Can I use my super for income protection?

Most super funds offer life, total and permanent disability (TPD) and income protection insurance for their members.

What income protection does not cover?

Income protection will not cover you in the event of employment termination or if you are made redundant. It is designed to assist a policyholder in the event they cannot perform their job, due to illness or injury.

How do I claim income protection from Australia super?

Make a claim

To talk about a possible claim, call us on 1300 667 387 from 8.30am to 5pm AEST/AEDT weekdays. An AustralianSuper insurance representative will be able to help you. You can learn more about making insurance claims by downloading our fact sheets below.

Does income protection cover you if you lose your job?

The short end of it is that income protection doesn’t cover you if you resign from your job. However, if you are involuntarily made redundant you can get an income protection plan that will help you while you are on a hunt for a new job.

Is income protection insurance really worth it?

Income protection insurance can be important if you: are self-employed or a small business owner, as you may not have sick or annual leave. have family members or dependents that rely on the income you earn. have debt, such as a mortgage, you’ll need to make payments on even if you’re unable to work.

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How soon can I claim income protection?

How long do you have to lodge an income protection claim? Time limits do apply to lodging income protection claims (usually six months from the time you become ill or injured), so you should lodge a claim as soon as possible after the illness or injury occurs and you are unable to return to work.

How long can you claim income protection for?

For the Sickness and Injury cover, it depends on the benefit period you have chosen. Each time you make a claim that’s accepted, you can be paid for up to 5 years, as long as you’re still unable to work due to the sickness or injury during that time.

What does Super income protection cover?

If you have income protection insurance through your superannuation, you are not covered for loss of income from reduced hours or job loss. Your income protection insurance will provide cover for you if you become temporarily disabled through illness or injury and are unable to continue in your duties at work.

Can you work while on income protection?

What’s Income Protection? Income Protection can help if you become ill or injured (at work or outside of work) and can’t work temporarily. It can provide monthly payments to help you get by while you’re not earning your regular salary.

How is income protection cover calculated?

In our experience, the most common method for insurers to calculate your benefit is to average out your monthly income over a period (usually 12 months) prior to you becoming partially or totally disabled (usually called your “pre-disability income”) and pay your benefit according to a percentage of that income.

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Can you access super if you lose your job?

You may be able to access your superannuation early if you’re experiencing financial hardship after losing your job. There are additional circumstances that may also be considered, including: incapacity – if you’re unable to work or need to work fewer hours because of a medical condition.