Income Protection Insurance Australia - Income Insurance - Citibank Insurance
Income
Should something happen that meant you couldn't work for a while, it's comforting to know your family's way of life could be protected.
With Citibank's CoverPlus Income Protection insurance, you could have peace of mind knowing that you are financially covered. Get a CoverPlus Income Protection quote, apply online and you'll be covered immediately once accepted.
CoverPlus Income Protection insurance benefits:
Simple application process - Apply online or over the phone, with no medical or blood tests required.
Extensive cover - Income Benefit covers up to 75% of your monthly earnings, up to $10,000*.
Premiums you can afford - Premiums start from around $7 per week#.
Tax deductible premiums - Your premium payments for income protection may be tax deductible+.
Choice of Income Benefit period - Choose six months,12 months or two years, being the maximum amount of time you could be paid for any one illness or injury.
Choose your waiting period - Choose either 30 or 90 days.
Flexible payment options - You choose what suits you with annual, monthly or fortnightly payment options.
Optional Total and Permanent Disability (TPD) Benefit - Optional TPD cover is available up to $500,000 - the TPD benefit pays you a lump sum if we assess you as being totally and permanently disabled^.
Please note we are unable to pay claims that arise directly or indirectly from a pre-existing medical condition. For further information see the Exclusions section of the CoverPlus Income Protection Product Disclosure Statement and Policy (PDS).
*
For the self-employed (including a working director), monthly earnings means the gross monthly income generated by the business as a result of your personal exertion after allowing for the costs and expenses incurred in deriving that income, or if you are employed, monthly earnings means your gross monthly income earned from personal exertion by way of total remuneration package, including fringe benefits and any other type of remuneration.
#
for a 35 year old Office Manager (male, non-smoker) who earns $80,000pa and chooses a 12 month benefit period and 90 day waiting period.
+
The Income Benefit will generally be considered income replacement. Therefore the premiums may be tax deductible and benefits paid will generally be assessable as income. You should seek professional advice on your own taxation position.
^
Only available if you are classed by us as having a standard risk occupation at the time you apply for your policy.
Customise your CoverPlus Income Protection insurance policy
CoverPlus Income Protection insurance provides the flexibility to customise your policy to suit your needs and your budget.
Features
The benefit to you:
Level of cover
You can select your level of cover depending on how much of your current income* you want to protect.
The insured monthly benefit for standard risk occupations can range between $1,000 to 75% of your gross monthly income earnings up to a maximum monthly benefit of $10,000+.
Benefit period
Choose a benefit period of six, 12 or 24 months. The benefit period is the maximum amount of time you will be paid for any one illness or injury.
Waiting period
Choose a waiting period of either 30 or 90 days. This is the period after being diagnosed with an illness or injury that you will have to wait before your benefit period begins. Payments are then made monthly in arrears.
(Optional) Total Permanent Disability Benefit cover
This optional cover provides a lump sum payment to you for a valid claim if you work in a standard risk occupation and are assessed as being totally and permanently disabled. (This cover is not for special risk occupations).
*
For the self-employed (including a working director), monthly earnings means the gross monthly income generated by the business as a result of your personal exertion after allowing for the costs and expenses incurred in deriving that income, or if you are employed, monthly earnings means your gross monthly income earned from personal exertion by way of total remuneration package, including fringe benefits and any other type of remuneration.
+
If you work in a special risk occupation, the maximum monthly benefit available is $3,000 per month
To make a claim under your CoverPlus Income Protection insurance, simply:
We will then send you the claims forms for you to fill in and return with supporting documentation for the event being claimed. This will include satisfactory financial evidence of your pre-claim earnings. It is also possible that medical reports and Medicare records may be required to properly assess the claim.
Check these frequently asked questions for valuable information about CoverPlus Income Protection insurance.
It depends on your financial needs. You need to consider the cost of paying your family's everyday expenses such as day-to-day bills, the mortgage and other outstanding debts.
The premium for the Income Benefit may be tax deductible, but TPD Benefit premiums are not normally tax deductible. Tax legislation or its interpretation may change over the duration of your policy so you may need to seek independent financial tax advice and check with the Australian Taxation Office or your Accountant.
Yes, there are no long-term contracts. If you cancel within the 21 day cooling off period, and have made no claims for this period, you will receive a full refund of any premiums paid. If you cancel outside the 21-day cooling off period no premiums will be refunded if you have elected to pay fortnightly or monthly. However, we will pay a pro rata refund where premiums are paid annually and you cancel the policy before the next annual payment is due. To cancel, you can notify us by phone, fax or in writing. Your policy does not have any savings, investment, cash or surrender value.
Yes, you are covered worldwide, subject to the terms and exclusions of your policy as detailed in the PDS. If you make a claim you will be paid in Australian dollars.
No, you can use the money where it's most needed. Funds are paid to you directly, to put towards mortgage repayments, everyday bills, or other costs of maintaining your family's lifestyle.
You will still be covered by your CoverPlus Income Protection insurance plan, however the maximum monthly Income Benefit you can receive is $3,000. Also, you will not be covered for a disability sustained while working in your occupation, and you cannot apply for the optional Total and Permanent Disability Benefit.
This is a summary of the important information you should know about CoverPlus Income Protection insurance. It is designed to help you decide whether to purchase or keep CoverPlus Income Protection insurance.
CoverPlus Income Protection is issued by OnePath Life Limited - a registered life insurance company holding Australian Financial Services License Number 238341. The distributor of CoverPlus Income Protection is Citigroup Pty Limited (Citibank), ABN 88 004 325 080 AFSL/ACL 238098. CoverPlus Income Protection is not a product of, nor is it guaranteed by, Citibank.
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