Do you insure your car? Your house? Most people do. But it’s likely your ability to earn an income is far more valuable.
If you are ill or injured and can’t work, your income will stop- but the bills will keep coming in.
Income Protection insurance provides you with a benefit for a specified period, if you are unable to work after the qualifying period because of illness or injury. This can help you and your family to pay the bills and other household expenses so you can focus on getting better.
Apply for income protection cover:
in units of $250 per month,
with a minimum of three units,
up to a maximum benefit which is the lesser of:
85% of your pre-disablement monthly income (providing you with an income replacement benefit of 75% of pre-disablement income plus super contributions to your MTAA Super account of 10% of your pre-disablement income), and
$25,000 per month.
Choose your benefit period
You can choose a maximum benefit period of two years, five years or until you reach age 65. Benefits continue until the end of the maximum period or whenever you recover, whichever comes first.
Choose your waiting period
You can choose a waiting period (before your benefit starts) of 30, 60 or 90 days.
For details of all the options and what they cost, refer to our Insurance Guide.
You are eligible for Income Protection cover if you are actively engaged in full-time, part-time, casual or contract employment, either as an employee or as a self-employed person and are performing normal occupational duties.
You are not eligible for Income Protection cover if you are:
working less than 15 hours per week
aged 65 or more
not an Australian citizen or permanent resident
engaged in an occupation the Insurer does not cover, in which case the Insurer will notify you.