Income Protection Plus - Time Saver

If you were out of action for an extended period of time, would you and your family be able to keep up with everyday living expenses like bills, rent, mortgage payments or the kids’ education costs? Income Protection Plus helps make sure you could always provide for your family,  if you are sick or injured. Our Time Saver option covers up to 85% of your income with payouts of up to $7,500 per month for up to two years.

At a glance:

  • MORE of your income covered. We can pay up to 85% of your income, to $7,500 per month when you're out of action. Pre-existing medical conditions are excluded
  • MORE value for money. With affordable, tax deductible premiums from just a dollar a day+
  • MORE confidence that we'll be there when you need us. Once you recover and return to work, your plan stays in place in case you ever need it again
  • MORE choices, with benefit periods of 6, 12 and 24 months

Time Saver provides a payout of up to 85% of your income to $7,500 per month if a sickness or injury leaves you out of action. You choose how to use your payment - to help with rent or mortgage repayments, car repayments, household bills, credit card payments or even the basics like food and clothing.

To keep your premiums as affordable as possible, some exclusions, which are outlined in the Product Disclosure Statement apply. A specific exclusion relating to Time Saver includes the pre-existing medical condition exclusion – so there is no cover for illnesses or injuries you had before taking out this plan. The complete list of exclusions is found in the Income Protection Plus Product Disclosure Statement (PDS).

There’s another option too

By answering some questions about your health and lifestyle, you may be able to reduce the cost of your plan, with our Rate Saver option.

Great reasons to take out Income Protection from InsuranceLine:

We’ll work to protect more of your income.

If you’re an Australian resident aged 18 to 60, you can take out Time Saver online or over the phone in minutes, with no intrusive medical or lifestyle questions. It doesn’t matter whether you work full-time, part time or are a home-maker, you’re guaranteed acceptance.

We'll give you choice.

Time Saver gives you more cover and more options to choose from. You can choose: The amount of income you’d like to cover - up to 85% to $7,500 per month, your benefit period, up to 24 months, your level of unemployment cover, up to $3,000 per month for three months, optional extras, including Kids Injury cover, Holiday Injury cover and Permanent Disability cover.

We’ll make things easy.

You can choose to pay premiums fortnightly, monthly, or annually - whatever suits your pay cycle. Plus, if you choose to pay annually, you get one month free.

We’ll respect your privacy.

Your personal details will always be treated with the utmost confidentiality

We’ll speak in plain English.

We’ll explain everything clearly with no jargon whatsoever so you’ll know exactly what’s covered and what isn’t.

We’ll be there when you need us.

If you ever need to make a claim, we make the process as stress free as we can.

Want to know more about Income Protection Plus - Time Saver? Read the Income Protection Plus Product Disclosure Statement, call 13 77 87 or get a quote.

+Premiums vary depending on personal circumstances, waiting periods, and generally increase with age and level of cover. Payouts are tax assessable.

Income protection insurance provides an income to you when you can’t work due to sickness or injury. So if you or anyone else relies on your income to cover living expenses, it’s worth thinking about income protection insurance as the fact is, 1 in 3 Australians will be disabled for more than three months at some stage during their working lives*.

With flexible payment plans, including fortnightly, monthly or annual payments on a date you choose, it’s easy to afford. There are no medical checks required, and you can take out cover quickly and easily over the phone. 

*Estimated from the Interim Report of the Disability Committee, Institute of Actuaries of Australia, Sydney, 2000.

There’s another option too

By answering some questions about your health and lifestyle, you may be able to reduce the cost of your plan, with our Rate Saver option.

To find out more about Income Protection Plus options, call us on 13 77 87, or read the Income Protection Plus Product Disclosure Statement (PDS) .

Time Saver covers up to 85% of your income, with a maximum payout of $7,500 per month.

Want to know more about Income Protection Plus Time Saver? Call 13 77 87 or get a quote.

At InsuranceLine, we promise to answer all of your questions in plain English, so you know exactly where you stand.

Here you can find answers to the most common questions we get asked about Income Protection Plus. For anything else, call us on 13 77 87 or read the Income Protection Plus Product Disclosure Statement.

What is the difference between Rate Saver and Time Saver?
Time Saver is popular for those who want a fast and easy application process cover without the need to answer medical and lifestyle questions up front. This greatly reduces the time required to join the plan and instead, we will gather this information at the time of a claim.

Rate Saver on the other hand, is available for those who are happy to answer some health and lifestyle questions in return for more great features, including a cheaper premium, higher cover amount, shorter Waiting Periods and longer Benefit Periods. It also has less exclusions and limitations.

If you’d like to know more about which option might be best for you and your family, see the table below:

INCOME PROTECTION PLUS TIME SAVER tick 85% of your income up to $7,500 cover per month tick-astrisk 18 - 60 28 days 6, 12 or 24 months tick
85% of your income up to $10,000 cover per month tick-astrisk
18 - 60 14, 28, 60 or 90 days 6, 12 or 24 months, or 5 years tick

 *Benefits are also tax assessable, just like your normal income

If you’d like to know more about which option is right for you, call us on 13 77 87 or read the Income Protection Plus Product Disclosure Statement.

If I make a claim, how much will I get?
Your monthly payout will be the lesser of:

  • The cover you have applied, and been accepted for or
  • 85% of your pre-claim monthly income.

Generally, we calculate monthly income as a before-tax average over the last 12 months before you became sick or injured. If you’re self-employed, we’ll calculate this value after deducting any business expenses. If you receive other income while you’re not working - for example, a payout from another income protection policy, workers’ compensation or social security - and this, combined with payments from your cover adds up to more than 85% of your pre-claim monthly income, we will reduce your payouts.

Remember that while your premiums are tax-deductible, your monthly payouts are assessable for tax.

When would my payouts start?
Generally, provided we receive all of the completed claim requirements, we pay income protection payouts one month in arrears, after the waiting period has finished. So, if your waiting period is 28 days, and you become eligible to claim on 1st September, you’ll see out this waiting period, and receive your payment at the end of October, as claims are paid at the end of the first claimable month. After this, you’ll receive your payout at the end of each month, until your benefit period runs out or you are able to return to work.

How long would I get payouts for?
Payouts will continue until the benefit period you’ve chosen runs out, or you are able to return to work. With Time Saver, you can choose a benefit period of 6, 12 or 24 months when you start your policy.

What’s not covered?
As with all insurance policies, there are some things that are excluded. InsuranceLine Income Protection Plus, Rate Saver and Time Saver exclude:

  • Mental health disorders, including anxiety disorders, depression and stress, disorders related to fatigue, drug or alcohol abuse.
  • Taking intoxicating liquor.
  • Cancer, stroke or heart attack in the first six months after your cover starts.
  • Normal and uncomplicated pregnancy.
  • Terrorism, civil commotion or unrest in countries outside Australia, if the Australian government has advised against travel to that country.
  • War or an act of war.
  • Any intentional self-inflicted act, including exposing yourself to risk of sickness or injury for any reason.
  • Committing, or attempting to commit, a criminal offence.
  • We won’t make any payments if you are in jail or lawfully detained.
  • We may also apply other specific exclusions to your policy. These will be agreed with you when you take out your policy.

If you have a Time Saver plan, there are the following additional exclusions for sickness or injuries caused by:

  • A pre-existing medical condition
  • A dangerous occupations or pastime
  • Football related injuries that result in you being off work or unable to perform your usual duties for less than 90 days
  • Back injuries that result in you being off work or unable to perform your usual duties for less than 90 days
If you were not able to, or only partially able to, perform your regular daily activities before you started your policy, a benefit may not be payable. Involuntary Unemployment, Kids Injury and Permanent Disability Cover also have specific cover terms and exclusions. For more details about what isn’t covered, see the Product Disclosure Statement

Involuntary Unemployment Cover 
If you take out optional Involuntary Unemployment Cover, please be aware that you are not covered for this benefit where you became aware of, or you were notified of redundancy within the 6 months immediately following commencement of the cover, or if your Involuntary Unemployment is a result of any of the following:

  • Sickness or Injury;
  • Voluntary redundancy or resignation, or abandonment of employment, retirement or early retirement;
  • Unemployment arising as a consequence of circumstances known to you or where an employer has announced to the public or publicized in mainstream media, prior to the Cover Commencement Date, an intention to reduce staff numbers by way of redundancies;
  • An employer terminating the Life Insured’s employment during a probationary period;
  • Being personally insolvent or under any form of personal insolvency administration, including bankruptcy, due to personal debts;
  • Your business being unable to pay its debts, or you or your business being served with any document to commence proceedings or process for you or your business to be placed in any form of insolvency administration for business-related debts, at any time prior to or within the first six months from your Cover Commencement Date;
  • The end of employment in a family business controlled by you or an Immediate Family Member;
  • Misconduct, dishonesty or engaging in criminal activities or illegal acts or drug and/or alcohol abuse or intoxication;
  • Poor performance in carrying out your occupation including dismissal following formal disciplinary procedures;
  • Your refusal of any offer of reasonable alternative employment by your employer linked to your education training and experience;
  • Any strike or labour dispute or labour disturbance in which you  and/or your employer is involved;
  • The loss of, or not maintaining the currency of any licence, authorisation or permit required to operate the business, including the loss of a drivers licence, trade or professional certification;
  • You cease work due to the seasonal, casual or temporary nature of employment, or a contract (including a fixed term contract), is terminated early or completed;
  • Involuntary Unemployment occurring outside Australia;
  • If you are in jail or otherwise lawfully detained, and;
  • No Involuntary Unemployment Cover Benefit is payable if you are not actively seeking work or are not registered with Centrelink or a Recruitment Agency approved by us to seek work.

What happens if I leave information out when I apply?
You must give us the information we request when you apply for Income Protection Plus, and answer all of our questions honestly and completely. That’s because if you do make a claim, we’ll need to check your medical, employment and financial records. If it turns out you didn’t reveal something important, we may have to refuse your claim.
That’s not something we want to do, especially when you and your family are under stress. So it’s best to be open with us from the start.

When does my cover end?
As long as your premiums are paid when due, your sickness, injury and Permanent Disability cover will continue right up until the renewal date after you turn 75. On that date, your policy will end. Your Unemployment cover ends at age of 65 or earlier if cancelled. Kids Injury Cover ends when the insured child turns 18.

Will my premiums go up?
Premiums generally increase with age each year at the anniversary of your plan or if you increase cover. Unless otherwise requested, premiums also increase each year for the automatic adjustment for inflation (your level of cover will also increase by the same percentage).

The underlying premium rates are not guaranteed, but once your plan has started, you will never be singled out for a premium increase. Any increase will be applied to all policyholders to which the same premium rate table applies, with 30 days written notice.

If I cancel my policy, will I get a refund?
When you take out Income Protection Plus, we give you a 30 day money back guarantee - so if you cancel your policy in the first 30 days, we’ll give you a complete refund.

After that, there are no refunds. Your policy simply gives you income protection insurance cover - it is not a savings plan.

What happens if I can’t pay my premiums?
Let us know immediately if you can’t pay a premium so we can help you work out an alternative arrangement. Your cover will cease if your premiums are more than 30 days overdue and you will lose this valuable benefit.

Who will I be dealing with during my claim?
You will be given a dedicated Claims Manager whose details will be on the accompanying cover letter that we’ll send in the event of a claim. He or she will personally oversee your case and help you work through the details of your claim.

You can contact your dedicated Claims Manager while you are settling your claim. They will explain anything that is not covered here or talk through any concerns you might have.

Want to know more about Income Protection Plus Time Saver? Call 13 77 87 or get a quote.