ClearView LifeSolutions Income Protection

Cover up to 75% of your income with ClearView Income Protection cover

Many Australians will not hesitate to insure their cars and homes, but when it comes down to protecting their income as their more valuable asset, some may consider it to be completely unnecessary. However, have you ever thought of what would happen if you got seriously ill or injured? Will your current financial situation be able to provide enough support if your recovery takes much longer than anticipated?

While many of us hope that nothing would ever happen to us, it is important to consider having a form of cover in place to protect your ability to earn an income, should anything happen to you. If you are the main income earner for your family, not having a steady flow of income every month can be devastating for your family. Think about all the bills, mortgage repayments and your children’s education expenses that you still have to keep on top of. This is when ClearView Income Protection Cover can provide you with the valuable financial assistance that you and your family need.

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Features of Clear View Income Protection Cover

To protect your income and the lifestyle it has helped to build for you and your family, ClearView Income Protection Cover provides a monthly benefit amount of up to 75% of your average income if you are unable to work because of illness or injury. In addition to the standard Income Protection Cover policy, Clear View offers Income Protection Plus Cover, which is only available to white collar occupations as defined by ClearView Life Insurance.

You can also take out income protection with Clear View as a standalone policy, or via your Clear View Life Solutions Super account.

Some of the main features of ClearView Income Protection Cover include:

  • Cover for total or partial disability: Clear View will pay you a monthly benefit if you are totally or partially disabled because of an illness or injury, and you are unable to continue work as normal.
  • Cover if you work at least 30 hours per week: If you are between 18 and 60 years old and you are gainfully employed for at least 20 hours per week, you can apply for income protection with ClearView. Once approved, your cover can continue until you are 60, 65 or 70 years old, depending on the benefits you choose.
  • Flexible benefit amount: The minimum monthly benefit you will be entitled to excluding superannuation contributions is $1,500, while the maximum amount you can receive from your ClearView income protection insurance is $40,000, including any superannuation contribution component. Benefit amounts that are more than $30,000 per month are limited to a two-year benefit period.
  • Choice of stepped or level premiums: You can opt for stepped premiums that increase overtime as you age or level premiums until you reach 65 years old when they convert to stepped premiums.
  • Your choice of benefit period and waiting period: The benefit period is the length of time you will be paid a benefit from ClearView on your income protection policy, and the waiting period is the length of time between when you make a successful claim, and when you receive your first payment. A longer benefit period and a shorter waiting period will result in higher premiums. You can choose a benefit period of two or five years, and a waiting period of 14, 30, 60, 90 or 180 days, or one or two years.
  • Functionality of extras in your cover: You can choose to add a total and permanent disability lump sum option to your income protection policy with ClearView, for no extra cost; however, this option can affect the tax deductibility of your premium. Also, if you choose to hold your income protection within your superannuation, certain options are not available, such as the extras package option, the agreed value or guaranteed agreed value benefit, rehabilitation benefit, accommodation benefit and the medical professionals benefit.

How is the benefit paid?

As well as choosing your waiting period and benefit period, you can also choose the type of benefit you receive with Clear View, including:

  • Indemnity benefit: With this option the benefit is the lesser of 75% of your pre disability earnings or the monthly benefit amount you have selected in your cover.
  • Agreed value benefit: This option will pay you the benefit amount you have chosen to be insured for, as shown in your policy certificate, regardless of whether your income has decreased since you took out the cover. You can either provide evidence of your income at the time you apply for the policy, or the time you make a claim, and if you can’t provide this information, you will be paid the lesser of the benefit amount you are insured for, or 75% of your pre disability income in the 12 months before your claim.
  • Guaranteed agreed value benefit: This option guarantees you are paid the benefit amount listed on your policy when you make a claim, and does not require you to provide any evidence of your income if you have provided evidence of your income when you applied, or you were classified as a Newly Qualified Professional by Clear View and the financial evidence requirement was waived.

What are some other key benefits?

ClearView Income protection policies offer many features and benefits. These include and are not limited to:

  • Waiver of waiting period for specific medical conditions benefit: In the event that you are totally disabled and unable to work in your normal occupation as a result of a medical condition listed in your policy, ClearView will waive your waiting period.
  • Indexation benefit: Your benefit amount will be automatically increase each year to keep in line with inflation and rising living costs.
  • Relapse benefit: If you suffer from a relapse of the same or similar illness or injury within 12 months after you submitted your previous claim, your waiting period will be waived.
  • Accommodation benefit: In the event that you are totally disabled and confined to a bed as advised by a medical practitioner, ClearView will reimburse the cost of accommodation of up to $250 per day when an immediate family member is required to travel from their to care for you.
  • Medical professionals benefit: If you work within the medical professions, a lump sum benefit of up to $1 million or 50 times of your monthly benefit amount will be paid when you contract occupationally acquired HIV, Hepatitis B and C, and you are unable to continue performing your main duties or practice.
  • Waiver of premium while on claim benefit: While you are on claim and receiving your monthly benefits, your premiums will be waived.
  • Waiver of premium if on maternity leave benefit: Your premiums will be waived for up to three months when you are taking maternity leave.
  • Future increase benefit: If you income has changed, you can increase your monthly benefit amount by up to 15% and you are not required to undertake any medical tests.
  • Death Benefit: In the event of your death, ClearView will pay a lump benefit to your beneficiaries equal to six times your monthly benefit, or to a maximum of $60,000.

With ClearView income protection cover, you can rest assured that no matter what happen to you, your family’s wellbeing will be taken care of. Not only will you have the peace of mind and the ability to keep on top of financial obligations, but also focus on what’s really important – your recovery back to full health.

Exclusions to be aware of

No benefit will be paid under a ClearView Income Protection policy if:

  • Your claim is caused by an intentional self-inflicted act, suicide or attempted suicide
  • Your claim results from war or an act of war (whether declared or not)
  • It is a result of normal or uncomplicated pregnancy or childbirth
  • It is for elective surgery or treatment that you voluntarily undergo in the first six months after cover commences, is increased or is reinstated
  • It is caused by anything specifically excluded from cover as stated on your policy certificate

It is also worth noting that a three-month qualifying period applies to conditions related to pregnancy, childbirth or miscarriage complications.

Who is eligible for ClearView Income Protection Insurance?

The entry age for ClearView Income Protection Insurance depends on the premium structure you choose:

  • Standard policy: Entry to a standard policy is granted to applicants aged between 18 and 60
  • Hybrid premiums: Applicants who choose a policy with hybrid premiums must be aged from 30 to 55
  • Depending on the benefit period you select, the policy expiry age is 60, 65 or 70 years

Request an income protection insurance quote from Clearview

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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