Why insure my income?
Imagine what it would be like to be off work for an extended period because of illness or injury without your regular income. After sick pay runs out, how would you pay for your living expenses?Income Protection insurance provides an income if you are unable to work temporarily because of illness, injury or accident. A partial benefit may also be payable to you if you return to work in a reduced capacity.
Learn more about Catholic Super's Income Protection:
How does Income Protection insurance work
What is basic Income Protection cover?
How much does it cost?
What are the Income Protection Package Options for new members?
More information on Income Protection in our Insurance Guide
How does Income Protection Insurance work?
Income Protection insurance provides an income if you are unable to work temporarily because of illness, injury or accident. A partial benefit may also be payable to you if you return to work in a reduced capacity.
The amount of any Income Protection benefit payable will depend on the:
- the amount of cover you are insured for and
- the income you are earning from work immediately prior to becoming eligible to receive a benefit.
Any benefit payable will be reduced by all amounts payable from the following sources:
- workers compensation schemes and
- statutory compensation, pension, social security or similar schemes and
- income benefits from policies of insurance and superannuation trustee(s) and
- any sick leave entitlements.
NOTE: Pension payments from a transition to retirement pension amounts will not be affect income protection payments.
What is basic Income Protection cover?
As an Employer Sponsored member, you will receive Default Income Protection cover when you join Catholic Super unless you tell us otherwise. You can choose to have less than default cover, or apply at a later date for additional cover subject to evidence of health.
Default Cover is ONE of the following:
- If you notify us of your salary when you first join Catholic Super, you will be provided with Income Protection cover of 85% of your salary, up to a maximum of $10,000 per month without providing health information. The 85% of salary benefit is made up of 75% of your earned income and up to a 10% Superannuation Contribution Benefit
OR - If you don’t provide your salary, the maximum Income Protection benefit provided under Default Cover is $3,000 per month.
Personal Plan members if working, may apply for Income Protection cover. Catholic Super offers a number of ways to apply for insurance to suit you. The cover is subject to acceptance by the Insurer and notification of acceptance to you in writing by Catholic Super.
How much does it cost?
The cost of your cover depends on your age, the waiting period, benefit period and the amount of cover you have.The easiest way to calculate the cost of cover that’s right for you is to use our simple online insurance cost calculator or refer to the table below.
Income Protection Annual cost per $1,000 annual benefit |
||||
Age Next Birthday
|
30 day waiting period |
60 day waiting period |
||
5 year benefit $ |
To age 65 $ |
5 year benefit $ |
To age 65 $ |
|
16 |
2.45 |
4.01 |
1.56 |
2.30 |
17
|
2.45 |
4.01 |
1.56 |
2.30 |
18
|
2.45 |
4.01 |
1.56 |
2.30 |
19
|
2.45 |
4.01 |
1.56 |
2.30 |
20
|
2.45 |
4.01 |
1.56 |
2.30 |
21
|
2.45 |
4.01 |
1.56 |
2.30 |
22
|
2.53 |
4.09 |
1.56 |
2.30 |
23
|
2.53 |
4.16 |
1.56 |
2.38 |
24
|
2.60 |
4.24 |
1.56 |
2.38 |
25
|
2.60 |
4.31 |
1.56 |
2.45 |
26
|
2.60 |
4.46 |
1.56 |
2.45 |
27
|
2.45 |
4.24 |
1.49 |
2.38 |
28
|
2.38 |
4.09 |
1.41 |
2.30 |
29
|
2.38 |
4.16 |
1.41 |
2.38 |
30
|
2.30 |
4.09 |
1.34 |
2.30 |
31
|
2.38 |
4.31 |
1.41 |
2.38 |
32
|
2.45 |
4.53 |
1.41 |
2.45 |
33
|
2.75 |
5.05 |
1.56 |
2.68 |
34
|
2.82 |
5.28 |
1.56 |
2.75 |
35
|
3.05 |
5.87 |
1.71 |
3.05 |
36
|
3.34 |
6.47 |
1.86 |
3.34 |
37
|
3.72 |
7.43 |
2.08 |
3.79 |
38
|
4.01 |
7.95 |
2.16 |
4.09 |
39
|
4.39 |
8.92 |
2.38 |
4.53 |
40
|
4.76 |
9.81 |
2.60 |
4.98 |
41
|
5.13 |
10.63 |
2.82 |
5.50 |
42
|
5.65 |
11.82 |
3.12 |
6.17 |
43
|
6.32 |
13.23 |
3.57 |
7.06 |
44
|
6.69 |
14.20 |
3.87 |
7.66 |
45
|
7.51 |
15.83 |
4.39 |
8.70 |
46
|
8.03 |
16.95 |
4.83 |
9.51 |
47
|
8.85 |
18.66 |
5.43 |
10.63 |
48
|
9.59 |
20.14 |
6.02 |
11.74 |
49
|
10.48 |
21.85 |
6.69 |
13.01 |
50
|
11.52 |
23.64 |
7.51 |
14.42 |
51
|
12.64 |
25.50 |
8.40 |
15.83 |
52
|
13.83 |
27.35 |
9.44 |
17.54 |
53
|
15.31 |
29.58 |
10.63 |
19.70 |
54
|
16.80 |
31.44 |
11.82 |
21.70 |
55
|
18.51 |
33.60 |
13.31 |
24.01 |
56
|
20.44 |
35.83 |
14.87 |
26.39 |
57
|
22.75 |
38.13 |
16.72 |
28.69 |
58
|
25.35 |
40.21 |
18.81 |
30.77 |
59
|
28.32 |
42.15 |
21.11 |
32.41 |
60
|
31.66 |
43.56 |
23.71 |
33.30 |
61
|
33.67 |
33.67 |
25.20 |
25.20 |
62
|
33.45 |
33.45 |
24.98 |
24.98 |
63
|
26.91 |
26.91 |
19.99 |
19.99 |
64
|
15.46 |
15.46 |
10.70 |
10.70 |
65
|
5.57 |
5.57 |
3.05 |
3.05 |
What are the Income Protection Package Options for new members?
When you join as a new employer sponsored member of Catholic Super, you will be able to select a different Income Protection package option at the time of joining or within 60 days of receiving your Welcome to Catholic Super letter or email.
These options allow you to shorten your waiting period and/or lengthen your benefit payment period without having to provide evidence of health as long as you make your choice within the 60-day timeframe.
- Option 1 – 60 day waiting period, 5 year benefit payment period (Default Cover)*
- Option 2 – 60 day waiting period, up to age 65 benefit payment period
- Option 3 – 30 day waiting period, 5 year benefit payment period
- Option 4 – 30 day waiting period, up to age 65 benefit payment period
Note: If you have previously been paid, or were eligible to be paid a Total & Permanent Disablement (TPD) benefit, you are not eligible for TPD or Income Protection cover under Catholic Super and your cover will be restricted to Death Only cover.
