Protect your income and safeguard your quality of life

“Your quality of life is built largely upon your ability to earn an income. It should be considered as your most valuable asset and be protected accordingly!”

Consider how you would cope with your family’s living expenses if your regular income suddenly stopped for an extended period without insurance protection.

What are the odds?

Statistically, you have more than a 60% chance of being disabled for more than 1 month during your working life*.

Lifestyle Protection insurance policy can protect you with a Leave Bank available up to a maximum period of 3 Years in the event of a serious Sickness or Bodily Injury.

* Source: Zurich Australia Ltd – Institute of Actuaries of Australia 2000 report.

Key Policy Features

  • Insure your annual Salary up to 85%
  • 3 years maximum weekly benefit period of disability available
  • Available to Full-time, Part-time or Casual staff
  • Easy to apply – no medical necessary
  • Convenient monthly premium payments can be arranged
  • Accidental Death and Disability benefits
  • Weekly benefits cover for Bodily Injury & Sickness
  • Fractured Bones benefit due to an Accident
  • Loss of Teeth or Dental Procedures benefit due to an Accident
  • Most comprehensive coverage available in the insurance market

Special Premium Savings!

Donnellys has negotiated a special 15% premium discount for this product for extra value to clients!

Premiums are payable Monthly from your financial institution Debit account or from your Credit Card account.

How much cover do you need?

Everyone’s cover needs are different so choose how much insurance protection you need to safeguard your lifestyle in case the worst happens.

You can insure up to 85% of your normal income or just your major expenses such as Loan repayments or Rent, Food and Clothing costs.

Typical Estimated Household Expenses

Living expenses that continue whether you are working or not
Food, clothing costs 26%
Loan repayments, household costs 25%
Utility, medical, personal 14%
Transport costs 16%
Recreation costs 12%
Other costs 7%

 

What about Superannuation Guarantee (SG) Income Protection Insurance – aren’t I covered now?

Many people have only the initial Default cover offered when they join a SG Income Protection Insurance Plan option which is usually very low. The claim benefit is often around only $900 per month and payable after a Waiting Period (Excess Period) of 60 or 90 days. Also the claim benefit is payable 30 days in arrears after the Waiting Period expiry i.e. 90 or 120 days after your claim is made. So how would you survive in the meantime to pay your living expenses and financial commitments?

What does Lifestyle Protection Insurance cover?

The insurance provides weekly benefits for a Bodily Injury resulting solely from an Accident occurring Outside of Working Hours and weekly benefits as a result of a Sickness when not specifically excluded.

The insurance also provides a lump sum benefit for a Death or Disability resulting solely from an Accident occurring Outside of Working Hours.

Am I covered for a pre-existing medical condition?

The insurance does not cover any congenital conditions or any medical conditions which are pre-existing when the insurance is first purchased. Furthermore, there is no cover for any Sickness which first manifests itself within the first thirty (30) days of the insurance commencement.

When do my claim benefits start?

The Excess Period to be served before any benefit will be paid is fourteen (14) days as standard, but this period can be varied upon application.

What if I am employed Permanent Part-time or Casual?

You qualify for this insurance as long as you are gainfully employed regardless of the number of hours you work in any one period. Your claimable weekly benefit will be calculated on your average pre-tax income during the previous twelve (12) months or shorter period of employment if applicable.

What about cover for my Spouse / Life partner?

Your employed spouse / life partner is also eligible for this cover at the same Group Premium Discount of 15%, provided he/she is not self- employed and is an Australian permanent resident.

Can I claim the premium as a deduction on my tax return?

Yes – insurance against loss of income is generally fully tax deductible under current legislation and policy claim benefits are assessable for income tax. You should consult your tax adviser for confirmation.

Do I have to use all my sick leave or annual leave entitlement before I can claim?

No – it is not a condition of the insurance, however you may choose to use any accumulated leave entitlements during the Excess Period and then cease these after the Excess Period expires. If you elect to continue receiving leave payments when on claim, then the insurance benefit amount will be reduced by the amount received.

What is the maximum amount I can insure for?

You may insure up to 85% of your annual Salary, from one or more jobs, up to a maximum benefit of $5,000 per week.

What if I return to work in reduced capacity due to being partially disabled?

The insurance provides cover for the difference between your claimable earnings and your reduced capacity earnings.

What are the policy age limits?

Once you have reached sixty-five (65) years of age or have retired from work (whichever occurs first), your cover will cease.

How long will claim benefits be paid by the policy?

Maximum period available is up to three (3) years.

Act now … Fill in cover enrolment form now

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Or phone Donnellys on (08) 8236 7777

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Product Disclosure Statement/ Policy Document

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