Income Protector

Income protection insurance provides a monthly payment generally up to 75 per cent of your pre-tax income if you are unable to work due to sickness or injury.

It can allow you to:

  • Provide for yourself and your family
  • Continue to pay your mortgage, bills, credit cards and other debts, and
  • Keep all your investment strategies in place.

Benefits

A brief outline of the benefits provided under Zurich's Income Protector policy is set out below. Full details, including any benefit limitations and exclusions, can be found in the Zurich Wealth Protection PDS (pdf 2.3Mb).

Standard benefits

Standard benefits

Refer to the Wealth Protection PDS for information about which benefits are not available if the cover is structured with superannuation ownership.

  • Total disability benefit

    A monthly benefit is payable after the waiting period if you are totally disabled.

    Under Zurich Income Protector, you must be totally disabled for the duration of the waiting period and remain totally disabled after the waiting period ends. Totally disabled means that solely as a result of a sickness or injury:

    • you are not working in gainful employment and
    • you are unable to perform one or more of the important income producing duties of your usual occupation

    Under Zurich Income Protector Plus, you must be totally or partially disabled for the duration of the waiting period and remain totally disabled after the waiting period ends. Totally disabled means that solely as a result of a sickness or injury:

    • you are not working in gainful employment and
    • you are unable to perform one or more of the important income producing duties of your usual occupation

    or

    • you are not working in gainful employment and
    • you have a reduction of 80 per cent or more in the ability to generate pre-tax income in your usual occupation

    or

    • you are not working in gainful employment for more than 10 hours* per week and
    • you are unable to perform your important income producing duties for more than 10 hours* per week

    *If you are working less than 26 hours per week when you become totally disabled, ’10 hours’ becomes ‘five hours’ for the purpose of determining eligibility.

  • Partial disability benefit

    A proportionate monthly benefit is payable after the waiting period if you are partially disabled.

    Under Zurich Income Protector, you must be totally disabled for the duration of the waiting period and remain partially disabled after the waiting period ends. Partially disabled means that you are working or are capable of working but solely due to sickness or injury you have a reduction of 20 per cent or more in the ability to perform important income producing duties in your usual occupation.

    Under Zurich Income Protector Plus, you must be totally or partially disabled for the duration of the waiting period and remain partially disabled after the waiting period ends. Partially disabled means that you are working or are capable of working but solely due to sickness or injury you have a reduction of 20 per cent or more in the ability to:

    • perform important income producing duties or
    • generate pre-tax income, or
    • maintain the number of hours worked in your usual occupation
  • Specified injury benefit

    If you suffer a specified injury, a benefit is payable immediately, even if you are still earning income (ie. the normal waiting period does not apply).
  • Rehabilitation benefits

    Zurich will reimburse some workplace modification and rehabilitation costs to assist your return to work. A rehabilitation bonus will also be paid when you take part in a pre-approved rehabilitation program.
  • Funeral benefit

    If you die while on claim, a lump sum of three times the monthly benefit will be paid to assist your family.
  • Confined to bed benefit (Plus only)

    If you are confined to bed due to sickness or injury for more than two days in a row and dependent on the full time care of a nurse, a benefit is payable immediately (ie. the normal waiting period does not apply).

In-built policy provisions which apply to all Income Protector policies:

  • Interim cover

    While your application is being assessed, interim cover against specific accidental injury can apply for up to 90 days.
  • Inflation protection

    Cover can be increased each year to allow for inflation.
  • Waiver of premium

    Premiums are waived while we are paying a claim.
  • Recurrent disability

    No waiting period applies if disability recurs from a related cause within 12 months (6 months for SR occupations).
  • Concurrent disability

    If the life insured has more than one sickness or injury, the one which pays the most benefit will apply (we won’t pay the benefit twice).
  • Premium holiday

    Allows a 3, 6, 9, or 12 month break in cover (max 12 months over the life of the policy) to ease financial pressure. Not available under platform.

 

Optional benefits

Optional benefits

Additional (extra cost) options are available with Income Protector.

  • Increasing claims option

    Benefits payable at claim time can be increased each year to keep up with CPI.
  • Super contributions option*

    You can insure up to 100 per cent of superannuation contributions, so that your superannuation savings don’t suffer when you are claiming disability benefits.
  • Day 4 accident option*

    Benefits are payable immediately if you are disabled due to an accidental injury for more than three consecutive days ie. the normal waiting period does not apply (Only available for waiting periods of 30 days or less).
  • Business expenses option

    You can insure up to 100 per cent of the fixed costs of running your business, so that your business can continue to operate when you are claiming disability benefits.
  • Family care option

    If you die while you are being paid a benefit, your spouse will continue to receive the monthly benefit for up to five years after your death.
  • Home support option

    You can include cover for your spouse on your Zurich Income Protector policy that will be triggered if he/she becomes disabled. The spouse option provides a monthly living expenses benefit for up to two years, benefits to reimburse domestic assistance and childcare costs and a package of rehabilitation benefits.
  • Future insurability option* (Plus only)

    You can increase your monthly benefit by up to 15 per cent every policy anniversary up to age 55.
  • Lump sum accident option* (Plus only)

    A lump sum multiple of the insured monthly benefit is payable if you are involved in an accident which causes death or a specified injury.
  • Trauma option* (Plus only)

    If you suffer one of four specified traumas while claiming a monthly benefit, the benefit payable will be doubled for up to six months.
  • Needlestick cover option* (Plus only)

    If you work in an exposure prone occupation (eg doctor, nurse, pathologist), a lump sum (between $50,000 and $1,000,000) is payable if you contract HIV, hepatitis B or hepatitis C in the course of your normal occupation.

* These options are not available for occupations categorised as Special Risk (SR)

Income protection cover is available under the Zurich Income Protector policy.

It is also available as part of the risk-only superannuation policy Zurich Superannuation Income Protector, allowing insurance to be funded with pre-tax income, or as an optional extra benefit with a Zurich Superannuation Plan.

If cover is taken through superannuation, then the benefits and options are restricted so that the cover is aligned with superannuation law.

Compare income protection policies

 

Income
Protector

Superannuation
Income Protector

Ezicover
Income Protection

Unable to work due to accident yes yes yes
Unable to work due to illness or injury yes yes yes
Business expenses yes
 

 
Needlestick option yes
 

 
Available through super yes
External trustee
yes
 
Policy ownership Individual
Business
SMSF
Zurich Master
Super Fund
Individual
Benefit period Up to age 70 Up to age 70 Up to 5 years
Maximum benefits available Up to $60,000 pm (restrictions apply) Up to $60,000 pm (restrictions apply) Up to $12,000 pm
Maximum age you can apply for cover 59 59 60
How to purchase Through an adviser
Find an adviser
Through an adviser
Find an adviser
Direct from Zurich
Get a quote

Documents

pdf
Zurich Wealth Protection PDS & Application form - 21 December 2015

Type: pdf (2.8Mb)

Issue date: 21 December 2015