
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!
St George Income Protection Insurance can provide the financial assistance that you require to meet your ongoing commitments if you are suddenly unable to work due to illness or injury for an extended period. Income protection insurance cover is available through St George's comprehensive Protection Plans range and you have the option to choose one of the following plans:
Maximum cover amount | Varies by options, up to 80% of your income or a reasonable agreed value |
---|---|
Age of entry | 17-59 |
How do I apply? | With an adviser over the phone |
Pros | Cons |
---|---|
|
|
|
|
|
Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
St George has been recognised and awarded by leading financial groups, as well as its customers. In 2016 alone it picked up awards including:
In the same year, the Australian insurance Awards recognised it with:
St George, part of the Westpac Group as of 2008, has long been focused on engaging communities at the local level, with branches and services that deliver a personal touch. It’s been equally dedicated to innovative financial products, and specialist financial advisers, all of which lend themselves well to income protection insurance and other life cover.
The exceptionally flexible product range lets you find a range of tailored options and features, while the personal focus and experienced advisers mean you have more opportunities to find the cover, and features, that work for you.
St George aims to have plans that suit almost anyone, and offers a range of income protection cover to help. Its policies are divided into the more affordable standard cover with more limited features, and the more comprehensive Income Protection Plus with a range of additional inclusions.
There are also income protection policies more specifically for businesses, which can be taken out alongside the above personal income protection.
Depending on your cover type, you can get different features and options. If you have multiple forms of cover, such as key person insurance and personal own occupation income protection then the features will apply specifically to claims made under that policy type.
Note that St George superannuation income protection cover has different features and options, and may not include some of the benefits that are available with cover outside of superannuation.
Feature | What it does | Availability |
---|---|---|
Total Disability Benefit or Severe Disability Benefit | A monthly benefit payment in the event that you are totally or severely disabled, depending on whether you have occupation or home/general cover, as a result of an illness or injury. Where multiple definitions apply to your cover, you only need to meet one disability condition. |
|
Partial Disability Benefit | A monthly benefit, of a partial amount, if illness or injury results in reduced earnings, but not total disability. |
|
Elective Surgery Benefit | Cover for disability resulting from a transplant or cosmetic surgery |
|
Recurrent Disability Benefit | Waived waiting periods for injuries or illnesses that are continuation of previous ones |
|
Death Benefit | Lump sum benefit paid in the the event of death. |
|
Change of Waiting Period Benefit | You have the option to reduce your waiting period if you change your employment without needing to provide further medical evidence. |
|
Future Insurability Benefit | Ability to increase your monthly benefit amount without medical re-assessment. Conditions apply. |
|
Premium waiver while on claim | St George will waive your policy fee and stamp duty while you are receiving your monthly benefit payment. |
|
Worldwide cover | Income protection cover anywhere in the world, 24 hours a day, 7 days a week. |
|
Loyalty Benefit: | After 3 years you get a loyalty bonus of $50,000 death cover. |
|
Multi-policy discount | Get a 5% discount on all your St George personal protection plans, including all income protection held, as well as TPD, Life and other, by having more than one. |
|
Premium Holiday | The option to suspend your policy after 6 months, without needing to cancel and re-apply later, if your circumstances have changed. |
|
Rehabilitation Benefits | Cover for the cost of approved rehabilitation equipment and other expenses in the event of total disability |
|
Specified injury benefit | Benefits paid in the event of specified injuries, regardless of whether or not you are qualified as disabled or able to work |
|
Crisis Benefits | 6 months of benefits payable following specified crisis events, regardless of disability or ability to work |
|
Accident Benefit optional extra | If you are totally disabled for more than 3 consecutive days during the waiting period as a result of an accident, you will be eligible for a benefit amount. |
|
Superannuation Contribution optional extra | St George Income Protection Insurance will pay you a benefit of up to 80% of your regular monthly wage if you are making contributions to your superannuation fund. |
|
Own Occupation Income Protection Plus has the widest range of benefits and features, including some of the following which may not be found in the other St George plans.
Plan | Entry age* |
---|---|
Own Occupation Income Protection | Between 17 and 59 |
Income Protection Home Duties | Between 17 and 59 |
Income Protection General Cover | Between 17 and 59 |
Business Overhead | Between 17 and 59 |
Key Person Income | Between 17 and 59 |
Premiums can be paid with yearly with credit card, direct debit, cheque or rollover (for superannuation cover), or half yearly, quarterly or monthly with direct debit or credit card only.
Your premiums are affected by:
The two premium structures available are stepped and level premiums. Level premiums will generally remain consistent over time, other than changes for inflation, statutory fees or changes to your cover, while stepped premiums will typically increase over time based on your current age and other factors.
Essentially, both premium structures are based on the age at which you take out cover, but only stepped premiums are re-assessed based on your current age each year.
To make a claim, call the St George team on 1300 366 416, from 8.00am to 6.30pm (Sydney time), Monday to Friday.
They will arrange for you to receive the needed claims paperwork and other information. You will need to return a completed claims form as well as the evidence needed to support your claim. This will generally include:
While receiving benefits you may be required to provide further medical evidence for proof of ongoing treatments.
Your premium will also include other necessary charges, such as government stamp duty and a policy fee for ongoing maintenance and management. It’s also worth noting that your premiums will be higher overall if you aren’t paying premiums annually.
What won't be covered?
Your St.George Income Protection claim will not be paid if:
Key Person insurance will not pay claims if the insured has not been generating income for the relevant business or has been on unpaid leave for more than 3 months prior to the start of the waiting period.
St.George Portfolio Home Loan is available for property or a vacant land purchase while only the variable rate option can be used for building.
Find out how you could save with the St George Advantage Package Home loan by bundling some of your financial products together.
The St.George Basic Home Loan offers you an affordable interest rate, low fees and the opportunity to repay your loan sooner if you choose.
When you fix the interest rate on your home loan, you can prepare your budget for the fixed amount and know exactly what your repayments will be over this time.
The St.George Standard Variable Rate Home Loan is a full-featured home loan that offers a low interest rate. You can combine this with other St.George offers and get a discounted interest rate and include it in an Advantage package based on how much you borrow.