Bupa Income Protection Insurance

Receive up to 75% of your income if ill or injured with Bupa Income Protection

Bupa Income Protection pays you an ongoing monthly benefit of up to 75% of your income if you can't work due to serious illness or injury. You can choose a benefit period of 2 years, 5 years or until age 65.

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What will the policy cover?

While you work hard, enhance your skills, show up on time and invest your innovative ideas into your role to build a strong career for your future, there is one more thing you should be doing to protect your earning capacity, and that is taking out income protection insurance. Income protection insurance can be a valuable helping hand each month if you become unable to work because of illness or injury, plus, with Bupa Income Protection you will benefit from:

  • Monthly disability benefit: Bupa Income Protection will pay a monthly benefit if you are unable to work, or are only able to work at a reduced capacity, because of illness or injury. You can be paid a benefit which is up to 75% of your regular salary, to help you with the ongoing household bills, general living expenses or extra medical costs while you recover. This allows you to keep your bills current and your finances under control while you focus on your recovery, and you don’t have to eat away at all of your savings for this rainy day.
  • Tax deductible premiums: In most cases, your Bupa Income Protection insurance premiums will be tax deductible, so make room for them in your budget now, and enjoy the tax rebate at the end of the year.
  • Your choice of waiting period: The waiting period is the time between making a claim, and receiving your first benefit payment, and the shorter the waiting period you choose, the more expensive your premiums will be. Bupa offers you a waiting period of 30 days, 90 days, 180 days, one year or two years. When choosing your waiting period, think about your sick leave entitlements at work, your living expenses, and your savings or investment alternatives.
  • Your choice of benefit period: The benefit period is the length of time you will continue to be paid a monthly income from your income insurance. Bupa offers a benefit period of two years, five years, or until you reach 65 years old. The longer the benefit period you choose, the more expensive your cover will be, but you are making a choice about how long you give yourself to recover from illness or injury and return to work.
  • Rehabilitation expenses benefit: Your income protection insurance with Bupa includes a benefit for the costs of approved retraining or rehabilitation programs where they are deemed to directly assist you in recovering from your disability and returning to work.
  • Customer loyalty benefit: If you also have health insurance with Bupa, your health insurance premiums will be waived while you are on a claim for income protection. Your health insurance premiums will be waived for up to 12 months or to the value of $2,000, whichever is less.
  • Motor vehicle accident benefit: If your injury or disablement is the result of a motor vehicle accident, and you are totally disabled for at least 30 days, and you have chosen the 30 day waiting period, your benefits will begin at the end of the waiting period, and be backdated to the date of your total disablement.
  • Recurrent disablement benefit: If your total disability returns within six months of you returning to full time work, this will be classified as a continuation of the same claim, and you won’t have to serve the waiting period again.
  • Interim accident cover: You will be eligible for a benefit payment of up to $5,000 per month if you become totally disabled as a result of an injury caused by an accident at the time your Bupa Income Protection application is being assessed.
  • Premium waiver: No premium is payable while you are receiving your monthly benefit payment from your Bupa Income Protection claim.
  • Indexation of benefits: Your benefit amount will increase in line with the consumer price index each month you are receiving a claim. The indexation will occur at a maximum of 7% at the end of each 12 month period of your claim. This ensures that your benefit amount remains in line with current costs of living.
  • Guaranteed renewable cover: As long as you keep your premiums current, Bupa will renew your cover each year regardless of your changing circumstances.
  • Worldwide cover: Bupa Income Protection will provide cover 24 hours a day, seven days a week, no matter where you are in the world.

How can I apply for Bupa Income Protection Cover?

To be eligible to apply for Bupa Income Protection insurance, you must satisfy the following requirements:

  • You are a Permanent Australian Resident;
  • You are between 20 and 54 years old at the time of application; and
  • Work more than 30 hours per week.

If you have a mortgage and a family relying on you to bring home your wage each week, then income protection is a valuable inclusion in your insurance portfolio. However, if you are young and single, it doesn’t mean you can’t still benefit from income protection, because if you are unable to work, the bills will quickly accumulate, and to help you maintain your independence and your lifestyle, Bupa’s monthly benefit amount will be there. There is also a wide range of occupations covered by Bupa’s Income Protection insurance, so don’t worry if you work in an unusual or high risk industry.

Exclusions you should know about

Exclusions that apply to claims under Bupa Income Protection Insurance include if the illness or injury is due to:

  • A self-inflicted act
  • Normal pregnancy or childbirth
  • An unlawful act
  • War or warlike activities
  • Military service

A benefit will also not be paid while the insured is in gaol and the Motor Vehicle Accident benefit will not be paid if the insured was travelling in a motor vehicle that was unsafe, being used in a race, trial, contest or unlawful act, or being driven by a person under the influence of drugs or alcohol.

Other things you might want to know about

Is there a cooling off period?

Yes, if you decide to cancel your Bupa Income Protection Insurance, you have 14 days from the time you receive your policy or 5 business days from the start of your cover. If you cancel your policy during this time your premium will be refunded, providing you have not made any claims.

Can I change my monthly benefit amount?

If your circumstances change and seem likely to be permanent, such as an increase or reduction in income, you can change your monthly benefit at any time to ensure you have an appropriate level of cover.

Are tax deductible premiums available?

Premiums paid for Bupa Income Protection Insurance are fully tax deductible and any benefit payments made will form part of your assessable income.

How and when are benefits paid?

Payments are made monthly in arrears directly into your nominated bank account. The daily benefit payable is calculated by dividing your monthly benefit by 30.

Is there inflation protection built in?

You can opt to have your benefit and premium amount increased annually to keep pace with inflation (usually around 5% per annum).

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