If you’re injured or ill and unable to work, the last thing you want to worry about is your finances. That’s where Income Protection insurance can give you peace of mind.
Hostplus has a number of Income Protection policies, each with different definitions of disability, eligibility criteria, waiting periods and benefits. For specific information about the Income Protection policy applicable to you, please refer to the relevant insurance guide.
If you’re temporarily unable to work because of a disability caused by illness or injury, Income Protection insurance helps you meet your living expenses with monthly payments to support you – so you can focus on getting better.
Specifically, it’s designed to replace the income you earn from your job by paying a percentage of your pre-tax income for a set period of time. Payments are based on your earnings before your illness or injury and the level of Income Protection cover you hold.
All claims are subject to satisfying the eligibility criteria.
For most members, Income Protection insurance is optional. However, some employers provide default Income Protection as part of their insurance offering to their staff, which means that employees who are members will receive cover if they meet eligibility criteria.
You can apply for up to 90% of your salary in cover, capped at a maximum of $30,000 per month. If you’re insured for 90% of your salary (for example), 75% is paid to you and 15% is paid into your Hostplus super account.
New Hostplus members with default Death and TPD insurance have a one-off opportunity to apply for Income Protection insurance with limited health questions. See the PDS for more information about the special insurance offer.
How much you pay for your Income Protection insurance may depend on your level of cover and age, as well as your occupational rating, your waiting period and your benefit period. If you’re on parental leave, you may be eligible for premium-free cover with our Parental Leave Premium Waiver.1
It’s important to understand that insurance premiums are deducted from your super balance, which reduces your retirement savings. If you wish to cancel your insurance, you can do so at any time.
When you apply for Income Protection cover, you’ll be asked some questions about your occupation. Every occupation receives an ‘occupational rating’, which reflects how dangerous a job is. It affects the insurance premiums you pay for your insurance – for example, if you have a White collar rating, you’ll pay lower premiums than if you had a Heavy Blue rating.
It’s a good idea to check your occupational rating, as you may be eligible for a lower-risk rating – which in turn may reduce your premiums. If you change jobs, you should also check that your occupational rating matches your new position.
Your waiting period is the amount of time you must wait before you can receive a payment. To be eligible for Income Protection payments, you must be unable to work as a result of your injury or illness at the end of your waiting period.
We offer a number of different waiting periods, depending on the type of Income Protection you’ve chosen. In general, the longer the waiting period, the cheaper the policy – so it’s worth thinking about your savings and emergency funds, and how much leave you have, when you’re considering waiting periods.
Your benefit period is the length of time you’ll receive payments if you remain unable to work due to your illness or injury.
We offer benefit periods of two or five years, or up to age 65. Longer benefit periods are more expensive, but you also have greater protection if you’re unable to work for a long period of time.
1. Granfathered Instrust Super PayGuard and Club Super insurance arrangements are not eligible for the Parental Leave Premium Waiver.
If you would like to take up Income Protection insurance, here’s what you need to do.
Log in to Member Online to apply for Income Protection insurance. Some occupations are riskier than others. Because of this, you may not be eligible for Income Protection insurance. Check our list of excluded occupations to see if this applies to you.
Review excluded occupations
Learn how to manage your insurance with Hostplus, including how to adjust your level of cover and check your occupational rating.
If you’ve already got Income Protection insurance with another super fund or insurance provider, it’s easy to transfer it to Hostplus.
If insurance is no longer right for your situation, you can cancel at any time.
Head to Member Online to quickly cancel your cover.
Send us an email with the details of your cancellation request and we'll get back to you with next steps.