Choose from three levels of cover and protect your income with St George Income Protection.
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:
- Income Protection (standard plan)
- Income Protection as Superannuation
- Income Protection Plus
What is covered?
All St George Income Protection plans offer the following built-in features:
- Total Disability Benefit: St George will provide a monthly benefit payment in the event that you are totally disabled as a result of an illness or injury. You are only required to meet one of the three definitions of total disability that are based on duties, time or earnings to eligible for a claim.
- Partial Disability Benefit: A monthly benefit is payable if your illness or injury has caused you to receive reduced duties and earnings when compared to before you were disabled.
- Elective Surgery Benefit: If you are totally or partially disabled due to a transplant or cosmetic surgery, you will be eligible for a monthly benefit payment.
- Recurrent Disability Benefit: In the event that you suffer from a similar illness or injury as your previous claim, the waiting period will be waived.
- Death Benefit: A benefit amount will be paid by St George in the event of your 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: You have the option to increase your monthly benefit amount every three years without going through another medical exam.
- Indexation: To keep up with the increasing cost of living, your benefit amount will be automatically increased each year.
- 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: No matter where you are when you fall ill or become injured, if you are unable to return to work, your St George Income Protection Insurance will be there for you 24 hours a day seven days a week.
- Loyalty Benefit: When you have held your Income Protection Insurance policy for more than three years, St George will reward your loyalty with a bonus to your benefit. For Income Protection and Income Protection Plus policies, St George will add $50,000 to your benefit amount.
- Multi-policy discount: If you have more than one St George life insurance policy, you will be eligible for a 5% discount on your premiums. Each of your additional St George insurance policies will be eligible for loyalty benefits too, as above.
- Premium Holiday: You have the option to suspend your policy, without needing to cancel and re-apply later, if your circumstances have changed after holding your policy for at least six months.
Optional benefits available for St George Income Protection Plans
You can also add optional features to your St George Income Protection Insurance cover, available to all types of plans, which include:
- Accident Benefit: 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 Option: 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.
Features and benefits available for St George Income Protection Plus
With St George Income Protection Plus plan, you will have access to following additional features and benefits on top of the standard cover:
- Counselling Benefit: St George will reimburse the costs of counselling sessions for a maximum of 10 or up to $5,000 following the payment of a Total Disability Benefit.
- Nursing Care Benefit: You will be eligible for a benefit payment if you are confined to a bed for more than three consecutive days during the waiting period.
- Crisis Benefit: If you suffer from a specified medical crisis event, St George will pay your monthly benefit amount for six months, regardless of whether or not you are able to return to work.
- Accommodation Benefit: When an immediate family member has to travel to provide care for you, accommodation costs incurred will be covered by St George.
- Family Care Benefit: St George will pay a monthly benefit to cover the lost income of an immediate family member that has to stop work to provide care for you.
- Home Care Benefit: A monthly benefit will be provided to cover the cost of professional home carer when required.
- Premium Waiver: Any premiums paid during the waiting period will be refundable when you receive your Total Disability Benefit.
Other important policy features
- Multi-policy discount. The more policies you hold in St.George Protection Plans the cheaper your cover will be. A 5 per cent discount is offered if you are covered by more than one St.George Protection Plans policy.
- Guaranteed renewable. As long as you continue paying your premiums and satisfy the terms and conditions of your policy, cover is guaranteed renewable each year until you reach the policy expiry age.
- Cooling-off period. If you change your mind about cover and want to cancel your policy, doing so within the cooling-off period entitles you to a full premium refund. You have until the earlier of:
- 28 days from the commencement date; and
- 23 days after you receive your insurance documents to cancel cover and receive a full refund.
- Premium payment options. You can choose to pay your St George Income Protection premiums monthly quarterly, half-yearly or yearly in advance. Payment can be made by credit card or by automatic debit from your bank account.
What won't be covered?
Your St George Income Protection claim will not be paid if:
- The sickness or injury is caused by an act of war. However, the Death Benefit is still payable if the insured person dies on war service.
- It is caused by intentional self-inflicted injury or attempted suicide.
- It is a result of normal and uncomplicated pregnancy and childbirth.
- It arises due to anything specifically listed as an exclusion in your policy schedule or membership certificate.
Eligibility requirements for St George Income Protection
The entry ages for St George Own Occupation Income Protection are as follows:
- Policies with stepped premiums and with benefit periods of 2 years, 5 years, to age 65, to age 70: age 17-59
- Policies with stepped premiums and with benefit period to age 55: age 17-49
- Policies with ‘Level 65’ premiums (level premiums until you reach 65 years of age): age 17-59
- Policies with ‘Level 55’ premiums (level premiums until you reach 55 years of age): age 17-49
The expiry age also varies depending on the benefit period you select:
- Policies with benefit periods of 2 years, 5 years, to age 65: when you turn 65.
- Policies with benefit period to age 55: when you turn 55.
- Policies with benefit period to age 70: when you turn 70.
Home Duties Income Protection
If you wish to apply for Home Duties Income Protection from St George, you will need to be aged between 17 and 59 years regardless of whether you choose stepped or level premiums. The expiry age of the policy occurs on or following your 65th birthday.
General Cover Income Protection
For General Cover Income Protection, the eligibility age varies depending on your employment status and the premium option you select. If you are gainfully employed, the entry age for policies with either stepped or level premiums is 17 to 59. However, if you are not gainfully employed:
- Stepped premium policies have an entry age of 17 to 69 years
- Level 65 premium policies (level premiums until you turn 65) have an entry age of 17 to 59 years
If you choose a benefit period of two years, five years or to age 65 on your General Cover Income Protection policy, cover expires when you reach 65 years of age. If your policy has a benefit period to age 80, the expiry date is your 80th birthday.