Income protection cover

Income protection for Accumulation 1, Accumulation 2 and Spouse Account members

If you’re an Accumulation 1Accumulation 2 or Spouse Account member, you may be able to get Income Protection cover through your super.

Income Protection cover could help with some of your daily living expenses if you fall ill, are injured, or something else went goes wrong and you’re off work for some time.

If you’re a DBD member, you may not have access to Income Protection cover, but your membership includes temporary incapacity inbuilt benefits that you might be able to claim through.

Who provides the insurance through your super?


Income Protection cover (and any other insurance you have through your UniSuper membership) is provided through group insurance policies we’ve taken out with TAL Life Limited (who we refer to as “the Insurer”).

How Income Protection cover works

Income Protection cover gives you a monthly payment for two years, five years or to age 65 if you're assessed as temporarily unable to do your job because you’re partially or totally disabled.

If you’re eligible, Income Protection cover can protect up to 75% (plus up to 10% super) of your pre-disability income. It’s also flexible—you can choose from a 30, 60 or 90-day waiting period, and a two-year, five-year or to-age-65 benefit period. Note that applying to reduce your waiting period or increase your benefit period will involve providing health evidence to the Insurer.

For information about eligibility criteria, restrictions or exclusions that might apply, as well as other important information, see, the Insurance in your super booklet.

How can I get Income Protection cover?

ACCUMULATION 1 AND SPOUSE ACCOUNT MEMBERS

If you’re an eligible Accumulation 1 or Spouse account member, you can apply for Income Protection cover.

Even better, you won’t have to give health evidence if you apply within the first 180 days of first joining UniSuper (or if you're a Spouse Account member, within 180 days of your sponsoring spouse first joining UniSuper) and meet certain criteria. To find out more about eligibility and the other criteria that may apply to you, read the Insurance in your super booklet.

ACCUMULATION 2 MEMBERS

Accumulation 2 members generally receive Income Protection cover as part of their transfer from the DBD. See transitioned cover for more information.

When can I apply for Income Protection cover?

on first joining UniSuper

If you’re an eligible Accumulation 1 or Spouse Account member, you can apply for Income Protection cover through the membership application form  in your  PDS.

To apply without giving health evidence, you need to do so within 180 days of first being eligible to join UniSuper. If you’re a Spouse Account member, you need to submit your application form within 180 days of your sponsoring spouse being first eligible. Other eligibility criteria apply.

What does payment ‘in arrears’ mean?

Paying for something in arrears is the opposite of paying in advance.

It simply means you pay at the end of a period, rather than at the beginning.

After first joining UniSuper

If you’re an Accumulation 1 or Spouse Account member and you didn’t apply for Income Protection cover when you first joined, don’t worry – you may still be eligible to apply at a later stage but you'll need to provide health evidence as part of your application.

If you want to apply to increase or change your Income Protection cover, you may need to give health evidence as part of your application. See the Insurance in your super booklet for more information.

To apply online, login to MemberOnline and visit the 'Insurance cover' page in the Insurance section.

Otherwise you can fill out the following form in the Insurance in your super booklet and return it to us:

What Income Protection cover costs

Take a look at the annual premium needed for $100 per week of income for eligible applicants, based on your age, level of cover, benefit payment period and waiting period.

Age (next birthday)
Annual premium* ($) per unit of Income Protection cover of $433 per month (or $100 per week) with a 90-day waiting period
 2-year benefit period  5-year benefit period  to age 65 benefit period
15–39
6.82
12.17 26.65
40–44
11.28 20.14 44.10
45–48
17.31
30.91 67.69
49–51
24.26 43.31 94.85
52–54
27.99
49.99 109.48
55–57
39.09
69.79 152.84
58–60
42.15
75.26 164.82
61–63
51.84
77.37 77.37
64
41.18 41.18 41.18
65 13.73
13.73 13.73
Age (next birthday)
Annual premium* ($) per unit of Income Protection cover of $433 per month (or $100 per week) with a 60-day waiting period
 2-year benefit period  5-year benefit period  to age 65 benefit period
15–39
9.25 15.45 33.95
40–44
15.30 25.57 56.17
45–48
23.50 39.25 86.23
49–51
32.92 55.00 120.83
52–54
38.00 63.49 139.46
55–57
53.05 88.63 194.71
58–60
57.20 95.58 209.96
61–63
61.89 94.39 94.39
64
51.07 51.07 51.07
65 17.04
17.04 17.04
Age (next birthday)
Annual premium* ($) per unit of Income Protection cover of $433 per month (or $100 per week) with a 30-day waiting period
 2-year benefit period  5-year benefit period  to age 65 benefit period
15–39
13.27 22.14 48.79
40–44
21.94 36.65 80.75
45–48
33.70 56.26 123.95
49–51
47.21 78.83 173.67
52–54
54.49 90.97 200.45
55–57
76.07 127.02 279.86
58–60
82.03 136.96 301.78
61–63
83.55 128.43 128.43
64
71.66 71.66 71.66
65 23.91 23.91 23.91

Premiums shown include stamp duty and an administration fee of 6% of the insurance premium charged to cover the costs associated with administering the insurance arrangements. The administration fee is inclusive of GST and the benefit of any tax credits that are applicable to the Trustee. Please note, insurance premiums are not fixed and can be expected to change from time to time. Members are given written notice of any changes.

These premiums come out of your super, rather than your personal savings account, monthly in arrears.

The cost of this cover is unit-based—which means the insurance benefit you could receive depends on the number of units of Income Protection cover you purchase. It is provided in multiples of $100 per week.

Income Protection cover case study

Ben is a 42-year-old Accumulation 1 member.

After considering his income, he wants to insure himself for $3,467 per month (or $800 a week) to help cover his mortgage, bills, food, children’s school fees—and other expenses if he can't work.

Ben is perfectly healthy, but knows he can’t predict the future. He decides to purchase eight units of Income Protection cover to make sure he can still afford to pay for these expenses if he can’t work for some time. He thinks a 90-day waiting period and a two-year benefit period is right for him.

The annual premium for one unit ($433 per month or $100 a week) of Income Protection cover—with a 90-day waiting period and a two-year benefit period—for Ben's age (43 next birthday) is $11.28 so eight units of cover will cost him $90.24 each year.

Limited Income Protection cover

Under our former insurance arrangements, some members may have been provided with Limited Income Protection cover in certain circumstances.

From 3 January 2015, Income Protection cover may be subject to a 12-month pre-existing condition (PEC) restriction instead of the Limited Income Protection cover restriction.

Members whose existing Income Protection cover is Limited Income Protection cover will continue to have Limited Income Protection cover for the remainder of their limited cover period.

For some members, this could mean some cover may be Limited Income Protection cover, and some cover may be subject to a PEC restriction.

How to claim an Income Protection benefit

If you do need to claim an Income Protection benefit, make sure you let us know as soon as possible so we can quickly process your claim.

Contact us and we’ll guide you through the process and send you any forms you need to fill out.

Learn more

This page only provides a snapshot of the Income Protection cover available through your accumulation account.

Before you make any decisions take a look at the detailed information in the Insurance in your super booklet.

Get advice

UniSuper Advice helps UniSuper members with more than just super. Each year the UniSuper Advice team helps thousands of members navigate the financial side of important life events, like figuring out the level of cover right for you.

Talk to UniSuper Advice on 1300 331 685 and see how they can help you.