Income Protection
Protecting your loved ones
Life can sometimes be unexpected —so it’s comforting to know that you’ve got a backup plan. Income Protection insurance cover pays a benefit if you can’t work because of an illness or injury.
What’s Income Protection?
If an illness or injury meant that you were unable to work—Income Protection pays a benefit to provide you with ongoing income and financial support. It can give you peace of mind and let you focus on your health and recovery.
How does it work?
Income Protection generally provides a monthly benefit of up to 75% of your monthly income (up to a maximum monthly benefit) during the time that you’re unable to work due to illness or injury. It may also include an option to continue paying your super contributions.
Waiting period
This is the amount of time you must wait before your benefit payments start. Generally, 30-day, 60-day or 90-day waiting periods will apply.
Benefit payment period
This is how long the monthly benefit payments will last if you’re unable to work due to your illness or injury. Generally, benefit payments will be paid for a period of months or years, or up to a specific age (such as 65).
Please see your Insurance Guide which is part of the relevant Product Disclosure Statement (PDS) to find out more about inclusions and exclusions.
Am I eligible for this?
The eligibility criteria that apply to you will depend on your age, gender, the product you have with us, your occupation, as well as any arrangements that you may have with your employer.
It’s important to make sure that you don’t have multiple Income Protection policies (also called salary continuance insurance) that you may not need or be able to claim on. If you have Income Protection insurance elsewhere, it may impact your ability to claim benefits with us.
What if I receive income from other sources during my claim?
Your Income Protection benefit may be reduced by benefits received or amounts that you've expected to receive from other sources. This means that your total benefit can't exceed the Monthly benefit that you're entitled to. Watch our video to find out more about what payments may reduce your Income Protection benefit, or see your Insurance Guide which is part of the relevant Product Disclosure Statement (PDS).
FAQs
Here are some questions our members have asked about Income Protection insurance cover:
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The cost of your insurance may depend on your age, gender, occupation, medical history, health factors, income and employment arrangements.
If you’re an MLC MasterKey Business Super, or MLC MasterKey Personal Super, or MLC MasterKey Super Fundamentals member, you can log in to your member account to view your insurance premium rates.
To learn more about the cost of insurance cover, find the Insurance Premium Rates flyer below:
- The MLC MasterKey Business Super (standard) or MLC MasterKey Personal Super Insurance Premium Rates
- The MLC MasterKey Super Fundamentals Insurance Premium Rates
Keep in mind if you belong to a large employer plan, you’ll generally be charged tailored insurance premium rates. If this applies to your insurance cover, we’ll provide these to you in your Welcome Kit when you join us, and in any important communications we have since sent to you if they're changed.
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If your employer plan hasn’t included Income Protection and you’d like to apply for cover — you’ll need to complete an Insurance application form.
You can complete and submit the Insurance application form located in the Forms & documents section when you log in to your account.
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For MLC MasterKey Business Super (Standard & Tailored Plans), MLC MasterKey Personal Super and MasterKey Super Fundamentals members:
The maximum monthly benefit payment of your pre-disability monthly income at the date of claim payable to you is:
- 75% of the first $40,000, and
- 50% of the next $40,000.
For all other plans of MLC MasterKey Business Super – please see your Insurance Guide which is part of the Product Disclosure Statement.
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You’ll need to be a member of MLC MasterKey Business Super, MLC MasterKey Personal Super or MLC MasterKey Super Fundamentals.
The eligibility criteria that apply to you will depend on your age, the product you’ve got with us, your occupation, your employment status (for example, full-time or casual), as well as any arrangements that your employer has with us.
Please see your Insurance Guide which is part of the relevant Product Disclosure Statement (PDS) to find out more about making sure you’re eligible for insurance cover.
Louise's story
Louise was 32, single and enjoying her career as an architect earning an annual salary of $100,000 when she had a major car accident that left her hospitalised for 6 weeks and unable to work for 5 months.
Her insurance included Income Protection, which paid a benefit for up to two years (and had a 90-day waiting period). This meant Louise received up to 75% of her monthly income of $6,250, for the time she was off work due to her injury (after her waiting period) – helping cover her essential living costs during this time.
Without Income Protection, Louise may have had to give up her city apartment and move back in with her parents. She also may have had to go into debt to fund her other living costs. But with the protection of a regular Income Protection benefit, Louise had some help to maintain her financial independence – and stay focused on her own recovery.
Other types of cover
Death cover
If you pass away or you’re likely to pass away within 24 months due to a terminal illness—you’ll be able to financially assist your loved ones through a paid benefit.
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