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Income Protection is a replacement for your regular salary. It provides a monthly payment for up to two years if you are too sick or injured to work.
This means you can keep paying your bills while you focus on getting better.
You can insure up to 75% of your annual salary plus a 10% contribution to superannuation (85% in total). The maximum payment you can receive each month is $25,000.
Any First Super member who:
Unfortunately, casual employees are not eligible to apply.
To apply for Income Protection cover, use the Application for Insurance cover form or call the Member Services Team on 1300 360 988.
Application for Insurance Cover
Fees for Income Protection cover are deducted monthly from your First Super account. This happens automatically.
The cost of Income Protection cover depends on:
Note that the value of your cover stays the same over time (unless you change it), but the premiums you pay will increase each year.
Use the Insurance calculator to work out your cover needs or read the Insurance Guide to find out how much you would pay.
The waiting period is the time between when you are unable to work and your Income Protection payments starting. You will not receive any payment during the waiting period.
You can choose a 30-, 60- or 90-day waiting period. If your insurance claim takes longer to process than the waiting period you have chosen, we will backpay your claim to the end of the waiting period.
The longer the waiting period, the lower the fees you pay for your cover.
No. Income Protection protects your income/salary due to injury or illness only.
Joshua is a 28-year-old cabinet maker. His annual salary is $50,000.
Joshua wants Income Protection cover of $3,500 per month (or 35 units of insurance). This is equal to 85% of his salary (made up of 75% income replacement and 10% superannuation contribution).
He chooses a waiting period of 60 days. As a 28-year-old, with a 60-day waiting period, Joshua’s annual premium is $4.17 per unit. (This is at the Blue collar/manual rate.)
This level of cover would cost Joshua $145.95 per year, or $2.81 per week. If he were disabled and could not work, Joshua would receive a benefit of $3,500 per month.
Of this amount $3,125 per month (75% x $50,000 ÷ 12) would be paid directly to him (less tax).
The remaining $375 would be paid to his First Super account (less tax) as a super contribution.
If you have any questions, please call our Member Services Team on 1300 360 988, or email us.
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