Income cover – an optional extra benefit to Term Cover

Income cover is an optional extra benefit to Term Cover, and can make regular monthly payments if you suffer an illness or disability that means you can’t work. 


You can choose to apply to add Income Cover to your Term Cover Life Insurance if you want to be covered for more than death and terminal illness.

  • Choose a monthly benefit between $1,000 and $4,000 - up to 40% of your gross income when you apply
  • The benefit payment is usually used to cover all your major expenses, such as your home loan and medical costs. But how you choose to spend it is up to you
  • Payments can start just 30 days after you become ill or disabled, and are unable to work
  • While you're receiving claim payments, you don’t pay any premiums (up to a maximum of $300 per month) for your Term Cover Life Insurance policy
  • Income Cover premiums are combined with your Term Cover premium
  • Cover can be renewed up to age 65, no matter how your health is
How does it work?

If illness or an injury leaves you totally disabled and unable to work, you could receive a monthly claim payment until you are fit to return to work or for the full benefit period (up to 36 months).

To apply for Income Cover option on your life insurance, you must be between 18 and 59 years old. You can choose your benefit amount, but the benefit paid can be no more than 40% of your gross income when you apply for the cover.

If you are not working more than 25 hours per week at the time of your claim, the payment will be restricted to $1,000 per month.

What isn’t covered?

Your health will be assessed when you apply, and any existing medical conditions may be excluded from cover. The first 30 days of any claim are not covered.

Income Cover won't cover any disability that arises from:

  • intentional self inflicted injury
  • misuse of drugs or alcohol
  • taking part in war, riot or illegal acts
  • pregnancy, childbirth or related conditions
  • non-disclosed pre-existing conditions.