HCF Income Protect Insurance
- Maximum % of income Covered
- 70%
- Maximum Monthly Benefit
- $10,000
- Maximum Entry Age
- 60
- Maximum Benefit Period
- 12 months
Our verdict
HCF supports its members with income protection insurance of up to $10,000 a month, allowing you to focus on getting back on your feet.
HCF's income protection insurance policies are issued by their own HCF Life Insurance Company Pty Ltd. which falls under HCF Life. For many Australians, opting for brands that give back to their members is a high priority, however, it's important to note that some insurers do exceed HCF's monthly benefit, offering payouts of up to $30,000.
Pros
- Eligibility available for part-time or self-employed individuals, providing peace of mind to those with unpredictable income.
- Affordable cover from $2.65 per week, making it a budget-friendly policy for a wide range of budgets and needs.
- Prompt, reliable service with most claims paid in less than 5 days.
Cons
- Benefit period only available for up to 12 months. Many insurers offer benefit limits higher than this, ranging from 2 to 5 years or up to the age of 65.
- While $10,000 a month is a generous level of cover, there are insurers who offer more than this.
Details
Product details
| Maximum Monthly Benefit | $10,000 |
| Maximum % of income covered | Up to 70% |
| Maximum Benefit Period | 12 months |
| Minimum entry age | 18 |
| Tax-deductible Premiums | |
| Maximum Entry Age | 60 |
| Benefit Period Options | 12 months |
| Minimum Waiting Period | 30 days |
| Expiry Age | 65 |
| Minimum Hours Eligibility | 21 |
| Cooling-off (days) | 30 |
| Children's Insurance Option | |
| Death Cover | |
| Redundancy Cover | |
| Online quote offered? | |
| Premium Structures Offered | Stepped |
| Underwriter | HCF Life Insurance Company Pty Ltd |
| Seller | HCF Life Insurance Company Pty Ltd |
Get a quote for HCF Income Protection
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How we picked theseFinder Score - Income Protection
Income Protection is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 12 products and gave each one a score rank out of 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Who is eligible for an HCF Income Protect Insurance policy?
HCF Income Protect Insurance is designed for customers seeking financial support if they are no longer able to work due to sickness or injury. You can apply for HCF’s income protection if:
- You are aged between 18 and 60
- You are a permanent resident or Australian citizen
- You have been employed by the same employer or have been in the same occupation for 12 months prior to your policy’s commencement date
- You work for more than 21 hours a week
- You earn at least $2,000 pre-tax every month
How to make a claim
If you need to make a claim on your Income Protect Insurance, you will need to complete and return an Income Protect Insurance claim form as soon as possible following your 30 day waiting period. Customers can access this form by calling 13 13 34 or emailing lifeclaims@hcf.com.au.
Depending on the details of your claim, you also may be asked to do the following:
- Pay any costs relating to your claim
- If required, have a medical examination (organised and paid for by HCF)
- Provide satisfactory proof of your age and income
- Supply other documents or evidence to further support your claim
- Seek medical advice from a legally qualified medical practitioner after your injury and follow their advice
Is there anything else I should know before applying?
- Limited cover. If your claim is approved and you begin receiving monthly benefits, please remember that coverage ends after 12 months. If you prefer to err on the side of caution, you may want to consider a policy with a long benefit period.
- Pre-existing conditions. Pre-existing conditions that appeared within 5 years prior to your cover’s start date are not covered.
- Job eligibility. Not all jobs are eligible for cover. To find out if your occupation qualifies for coverage, we recommend getting in touch with HCF.
- Cash payment. Approved claims are processed and paid with cash, allowing customers to recover and remain financially stable as they see fit.
Finder's verdict
If you’re after affordable, basic cover and want to be a part of a community that strives to reward its members, HCF’s Income Protect Insurance could be an ideal choice. However, it’s worth noting that the benefit limit for this policy is on the lower end compared to other insurers, plus your benefit limit expires after 12 months, which may not be ideal if you are facing an extended recovery period.Sources
Your reviews
Ceyda Finder
Senior writer
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