Frequently asked questions about Income Protection Insurance
Yes, you can make changes such as increasing or decreasing the amount of cover or changing your occupation after you have taken out a policy with us.
Yes, you can receive your Income Protection benefit as long as the total amount of income you are receiving from all sources during a claim does not exceed 75% of your monthly income, prior to the claim.
Your policy has a 30-day waiting period before any payments will begin. You must be continuously disabled or involuntarily unemployed (whichever is applicable) for this entire period.
When you apply for Income Protection, the maximum monthly benefit you can apply for will be calculated based on 75% of your annual earnings, and this is up to $10,000 per month for the Disability Benefit or $4,000 per month for the Redundancy Benefit.
You will need to complete a claim form and provide other documents including your financial documents, medical notes if applicable and a certified proof of your identity and age (birth certificate, drivers licence or passport).
As only one benefit can be paid at a time under your Income Protection policy, the higher benefit will be paid.
The 6 month no claim period starts from the commencement of the policy, and is in place to prevent people taking advantage of a situation in which they may already know of their employment situation changing and claiming on the Redundancy Benefit immediately after purchasing a policy.
For the Disability Benefit, you can claim the 1 or 2-year maximum benefit period per claim and cannot claim again for the same disability unless you have made a full recovery between claims. For the Redundancy Benefit, the maximum benefit period is 3 months for any one claim while you are involuntarily unemployed.
For payments to start, you need to be continuously disabled for the entire waiting period of 30 days. If you are capable of working part-time or if you are working in any capacity, you would not be considered disabled.
Income Protection cover is available for up to 75% of your monthly income to provide an affordable level of financial protection in the event of sickness or injury, and to provide enough financial support for you to return to work.
Your policy can be cancelled if you engage in non-disclosure or fraud or don’t pay your premiums. In respect to the Redundancy Benefit, Suncorp can also elect not to renew your cover at your policy anniversary.