HCF Income Assist Review April 2021 | finder.com.au

HCF income protection

What does income insurance from HCF Australia offer?

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HCF Income Assist Insurance policy provides a replacement income when you are unable to work due an illness or injury. A monthly benefit of up to 75% of your average income will be payable for up to 12 months, enabling you and your family to meet the daily living expenses such as mortgage repayments or rent, any short-term or long-term debts and your children’s school expenses.

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With income insurance from HCF, you will have peace of mind of being able to keep on top of your financial obligations and focus on your recovery.

What does HCF Income Assist cover?

  • Monthly benefit payments: You can choose a benefit amount of up to 75% of your average monthly income to a maximum of $6,000 per month.
  • Child care benefit: With this benefit, the costs of pre-school child care of up to $500 per month will be reimbursed.This benefit will be provided at no extra cost and eligibility may apply.
  • Bed confinement benefit: You may be eligible for a bed confinement benefit of $500 per month of up to 3 months, provided that you are confined to bed under the care of registered nurse.
  • 30 day waiting period: Waiting period is the amount of time that you will be unable to work for due to an illness or injury, until you start receiving your replacement income. Your benefits begin following a 30 day wait after a claim is lodged.
  • Recurrent disability feature: If you have been rendered with a recurring illness or injury within 6 months of returning to work, your monthly benefit will be payable without applying the waiting period.
  • Protection for part-time workers: If you only work for 21 hours a week, you will be eligible to obtain HCF Income Assist Insurance.

Additional benefits you might like to consider

Some HCF Income Assist Insurance customers will also be eligible for one of the company’s extra benefits provided at no extra cost. These benefits are:

  • Child care benefit. This benefit of up to $500 per month for up to three months offers reimbursement for pre-school child care costs. The benefit is based on costs incurred prior to your disability and will only be paid while you are receiving the basic benefit and also continuing to be charged child care costs.
  • Bed confinement benefit. This benefit also pays up to $500 per month for up to three months. If you are confined to bed under the care of a registered nurse, this benefit is designed to cover your additional costs.

Both of these extra benefits are paid in addition to the basic benefit and will not exceed $500 per month. As a result, the total benefit you can receive will not exceed $1,500.

What are the general exclusions of the policy?

Benefits available under a HCF income assist insurance policy will not be paid under the following circumstances:

  • If you suffer from a pre-existing medical condition that triggers the event of claim.
  • If the illness you are suffering from became evident within 60 days from your policy being accepted by HFC. Any recurrence of any such illness will also become an exemption.
  • If you are suffering from a mental illness, unless the same illness is covered under a worker’s compensation claim.
  • If the claim arose out of a war, insurrection, terrorism, civil commotion of some nature, or general hostilities.
  • Any illness bearing a relationship to AIDS.
  • If any alcohol or drug abuse is involved.
  • When the illness or injury has its origins brought about as a result of playing any professional sport.
  • Where pregnancy, childbirth, contraceptive procedures, or infertility conditions are involved.
  • When self injury, if intentional, any criminal activity, or attempted suicide is found to be responsible.
  • If the injury or illness occurred while you were working outside of Australia.
  • Within the first 30 days after making your claim.

Who is eligible for cover?

You can apply for HCF Income Assist Insurance if you satisfy the following requirements:

  • You are between 18 and 54 years old;
  • A permanent Australian resident;
  • You have been employed in your current occupation for the last 12 months; and
  • You are working at least 21 hours a week.

You will not be asked to undertake any medical examination or fill out a questionnaire regarding your health and you will have guaranteed acceptance upon submitting your application for cover.

HCF income insurance policy is an economical way to insure your earning capability, especially when you are not able to work due to an temporary disability. With reputable insurance brand such as HCF Australia, you can rest assured that you and your family will be taken care of financially, without the high price tag.

Some other questions you might have

Q. How can I make a claim?

  • A. To make a claim, you will need to call HCF. The company will provide you with the advice you need and send out any documents you need to complete.

Q. Do I need to undergo medical tests or fill out a questionnaire?

  • A. No. HCF Income Assist Insurance is available online and you do not have to fill out any medical questionnaires or undergo any health tests.

Q. How much is the benefit that I will receive?

  • A. The maximum monthly benefit available under this policy is $6,000.

Q. Where can I find out more about what cover is provided?

  • A. Read the product disclosure statement to find out all about the policy’s benefits, features, limits and exclusions.

Q. How can I pay for my Income Assist Insurance policy?

  • A. HCF offers a range of payment options to help you cover the cost of your premium. You can pay via credit card or debit card and choose from a number of payment frequencies to suit your budget.

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