Life Stages
The trouble with retirement is that you never get a day off.
Protecting your income
At this stage of your life you may think that insurance is less of a priority, but it is still a very important thing to consider as part of your super savings, especially income protection insurance.
As many things get older they tend to break down more often and our bodies are no exception! Anyone who earns a wage or salary and is supporting themselves or their family should consider having income protection insurance.
This gives you the peace of mind of knowing that there is still money coming in to take care of the everyday things when you are unable to work, and means you can still save for retirement.
Read on for more details...
Income protection cover provides a monthly benefit when you are unable to work due to sickness or injury, for longer than the selected waiting period. This benefit will be paid monthly for a maximum period of two years or until you reach age 65, depending on the type of cover you choose.
Quadrant's income protection cover is unit-based with each unit of cover providing a benefit of $375 per month. The benefit cannot exceed 75% of your average gross pre-disability income, the amount you are insured for or $25,000 per month (whichever is lower).
Where 75% of your average pre-disability income is less than the amount you are insured for, any amount greater than this can be paid as superannuation contributions to your Quadrant account up to a maximum of 10% of your average gross pre-disability income.
The premium for your income protection cover depends on a number of factors including your age next birthday, the number of units you are insuring, your occupational category and the length of your waiting period.
Standard income protection cover
If you are a new Quadrant Investment Choice member and apply for income protection as part of your standard cover (Package Choice Option 1) you are able to select up to 15 units ('office' category) or 12 units (general category) of income protection cover without the need to provide any health evidence. This will provide a benefit paid monthly up to a maximum period of two years.
If the amount of cover provided under package Choices Option 1 does not meet your needs or you would like to apply for cover that will provide a benefit payable to age 65, you will need to apply for tailored income protection cover. However this cover will be subject to health assessment by the insurer. Please refer to the Member Guide for more information.
