Rest Super income protection

Rest Super Income Protection Insurance is available to members of Rest Super. It is designed to provide protection for your income by offering a replacement income stream when you are sick or injured and unable to work. You can use the income you receive in the form of an ongoing monthly benefit just as you would your normal income, allowing you to repay debts, meet day-to-day expenses and focus on getting better.

Read on to learn the ins and out of Rest Super Income Protection.

Key Features of Rest Super Income Protection Cover

• Monthly income benefit. This replaces up to 77 per cent of your pre-disability income. Basic Income Protection Cover from Rest starts out low when you are young and typically on a lower salary, and increases as you age and will most likely be earning more.
• Super component. The Income Protection benefit you receive is made up of an income component and a super component to allow you to continue saving for your retirement. In addition to the benefit amount equal to 77 per cent of your pre-disability income, an amount equivalent to 12 per cent of the monthly income benefit payable to you will be paid into your Rest Super account.
• Automatic cover. If you change jobs and your new employer contributes to your existing Rest Super account, you won’t need to apply for new cover as long as your previous cover wasn’t cancelled or didn’t expire.

Rest Super Income Protection additional Options to Consider

• Voluntary Cover. In addition to the Basic Cover offered to all eligible Rest Super fund members, you can apply for up to $30,000 per month of Voluntary Cover. You can apply for Voluntary Cover to increase your level of protection at any time.

How Much Will Rest Super Income Protection Cost?

Your income protection premiums are influenced by the following factors:

• Your age. Basic Cover premiums start out low and increase with age, so the cost of your cover will also increase as you get older.
• Whether you select Voluntary Cover. You can add up to $30,000 of Voluntary Cover to your monthly benefit; the higher the amount of cover you have, the more your premiums will be.
• Your gender. Your sex will also be taken into account when determining the cost of your cover.
• Your occupation. Professional occupations with no exposure to unusual hazards are cheaper to insure than minimal injury/illness risk white collar jobs, which are in turn cheaper to cover than light manual, blue collar and heavy manual occupations.
• Your medical history and current health. These factors will both affect the likelihood of you having to make a claim, while your family’s medical history will also be taken into account.
• Your habits. Smokers and heavy drinkers will pay more for cover.
• Your pastimes. Participating in contact sports and high-risk adventure activities can increase the cost of cover.
• Your benefit period. A longer benefit period costs more, but means you may be paid for longer.

Conditions for Benefit Payment

If you’re totally or partially disabled for longer than your waiting period and you wish to make a Rest Income Protection claim, you’ll need to complete a claim form. This form can be obtained by phoning Rest on 1300 300 778. Your fully completed claim form will need to be returned to Rest along with supporting documentation, including:

• A Medical Attendant’s Statement by the consulting registered medical practitioner
• A completed Tax File Number notification form
• Certified proof of identity
• A hospital discharge form (if you have been hospitalised for the injury or illness relating to your claim)
• Medical reports completed by your treating doctor
• Income statements from other sources, for example sick leave, workers’ compensation, motor accident compensation or Centrelink benefits

If your claim is accepted, your first monthly benefit will be paid in arrears one month after your waiting period comes to an end. The insurer will also monitor the progress of your sickness or injury every month, and you will be required to provide a completed Progress Claim Form and Medical Attendant’s Statement each month in order to continue receiving benefits.

Benefits will then be paid until the earliest of:

• When you are no longer totally or partially disabled
• Your death

What is the age limit to apply?

The maximum age at which you can continue receiving Income Protection benefits is 70 years, with benefits generally payable until the end of your benefit period or age 70 (whichever comes first). If your waiting period ends on or after age 58, the benefit period is limited to 2 years (or age 70, if earlier).

When won’t a claim be paid?

Your Rest Super Income Protection claim will not be paid in a range of circumstances, including:

• No benefit will be paid if the claim arises directly from your active service in the armed forces of any country or international organisation (except the Australian Defence Forces Reserve)
• If your disability is caused by intentional self-inflicted injury or any such attempt
• If your claim arises due to normal pregnancy or childbirth
• If your claim relates to an exclusion specifically applied to your policy

Rest Super Income Protection - Other things to know

• Cooling-off period. From the date you receive a letter from Rest Super confirming your acceptance for cover and policy details, you have 14 days to make your mind up about whether cover is right for you. If you cancel your cover during these 14 days, you will receive a full refund of any additional premiums paid.
• Taking out Voluntary Cover. Voluntary Income Protection Cover can be increased in multiples of $100 per month (up to the maximum available), with payments generally ceasing at the earliest of the end of the benefit period, age 70 or when you return to your usual work. The maximum amount of Voluntary Cover you can apply for is $30,000 per month.
• Offsets applied. Your monthly income benefit is limited so that, when combined with any other payments you are entitled to receive because of your total disability, it does not replace more than 77 per cent of your pre-disability income. The amount payable from other sources, such as sick leave or workers’ compensation, will be used to offset your income benefit.
• Waiting period. You must serve your chosen waiting period before you will be eligible to start receiving Rest Super Income Protection benefits (see the FAQs below for the options).

Frequently asked questions

• How can I apply for cover with Rest Super?

  To apply for income protection cover with Rest Super, you need to become a member first. You can apply for membership online or via phone. Once you are a member, you can apply for income protection cover online through the MemberAccess portal, or by requesting and completing a paper application form. Rest Super also recommends seeking financial advice to understand the cover and to determine the right level of cover for you.

• Who is Rest Super owned by?

  Rest Super is an industry super fund that is run as a profit-to-member super fund and does not have shareholders. This means that any profits made by Rest Super are used to benefit its members, such as through lower fees or improved services. Rest Super offers a range of products and services, including income protection cover, to help its members grow and protect their superannuation savings.

• How long does Rest Super pay income protection for?

  The length of time Rest Super pays income protection for depends on the benefit period you choose when you apply for cover. The benefit period is the length of time for which Rest Super will pay you a benefit if you are unable to work due to illness or injury. Rest Super offers a 5-year benefit period, or up to age 60.

• How do waiting periods work with Rest Super?

  When applying for income protection cover with Rest Super, you can choose a waiting period of 30, 60, or 90 days. This is the period of time you must wait after becoming unable to work due to injury or illness before you can start receiving payments. It's important to note that premiums may be lower for longer waiting periods, but you may need to rely on your savings or other sources of income during this time.

• What percentage of my income can be covered?

  Rest Super offers income protection cover that can replace up to 77% of your income (plus 12% of your monthly benefit paid to your super) if you become unable to work due to injury or illness. The actual amount of income protection you receive will depend on the level of cover you select when you apply. Rest Super recommends considering your income and expenses when choosing a level of cover that will meet your needs if you are unable to work.

Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.

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