How long could you survive without your income?
For most people, the ability to work and earn money is one
of their most valuable assets. Therefore, it makes sense to put
measures in place to protect your income should the unexpected
occur.
Through our PayGuard income protection insurance, you can
rest assured that you'll continue to receive up to 90% of your
income, plus 9% of your benefit into your Intrust Super account, if
you're unable to work due to injury or illness*. Best of all, the
cost of cover is deducted directly from your Intrust Super account,
not your back pocket.
Other benefits of our PayGuard income protection
include:
- A short 21-day waiting period applies#, so you're not
left out of pocket.
- Premiums are deducted from pre-tax monies, making it a
tax-effective way to access insurance cover.
- Cover is automatically provided when you join Intrust
Super, unless you opt out.
What am I covered for?
With PayGuard income protection insurance, you're covered
24 hours a day, seven days a week, as long as your current employer
is paying contributions to your Intrust Super account for you (note
that work-related events are only covered within Australia). As
with all insurance, some exclusions apply - download the relevant
Product
Disclosure Statement here for more information.
How much does it cost?
Our PayGuard income protection insurance is very
affordable, partly because we've negotiated great rates for our
members, and partly because premiums are paid straight out of your
superannuation account and not your back pocket. You can access
peace of mind for as little as 0.7% of your income, which is less
than $2 a week for someone with a gross income of around $250 a
week.
The table below gives you an idea of how little it costs
to ensure you're covered when you need it most.
| Weekly gross pay |
Weekly premium |
Weekly benefit** |
PayGuard super contribution |
| $250 |
$1.75 |
$225 |
$20.25 |
| $500 |
$3.50 |
$450 |
$40.50 |
| $750 |
$5.25 |
$675 |
$60.75 |
| $1,000 |
$7.00 |
$900 |
$81.00 |
| $1,250 |
$8.75 |
$1,125 |
$101.25 |
| $1,500 |
$10.50 |
$1,350 |
$121.50 |
** Benefits are paid fortnightly in arrears and are subject to
tax. Benefits may also be reduced by the amount of any statutory
income benefit (e.g. Worker's Compensation) that you receive. If
you receive a not-at--work payment (e.g. sick leave payments), any
benefit will be calculated as the difference between that benefit
and 90% of your accepted income.
Of course, PayGuard isn't compulsory, and you can cancel it at
any time simply by letting us know.
Want to know more?
If you're a Core Super member or are interested in joining Core
Super, you can download our Core Super Insurance 'Other Important
Information' document here.
For all other products, refer to Product Disclosure Statements.
You can also find out more about our competitive Life and TPD insurance cover
here.
* Providing you meet the conditions of a PayGuard payment.
# The 21-day waiting period starts from when you are first unable
to work, on the advice of a legally qualified medical
practitioner.