
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
You work hard to build the life you want. You have a good job to continue earning an income, so that you can take care of your family and meet your financial obligation. But, what would happen if that money suddenly stopped coming in because of an illness or injury and you are unable to work?
You might be able to manage for a short while using your savings which could help you maintain your cash flow. However, after a few weeks or months of this, where would your carefully managed finances and your plans for the future be?
With no sufficient protection in place, you are putting your family at risk financially in the event that you are affected by a long-term disability. AustralianSuper income protection cover can provide the financial buffer that you and your family need should anything happen to you and you are unable to work.
AustralianSuper income protection insurance pays a portion of your regular wage while you are unable to work because of an illness, injury or accident. Each unit of income protection cover with AustralianSuper provides a benefit of $500 per month before tax, and you can continue to receive your income protection benefit for up to two years. You will remain covered by your Australian Super Income Protection policy until you are 70 years old.
Other features of AustralianSuper income protection cover include:
There are two types of payments for available under this income protection:
According to the product disclosure statement (PDS):
Note: The above is a general tip based on AustralianSuper's Insurance Guide.
Compare soon-to-launch electric and hybrid cars.
Compare $500,000 life insurance policies, costs and cover here.
A lockdown binge saw Aussies splash out $2 billion more on alcohol this year, according to Finder’s analysis of Australian Bureau of Statistics (ABS) data.
We've compared the fees, investment options and performance for both QSuper and Sunsuper to help you choose between these two popular super funds.
Find your perfect home on wheels with campervan rentals in The Harbour City.
Learn how to get life insurance if you have asthma.
The ins and outs of life insurance if you have epilepsy.
Can you get life insurance if you have a pacemaker? We explain how it works.
Trying to decide between AustralianSuper and Australian Ethical Super? We've compared their fees, performance and investments to help you choose.
I Would Like Income protection insurance if i take this out can i claim it on my tax like with any other income protection policy ??
Hi Brent,
Thanks for your inquiry.
The Australian Taxation Office (ATO) explains that you can claim the cost of premiums you pay for insurance against the loss of your income. As long as your income protection premiums relate to earning an assessable income, and provided the policy is held outside of your superannuation fund, your premiums can be claimed as a tax deduction.
To know how to claim your deduction, you may check out this page and look for “How do I claim a deduction?” topic to see the information.
I hope this helps.
Kind regards,
Bella
I have income protection with AUST Super, does that cover all illnesses?
Hi Jane,
Thank you for your comment.
According to Australian Super’s PDS, you won’t be covered for any illnesses or injuries you had before you got your cover and it may last for different lengths of time. Your Income Protection comes with a benefit payment period of up to two years which means benefits may be paid a maximum of two years if you’re temporarily unable to work due to illness or injury. The type of illness will be assessed by your insurer so it’s best to verify your claim with Australian Super.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn