Receive a replacement income if you can't work with ANZ Income Protection.
If you were suddenly unable to earn an income for any extended period of time, would you have enough savings to maintain your family's lifestyle and keep with your financial obligations? Without a protection plan in place, the lifestyle you have worked so hard to build can start to deteriorate very quickly. This is where ANZ income insurance can help to protect all that you’ve worked for if you are suddenly unable to work because of illness or injury.
ANZ Income Protection Insurance will cover up to 75% of your gross income up to $10,000 per month if you can't work due to illness or injury. The policy also offers a range of additional benefits including involuntary unemployment cover and child cover. This review will explore the various benefits and features of the policy.
Key features of the ANZ income insurance policy
ANZ income protection pays you an ongoing monthly benefit which is a percentage of your regular income, to help you keep up with all of those ongoing bills. While you may have some savings or accumulated investments that you can tap into in an emergency, ANZ income insurance means that you don’t have to exhaust all of your savings, and can maintain security for your family and reduce financial pressure while you recover. With ANZ Income Insurance cover, you can benefit from the following features:
- Monthly benefit payments for illness or injury: If you suffer an eligible serious illness or injury and are unable to work, ANZ Income Insurance will pay you up to 75% of your gross income, up to a maximum of $10,000 per month. The benefit amount paid at the time of a claim will be either the income benefit amount shown on your policy, or 75% of your average pre-claim earnings – whichever is less. At the time of the claim you may be required to produce additional proof of your income and earnings.
- Cover for workers in high-risk occupation: If you work within a special risk occupation category, you will still be eligible for a benefit cover of up to $3,000 per month. It is important to note that no benefit will be payable if your disability is caused by the duties you perform for your occupation.
- Up to two years benefit period: Your income protection insurance from ANZ will continue to pay a monthly benefit for up to two years while you recover and are ready to return to work. The longer the benefit period you choose, the higher your premiums will be, so you can also choose a benefit period of six months or 12 months. The benefit period of a claim ends at the period you have specified, at the point in time you are no longer disabled or when your policy ends.
- Tax-deductible premiums: Your ANZ Income Insurance premiums are tax deductible so that at the end of the year you’re able to get back some or all of what you’ve paid on your income protection, removing that last excuse of cost, and making sure you’re able to protect your family even when you’re unable to work.
- Eligible illnesses and injury: To be eligible for a monthly benefit payment under your ANZ income protection insurance, you must have become disabled after the date your policy application was accepted, and be disabled throughout the waiting period of the policy and since the end of the waiting period unless the claim is recurring.
- Your choice of waiting period: You can choose a waiting period of 30 days or 90 days, whichever suits you when you apply for your income protection cover. The longer the waiting period, the cheaper your premiums will be, and the shorter your waiting period, the more expensive your premiums will be. You therefore need to balance your current budget with your expected savings and financial position if you were unable to work, to decide how long you would be able to wait before your first benefit payment. The waiting period starts on the day you consult a medical practitioner who provided advice and consultation of your disability.
- Guaranteed benefit amount: You can decrease the benefit amount on your income protection insurance with ANZ at any time, however, ANZ guarantees to never decrease your benefit amount.
- Cover for recurring illness or injury: If you suffer from the same illness or injury within six months of making a claim, you can restart your benefit and ANZ will waive the waiting period.
- Optional total and permanent disability cover: You can add total and permanent disability insurance to your ANZ income protection policy. TPD will pay you a lump sum benefit if you become totally and permanently disabled. If a TPD benefit is paid by ANZ, your premiums will be recalculated based on your income benefit.
- Automatic indexation: At each policy anniversary, ANZ will increase your benefit amount to keep in line with inflation. This ensures that your benefit remains valuable and relevant to the costs of the day.
How can I apply for ANZ Income Insurance?
To apply for ANZ Income Insurance, you must be:
- 18 to 59 years old;
- An Australian or New Zealand resident or hold an Australian permanent residency Visa;
- Currently working more than 20 hours per week in your main occupation;
- Have been continuously employed or self employed for 12 months in Australia or New Zealand in the 24 months before your application;
- Currently be living in Australia.
If you sign up for ANZ Income Insurance before 31 December 2013, you will receive a bonus $100 ANZ Visa gift card. ANZ Income Insurance also comes with a 21-day cooling off period when you sign up. So, if you change your mind, you can cancel your policy within the time period and ANZ will refund any premiums paid as long as no claim has been made.