If you were unable to work and earn an income, would you be able to meet the costs of living – on top of medical expenses?
Our Income Protector Plan provides a payout of up to $5,000 a month if you get injured or seriously ill and can’t work. 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.
With an Income Protector Plan, you can relax knowing that your living expenses are taken care of while you focus on getting back to work.
To keep your premiums as affordable as possible, some exclusions apply. These include mental illnesses or disorders, alcohol-related illness or injuries, or injuries caused by an intentional self-inflicted act or an act of war.
Here’s our commitment to you:
We’ll work to protect your income.
If you’re an Australian resident aged 18 to 55, you can apply for InsuranceLine’s Income Protector Plan. It doesn’t matter whether you work full-time or part time, just as long as you’re in paid employment for at least 20 hours a week, or have been self-employed for at least six months. We also offer income protection insurance for a very wide range of occupations.
We'll give you choice.
There are three Income Protector Plan covers to choose from - Accident Only, Illness Only or Accident and Illness. You can also choose the maximum period for which you may receive payouts - 6, 12 or 24 months - and whether you want to wait 30, 60 or 90 days before your payments begin to accrue.
We’ll make things easy.
Your premium payments are totally flexible. You can choose to pay premiums fortnightly, monthly, quarterly or annually - whatever suits your pay cycle.
We’ll respect your privacy.
Your health and lifestyle information 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 an Income Protector Plan? Read the Income Protector Plan Product Disclosure Statement, call 13 77 87, get a quote today or apply online.
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 the Income Protector Plan. For anything else, call us on 13 77 87 or read the Income Protector Plan 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;
• 75% 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 the Income Protector Plan adds up to more than 75% of your pre-claim monthly income, we will reduce your Income Protector Plan payouts.
Remember that while your premiums are tax-deductible, your monthly payouts are assessable for tax.
When would my payouts start?
We pay income protection payouts one month in arrears, after the waiting period has finished. So, if your waiting period is 30 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. You can choose a benefit period of 6, 12 or 24 months when you start your policy.
What's covered and what's not?
The Income Protector Plan offers three types of cover to choose from when you set up your plan:
• Accident only
• Illness only
• Accident and Illness.
The Income Protector Plan Product Disclosure Statement describes in detail what is covered under each of these plans.
There are some situations in which we won’t pay a benefit. These include claims arising from:
• Any mental health disorder, including anxiety disorders, depression, stress, adjustment disorders, eating disorders, emotional or behavioural disorders, Disorders related to fatigue, including chronic fatigue syndrome, drug or alcohol abuse, psychosomatic disorders, or any treatment complications.
• Alcohol-related illness or injury (unless you tested below the legal blood alcohol limit for driving).
• Drug-related illness or injury (other than those prescribed for you by a medical practitioner and taken in the correct dosage).
• Pregnancy, unless you are unable to work due to illness for longer than three months after the pregnancy ends.
• Terrorism, civil commotion or unrest, guerrilla or insurgent activities in a country outside Australia, if the Australian Government has advised reconsidering the need to travel to, or advised against all travel to that country.
• War or an act of war.
• Any intentional self-inflicted act.
• Any other specific exclusion you agreed to when you applied.
Accident Only Plan
If you have an Accident Only Plan, you won’t receive payouts if you suffer an accident that is either partly or fully the result of an illness.
Illness Only Plan
If you have an Illness Only Plan, you won’t receive payouts if you suffer an illness that is either partly or fully the result of an accident.
What happens if I leave information out when I apply?
You must give us the information we request when you apply for an Income Protector Plan, 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 cover will continue right up until the renewal date after you turn 60. On that date, your policy will end.
Will my premiums go up?
We work hard to give everyone great value insurance, but unfortunately the cost of providing income protection insurance does rise as you get older. For this reason, your premiums are likely to increase over time. But you can be confident that we keep increases to a minimum, and that we’ll give you at least 30 days' notice of any changes.
Your premiums will also go up if you increase the cover amount. If you choose our Inflation Protection option, your level of cover will grow over time, protecting the value of your Income Protector Plan payout against inflation. However, this means your premiums are also likely to rise slightly from year to year, in line with your increased benefit amount.
If I cancel my policy, will I get a refund?
When you take out an Income Protector Plan from InsuranceLine, 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 an Income Protector Plan? Call 13 77 87, get a quote today or apply online.