
• working in an eligible occupation.

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.

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. 

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. It will generally increase over time, with increases typically getting larger as you get older.

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.