What is Ezicover and what does it cover?
Ezicover is an income protection insurance policy from Zurich. Income protection is designed to ensure that you can continue to live life as you know it in the event of an injury or illness that prevents you from being able to work.
There are three different types of Ezicover income protection for you to choose from:
- Ezicover Sickness and Injury. This is intended for people with full time employment, or contractors with consistent and regular income.
- Ezicover Essentials. This option is intended for homemakers, casual employees and contractors or self-employed individuals with less consistent or reliable income.
- Ezicover Injury Only. This special option is meant for people who have pre-existing medical conditions that might make them ineligible for typical income protection insurance plans.
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- All Ezicover plans only protect against injuries and illnesses that prevent you from working, by paying either flat monthly benefits or 75% of your normal income. This is only applicable if you’re unable to work purely due to health issues. No other reasons are valid.
- Ezicover includes certain features that are not typically part of normal income protection insurance plans. The Essentials and Injury Only policies are available to people who might not be eligible for most other income protection insurance plans, either due to a lack of consistent income or employment, or because of pre-existing medical conditions that make health issues more likely.
All three plans include:
- Lump sum payments in the event of cancer, heart attack or stroke, without waiting periods, to help ease your immediate financial burdens. These are three of the most common serious health issues.
- The first month of cover free, and you will not have to pay premiums while claiming benefits.
- A $500 return to work benefit when your claim ends to help you cover costs associated with returning to employment.
- Worldwide cover in any country, making Ezicover a good option for those who move frequently for work related purposes.
- Premiums that are generally tax deductible. Monthly benefits paid, however, are typically tax assessable.
- A 5.7% discount for annual subscriptions and a 5% discount if you also hold an Ezicover life insurance policy.
Additional options offered with Ezicover
All three Ezicover plans include optional extras that offer more flexibility. These can provide more benefits in exchange for a higher premium, or stricter coverage in exchange for a lower premium.
- Inflation Protection: If your income increases to keep up with inflation, then you’re better off with an insurance policy that does the same. The Inflation Protection option will increase your benefits paid in line with the consumer price index up to a maximum of 3% per annum. This will also increase your premium.
- Flexible coverage plans: If your income has been reduced, you can reduce your sum insured with the Reducing Income feature, or temporarily put your cover on hold with the Premium Holiday feature. These features reduce your payments and temporarily suspend them respectively.
All three Ezicover plans pay benefits to you, the account holder, monthly, starting 15 days after the waiting period ends. All benefits will be continue to be paid until you either reach the end of the benefit period, you are able to return to work (or, in the case of Essentials, when you are able to perform daily duties once again), or you are no longer under the care of a medical practitioner who’s treating your illness or injury. If the policy expires or you pass away while claiming benefits, the payments will also stop.Back to top
Am I eligible for Ezicover income protection insurance?
In order to be eligible for Ezicover you must be between 19 and 60 years old and living in Australia on a permanent basis, either as a citizen or a permanent resident. Beyond this, each of the three Ezicover packages has different requirements.
- Ezicover Sickness and Injury: You must be permanently employed and working more than 20 hours per week, or you must be a contractor/self-employed person who has been in the same business for more than 12 months.
- Ezicover Essentials: You are eligible if you are in a job without regular pay, a homemaker or a casual employee. You must be working fewer than 20 hours per week and making less than $16,000 per year. You are also eligible if you are a contractor or self-employed person who has been in the same business for less than 12 months.
- Ezicover Injury Only: This insurance has the same requirements as Ezicover Sickness and Injury, but is for people with medical conditions that exclude them from that option.
How much will my premiums cost?
Your exact premium depends on the type of income protection insurance you have, and whether you’re eligible for any discounts. The following factors all have an impact on your premiums:
- Level of cover. The higher your monthly benefit, the higher your premiums. In almost all cases this is simply another way of saying that the more you earn, the higher your premiums will be.
- Age. Premiums generally increase as you get older and more likely to suffer health issues.
- Smoking vs non-smoking. Smokers are at higher risk of health issues and will have higher premiums.
- Your occupation. Occupations with higher risk levels or more physical intensity will have higher premiums.
- Your health. Premiums may be higher for people with certain ongoing health issues, or a history of injury or illness.
- Hobbies and pastimes. Premiums are higher for people who do more dangerous or hazardous sports and activities.
- The benefit period. Longer benefit periods (the maximum amount of time that you can continuously claim benefits for) will have higher premiums.
- The waiting period. Shorter waiting periods have higher premiums.
- Any tax requirements or stamp duty charged by state governments will be reflected in increased premiums.
What is not covered by Ezicover income protection insurance?
Even though they may qualify as injury, illness or other loss of income, certain situations are not covered by Ezicover. These are:
- Mental health disorders.
- Self-inflicted or intentional injuries, or attempted suicide.
- Uncomplicated pregnancy or childbirth. Health issues arising from complications, however, are covered.
- Acts of war, whether declared or not.
- Injuries or illnesses that result from illicit drug use or criminal activities.
- Incarceration or lawful detainment.
- Elective surgery, unless it results in you being disabled and unable to work for more than 90 days.
- Any sickness or injury that resulted from elective surgery or donor transplant surgery within 90 days of the start of or reinstatement of the policy.
- Anything that happens in another country if the Australian government has officially advised against travelling to that country.
- Any exclusion or condition that you agree to at the time of application. These will be specifically noted in writing on your insurance policy.