GIO Bill Protect Insurance

A fully featured income protection policy that gives you flexible benefit periods, loyalty rewards and optional redundancy cover.

If your looking for a comprehensive safe guard to protect yourself financially in the event that you become unemployed due to illness or injury then GIO Bill Protect might be the policy for you.  Allowing you to set a level of cover from $1,000 to $4,000, GIO goes a step further and gives you the flexibility to choose your own benefit period of 6, 12 or 24 months.  An optional redundancy benefit is also available which insures you against any non-illness or injury related event that could leave you unemployed.

In addition to this if you are covered by GIO's Bill Protect policy you will also receive some added rewards such as a discount on your premium depending on the amount of cover you select, 3 month pauses on your premium for every year you retain your cover and a recurring disability clause that removes the waiting period for payments in the event you suffer from the same illness or injury within 6 months of receiving your first benefit payment.

What do I get if I'm covered by GIO Bill Protect Insurance?

  • Disability benefit: If you’re sick or injured and unable to work, GIO Bill Protect Insurance provides an ongoing monthly benefit of between $1,000 and $4,000 to help you cover your bills. The benefit is paid for a period of 6, 12 or 24 months so that you can continue to meet your financial commitments and focus on getting better rather than worrying about money.

  • Redundancy benefit: This optional benefit is available in addition to the Disability Benefit to policy holders who work more than 20 hours per week. It provides financial protection if you become involuntarily unemployed while you have cover in place. Redundancy Cover pays a monthly benefit of between $1,000 and $4,000 for a maximum benefit period of 3 months, providing a regular income while you are looking for work.

  • No medical tests: It’s easy to apply for GIO Bill Protect Insurance online. There are no medical or blood tests and the application process usually only takes a few minutes.

  • Recurring disability: If you suffer the same or a related illness or injury within six months of receiving your last monthly benefit, your disablement will be classified as recurring. This means that you will start receiving a benefit without having to serve a waiting period, while any benefit payments you receive will be added to the remaining benefit period.

  • Premium pause benefit: To help you keep cover at an affordable level, GIO Bill Protect Insurance allows you to stop paying premiums for up to 3 months for each year you retain your policy. Your policy continues during this time but no Disability or Redundancy Benefit is available.

  • Waiver of premium benefit: If you are receiving a monthly benefit while you are disabled or involuntarily unemployed, your GIO Bill Protect premiums will be waived during that period.

  • Automatic indexation benefit: Your monthly benefit amount will be increased by 5% or the indexation factor each year, whichever is greater, to make sure your level of cover keeps pace with inflation.
  • Large monthly benefit discount: You can receive a premium discount depending on the level of monthly benefit you choose.  The table below shows what discount you will receive commensurate to your benefit amount.
Monthly Benefit AmountDiscount
Less than $2,0000%
$2,000 - $2,9995%
$3,000 to $3,99910%
$4,000 or more (after indexation)15%

Conditions for Benefit Payment

If you wish to make a claim under your GIO Bill Protect policy, you or your legal representative must phone GIO on 1800 454 267 as soon as reasonably possible after an event giving rise to a claim. You will then be sent a claims pack which you must complete and return to the insurer. Failure to notify the insurer of a claim within a reasonable timeframe could result in your claim being reduced or refused.

In order for your claim to be processed and paid you will need to provide supporting documentation, which may include:

  • An initial claim form completed by you and your medical practitioner
  • An ongoing claim form completed by you and your medical practitioner every month
  • A signed Medicare Australia authority
  • Details of any hazardous activities you participated in
  • Payslips or a statement from your employer confirming your employment status

If your claim is for redundancy, you may need to supply proof of unemployment and proof of your efforts to find new employment. If you are self-employed, you will need to provide proof that your business has ceased to operate due to insolvency.

Who is eligible for GIO Bill Protect Insurance?

You’ll need to be between 18 and 60 years of age at the time of application in order to qualify for GIO Bill Protect Insurance. You will also need to be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application, as well as receive the policy PDS in Australia. Cover expires on your 75th birthday and you can receive a maximum monthly benefit of $4,000 for up to 24 months.

If you wish to apply for the optional Redundancy Benefit you will also need to be working at least 20 hours per week in your gainful occupation. Cover expires on your 65th birthday and you can receive a maximum monthly benefit of $4,000 for up to 3 months.

Are there any exclusions?

Bill Protect

Your GIO Bill Protect claim for disability will not be paid if it arises as a result of:

  • An intentional self-inflicted act
  • A pre-existing condition
  • You working in an occupation:
  • More than 15 metres above ground level
  • Underground in the mining industry
  • Where you are participating, training or competing in professional sport
  • While carrying a firearm
  • Working with explosives
  • Offshore in the oil, gas or petroleum industry
  • Overseas while serving in the armed forces
  • You engaging in aviation except as a passenger on a commercial flight
  • You riding or driving any self-propelled vehicle in any race or speed or reliability trial
  • You participating in mountaineering, rock climbing, abseiling or canyoning
  • You diving to a depth of 45 metres or more, wreck diving or diving in a cave
  • The use of drugs, other than taken as prescribed by a medical practitioner or health professional
  • You being under the influence of alcohol, where your blood alcohol level is above the prescribed legal driving limit
  • Any mental disorder or mental illness
  • Pregnancy, miscarriage or childbirth
  • You engaging in any criminal activity

Redundancy Benefit

No Redundancy Benefit will be paid if your claim is caused by:

  • Your intentional self inflicted-act
  • War or an act of war
  • The influence of alcohol or drugs (unless taken as prescribed by a medical practitioner)
  • Voluntary resignation or retirement
  • Misconduct, dishonesty, fraud or criminal activities
  • Poor performance in carrying out your occupation
  • Any strike or labour disturbance
  • The loss, currency or failure to maintain any licence, permit or authorisation to perform your occupation
  • The end of seasonal work or a fixed-term contract
  • Pregnancy, miscarriage or childbirth
  • Elective surgery

When does my cover expire?

Cover under your GIO Bill Protect policy ends when any of the following occurs:

  • You reach 75 years of age
  • You cancel the policy
  • The policy is cancelled because you failed to pay premiums
  • You die

Other things to be aware of

  • Issuer: GIO Bill Protect Insurance is underwritten by Suncorp Life & Superannuation Limited. AAI Limited is the insurer of the Redundancy Benefit.
  • No-claim period: You must serve a period of 6 months before you can claim a Redundancy Benefit on your policy.
  • Concurrent benefits: If you are eligible to receive both a Disability Benefit and a Redundancy Benefit at the same time, GIO Bill Protect Insurance will only pay the higher of these two monthly benefits.
  • Waiting period: A waiting period of 30 days applies to all claims.
  • Cooling-off period: A cooling-off period of 30 days applies from the date the policy commences. If the policy does not meet your needs and you want to cancel your cover during this period, you will receive a premium refund.
  • Premium payment options: GIO Bill Protect premiums can be paid fortnightly, monthly or annually from your nominated bank account or credit card.

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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