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| Home>Insurance>CoverPlus Income Protection |
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| 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. |
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| 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. |
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| CoverPlus Income Protection insurance benefits: |
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- 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^.
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| 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). |
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| *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. |
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| #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. |
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| +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. |
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| ^Only available if you are classed by us as having a standard risk occupation at the time you apply for your policy. |
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| Customise your CoverPlus Income Protection insurance policy |
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| CoverPlus Income Protection insurance provides the flexibility to customise your policy to suit your needs and your budget. |
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Features |
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The benefit to you: |
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Level of cover |
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You can select your level of cover depending on how much of your current income* you want to protect. |
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| 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. |
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Benefit period |
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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. |
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Waiting period |
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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. |
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(Optional) Total Permanent Disability Benefit cover |
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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). |
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| *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. |
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| +If you work in a special risk occupation, the maximum monthly benefit available is $3,000 per month |
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| To make a claim under your CoverPlus Income Protection insurance, simply: |
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| 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. |
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Click on  to expand and on  to minimise the details. |
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| Check these frequently asked questions for valuable information about CoverPlus Income Protection insurance. |
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| How much Income Benefit do I need? |
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| 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. |
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| Is the premium tax deductible? |
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| 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. |
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| Can I cancel the policy at any time? |
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| 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. |
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| Am I covered when I travel? |
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| 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. |
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| What are the implications if my occupation is classed as "special risk"? |
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| 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. |
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| Who is the insurer? |
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| 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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| Are my details secure when buying insurance online? |
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The latest technologies are used to keep your details confidential and secure. When you request an online quote, look for the small closed padlock (  ) displayed by your browser in the status bar at the bottom of the screen. This tells you the connection between your computer and the servers is secure. |
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| To get a quote or obtain more information for CoverPlus Critical Illness insurance: |
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| You are eligible to apply for CoverPlus Income Protection insurance if you: |
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- Are aged 18 years or older and less than 59 years of age
- Are an Australian or New Zealand citizen or you hold an Australian Permanent
Residency visa
- Reside in Australia at the time of applying, and receive the PDS in Australia.
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| Please ensure you read the Product Disclosure Statement as it contains important information about the CoverPlus Income Protection product. |
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| Get a quote online |
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| View the Product Disclosure Statement of CoverPlus Income Protection |
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| View the Insurance Financial Services Guide |
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| Important information: |
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CoverPlus Income Protection is distributed by Citigroup Pty Limited
ABN 88 004 325 080 AFSL/ACL 238098 (Citibank). The issuer of this product is OnePath Life Limited (OnePath Life) ABN 33 009 657 176, AFSL 238341. This product is not a deposit or liability of Citibank. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should read the Product Disclosure Statement (PDS) and consider whether this product is right for you.
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