Income Protection Insurance

What is Income Protection Insurance?

Want to ensure your income is properly protected in case of an accident or unexpected illness? With income protection insurance from WA Super, you can have that peace of mind. 

Income protection gives you a monthly income based on a percentage of your salary, if you’re unable to work due to illness or injury and if you satisfy the conditions for a total disability benefit or a partial disability benefit.

What are the Levels of Cover for Income Protection Insurance?

If you’re eligible for Income Protection insurance, then you can choose from multiple levels of cover with benefits payable for 2 years, 5 years or to age 65, with options on waiting periods, subject to any time frame and terms of the policy.

Insurance type Description Level of cover Benefit payable term Waiting period
30 days 60 days 90 days 180 days 1 year 2 years
Basic Cover^ Default  85% of Cash Salary (up to $3000 p/m) 2 years ✔️
Voluntary Cover 2 Year cover 85% of Cash Salary  2 years ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
5 Year cover 85% of Cash Salary  5 years^^ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Long Term Cover 85% of Cash Salary  To age 65^^ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️

^ Default Cover 
^^ Indexed after the first year of payment by the lesser of 5% or the Consumer Price Index (i.e. benefit escalation).

Cover that is not “Default Cover” will require you to complete the insurance application or Variation Form and be assessed by the Insurer for your selected type and amount of cover.

It is really important that you keep us informed of any change in your salary or you might be underinsured or insured for less than you think.

Eligibility criteria applies so please read the Insurance guide.

How Much Does Income Protection Insurance Cost?

Our low* fees are just one of the reasons why so many people in Perth choose WA Super. Simply use our Insurance premium calculator to estimate the cost of your chosen level of cover.

How Do I Apply for Income Protection Insurance?

Applying for income protection insurance with WA Super is easy. Simply complete an Insurance Application or Variation form and send it to us.

Find Out More

With WA Super, it’s easy to get the right advice you need. If you want to find out more, such as how to apply for income protection insurance through your super, simply watch the Insurance through Super educational module to learn more or contact us today.

*Based on SuperRatings Pty Ltd’s assessment of our fees against the industry average as at 4 November 2019.

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