Income Protection – Insurance for peace of mind
You can apply for Income Protection insurance cover that is paid for out of your Nationwide Super account, up to the lower of the following:
- $30,000 per month; and
- 85% of your monthly income.
Income Protection cover provides a replacement income of up to 85% (including 10% superannuation contribution benefit) of your income if you are unable to work due to illness or injury. Also known as ‘salary continuance insurance’, it offers various waiting periods (30, 60 or 90 days) and benefit period options (2 years or through to age 65) to suit your needs. The waiting period is the number of days from which a Medical Practitioner certifies you as being disabled for which you must be disabled or partially disabled before you become eligible for benefits. Benefits are paid monthly in arrears. The benefit period is the maximum period for which the Insurer will pay a disability or partial disability benefit for the same or related illness.
Unlike Death & TPD cover, Income Protection insurance is not provided automatically within your Nationwide Super account and you must apply and be accepted for it.
The insurance fee of Income Protection depends on your age, waiting period and benefit period selected, your gender and occupation rating. Refer to our Insurance, Fees and Costs Guide for more details.
Applying is easy
To apply for additional insurance cover, simply complete the Insurance Application form.