Income Cover provides a financial safety net should you be disabled as a result of sickness or injury, and unable to earn your regular income. The monthly benefit is designed to replace a significant portion of lost income to help maintain your usual lifestyle during treatment and ecovery.
Unable to work
Income Cover pays a monthly Total Disability Benefit if you are disabled and unable to work, from the end of the selected waiting period till you return to work or the end of your cover term. You may be entitled to a Partial Disability Benefit if you go back to work but you are not able to work full time.
Benefit agreed upfront or assessed at claim
There are four options when applying for Income Cover, these effect when your income will be assessed. You have the choice to provide financial evidence at application time to obtain the Income Cover type Agreed Value or Taxable Agreed Value or Agreed Loss of Earnings, which is not then financially assessed again at claims time. Alternatively, you can choose to purchase the Income Cover type Indemnity Loss of Earnings which will be calculated based on the income.
Your choice of waiting periods, cover terms and payment terms
Income Cover provides you with the flexibility to structure your plan to most closely suit your needs. You have a choice of six waiting periods, the period of time before your monthly Income Cover claim payment begins after becoming disabled; either 4, 8, 13, 26, 52, or 104 weeks. You also have a choice of two cover terms, either to age 65 or 70, and six payment term options of 3, 6 or 12 months, 2 or 5 years, or to the end of the cover term. Your adviser will assist you to understand the implications of these options to enable you to make the best choice for your personal circumstances.
If you suffer from one of the specific injuries listed below, you will be paid the monthly Income Cover sum insured for a specified minimum period, irrespective of whether you return to work within that time frame. If your disability lasts longer than the specified minimum period the normal monthly benefit will continue to be payable. Minimum specified periods can be found in the Income Cover Protection Benefit Sheet (Agreed Value, Taxable Agreed Value, Agreed Loss of Earnings and Indemnity Loss of Earnings).
Fracture of jaw
Fracture of skull
Fracture of forearm
Fracture of collarbone
Fracture of wrist
Fracture of upper arm
Fracture of shoulder
Fracture of elbow
Fracture of vertebrae
Fracture of kneecap
Fracture of ankle
Fracture of heel
Fracture of leg below the knee (tibia or fibula)
Fracture of the leg above the knee (femur)
Fracture of the pelvis
Loss of the thumb and index finger of the same hand
Loss of a foot or hand
Loss of sight in an eye
Loss of a whole leg or arm
Loss of any combination of hand, foot or sight
Paralysis (Diplegia, Hemiplegia, Paraplegia, Quadriplegia)
and much more …. Please contact Caroline Liang 0275437888