What is Income Protection cover?

Income Protection (IP) cover protects you if, while you’re an insured member, you have a loss of income and super contributions because you become ill or injured and are temporarily unable to work for an extended period of time.

You get regular monthly payments for a period of up to the maximum Benefit Period. This can be two years or five years depending on the situation. Alternatively, members who have approved long term cover will have monthly payments until age 65.

The maximum IP cover you can have is the lesser of $30,000 per month or 85% of your monthly income, 10% of which would be paid at claim time into your Superannuation account.

If you are receiving other forms of income, such as sick leave or WorkCover benefits, during your claim period with us then the amount we pay you may be reduced.

You can only have one IP policy with GuildSuper.

Once insured, if there is insufficient money in your account to pay the next insurance fee your cover will be cancelled. And importantly, if no contributions or rollovers are paid into your account for a 16-month period, your account will be deemed inactive and regardless of balance your insurance may be cancelled. Please refer to the Insurance Guide for more information on this. 

Waiting period

For your claim to be considered, you’ll need to fulfill the waiting period of either 30, 60 or 90 days from the date of disablement. You must also be disabled for at least seven out of 12 working days of the waiting period to qualify.

Please refer to our Insurance Guide for more information.

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