- Income Protection Insurance
You never know when illness or injury might strike, and prevent you from working for an extended period of time. How long could you survive without an income? Protect your income now before it’s too late.
Special Offer for January
Income protection insurance is a policy which pays a monthly benefit if you are unable to work in your own occupation due to illness or injury. The benefit starts after a waiting period which you choose, and is paid for a period of time which you choose.
Income protection insurance provides you with an income to enable you to meet your commitments and your living expenses, and for the upkeep of any dependants you might have. It provides an essential source of income well after standard sick leave entitlements have been exhausted.
You can claim a tax deduction each year for your income protection insurance premiums, so your net cost is as much as 33% less than the actual premiums which you pay.
Sovereign TotalCareMax Disability Income Protection includes all the following great features:
Receive a benefit of up to 75% of your gross earnings if you are unable to work in your own occupation due to illness or injury, for a period of up to two years, five years, or through to age 65.
Receive a partial income protection benefit if you have been totally disabled for 2 weeks or more and you then return to work in a reduced earning capacity.
Any partial disability benefit you receive will be enhanced by up to 25%, payable for up to 12 months, if you have first been receiving a total disability benefit.
Receive an additional benefit of up to 12 times your total disability benefit to cover the costs of a vocational training program to assist you in an early return to work.
Receive a bonus back to work lump sum of 3 times your monthly disability payment when you return to full-time work after 12 months of receiving disability payments.
Your waiting period will be waived if you become totally disabled again from the same or a related cause within 6 months after your disability benefit ceases.
Receive an additional lump sum payment of up to six times your monthly total disability benefit to cover the costs of buying specialised equipment or for completing necessary home alterations.
Your premiums will be waived during any period in which you receive a total or a partial disability benefit, if you have first been totally disabled for longer than your chosen waiting period.
Whether you’re at home, or travelling or working anywhere overseas for a period, you remain covered for both partial and total disability income protection benefits.
At every third policy anniversary date, you can increase your cover by up to 10% of the original cover amount (maximum of $12,000 per increase), without any medical questions, examinations or tests. An increase in premium will apply.
If any change is made to the underlying policy in the future, and that change would be favourable to you, then guaranteed enhancement means that the change will automatically be applied to your policy.
If at any time during the 15 days following receipt of your policy you don’t wish to continue with your cover (for whatever reason at all), you can return your policy for a full refund of all premiums paid.
You can choose to add optional redundancy cover to your income protection insurance benefit.
To learn more about the redundancy benefit, please see the policy wording.
Check out the FAQs for answers to frequently asked questions.
View or download a copy of the policy wording.
Apply online today to be eligible for a 25% Cash Bonus, a $100 New World Gift Card (minimum premium required) and 3x Airpoints Dollars™.
Plus, get a 10% Discount every year for any policy which includes either Life Cover for two people or Life Cover for one person plus at least one other eligible benefit (minimum cover and premium criteria apply).
The above identifies and provides a brief summary only of the principal benefits under the policy. Please refer to the policy wording, including the policy appendix and schedule, for full details of all the benefits and the terms and conditions under which they are provided.