Cover up to 75% of your salary if you can't work due to accidental injury with Clearview
Normally when you think of life insurance, you think of protecting your family from something you are certain is going to happen – not that you want to think about it, and not that you want it to happen soon, but the reality is that we’re all going to die eventually, and leave behind loved ones who could benefit from the financial support of life insurance.
Therefore, when you are considering adding accidental income protection insurance to your existing life insurance plan, you may think that it’s an easy one to pass by. However, while life insurance is important in order to look after your family when you’re gone, living insurances such as accidental income protection insurance are valuable when you’re no longer able to earn your normal income and provide for your family, but you won’t able to claim on your life insurance benefit either.
Key benefits of the policy
If you are disabled as the result of an accident and unable to work, ClearView Accidental Income Protection Cover will pay you an ongoing monthly benefit of up 75% of your average salary to help with your day to day living expenses. This means you can go on meeting your financial obligations such as your rent, mortgage, power bills and groceries, without having to reply on your savings. Other benefits of accidental income protection with ClearView include:
- Total and partial disability cover: This means ClearView will pay your benefit if you are totally or partially disabled due to an accident.
- Your choice of waiting period and benefit period: The waiting period is the amount of time you have to wait between making a successful claim, and receiving your first benefit payment, and your choice of waiting period will depend on your personal financial situation, other family income and your savings. You can choose a waiting period of 14, 30, 60, 90 or 180 days, or a waiting period of one year, two years, keeping in mind the shorter the waiting period you choose, the more expensive your premiums will be. Your benefit period is the length of time you will receive your monthly benefit and you can choose a benefit period of two or five years, or choose to receive a benefit until you are 60, 65 or 70 years old. Similarly, keep in mind that the longer your benefit period, the higher your premiums will be.
- Choice indemnity, agreed value, or guaranteed agreed value benefit payment: You can choose an indemnity benefit where you are paid a percentage of your current income in the 12 months before your claim, an agreed value benefit where you nominate a benefit amount when you apply and your benefit is then comparable to the agreed value and the actual value of your income at the time of your claim, or you can opt for guaranteed agreed value benefits, which guarantee to pay you the benefit amount you have nominated in your application.
Built-in features and benefits of ClearView Accidental Income Protection Cover
The Clear View Accidental Income Protection Cover policy includes a number of valuable benefits at no extra cost, which include (and are not limited to):
- Indexation benefit: Every year, your monthly cover amount will be automatically increased in line with the Consumer Price Index (CPI) or to a minimum of 5%, so that it can keep up inflation and rising living costs in the future.
- Relapse benefit: In the event that you suffer from a similar or related illness or injury within 12 months of the previous claim, the waiting period will be waived and you can get access to your benefit payment immediately.
- Accommodation benefit: ClearView will reimburse the cost of accommodation of up to $250 per day when a family member has to travel from their home to provide care for you while you are totally disabled and confined to a bed.
- Medical professionals benefit: A lump sum benefit, of up to $1 million or 50 times the total of your monthly benefit, is payable in the event that you contract an occupationally acquired HIV, Hepatitis B or C if you work as a medical professional.
- Rehabilitation benefit: When you participate in an approved rehabilitation program, ClearView will reimburse the costs incurred of up to 12 times your monthly benefit amount.
- Waiver of your premiums while you are on a claim: No premiums are payable when you are on claim.
- Waiver of your premiums while you are on maternity leave: If you on maternity leave, ClearView will waive your premiums of up to three months.
- Suspending cover benefit: You can put your cover and premiums on hold for 12 months should you experience financial hardship, are unemployed or on extended leave from the workforce.
- Total and permanent disability lump sum option: If you are suffering from a significant disability that meets the definition of ‘own occupation’ TPD, you can opt to receive a lump benefit instead of the monthly benefit amount.
- Death benefit: In the event of your death, ClearView will pay a lump sum benefit of up to $60,000 or equal to six time your monthly benefit to your nominated beneficiaries.
Additional options to consider
With accidental income protection insurance from ClearView, you can build up your cover to match your needs. You can also choose to customise your cover with a range of extras for an additional cost in your premiums. These include and are not limited to:
- Increasing claim option: While you are on claim, your monthly benefit amount will increased each year in line with the CPI to keep up with inflation.
- Accident option: ClearView will pay 1/30th of your monthly benefit for each day you are totally disabled as a result of an accident during the waiting period.
- Superannuation contribution option: You can continue to contribute to your complying superannuation fund while you are receiving a disability benefit.
Who is eligible to apply?
If you are 18 years or older and you are employed for more than 20 hours per week, you can apply for accidental income protection with Clear View. You can apply up to the age of 60 if you work at least 20 hours per week, and you can remain covered until you are 60, 65 or 70, depending on your benefits.