Income Protection

How much do you rely on your income? Our income protection policies can replace up to 75 per cent of your regular income and superannuation contributions if you’re unable to work due to illness or injury. With flexible benefit options available, you can customise your protection level, premium, waiting period, benefit payment period, and the portion of your income you want to insure.

Premiums are generally tax deductible, depending on your circumstances.

Features & benefits

We offer three customisable levels of income protection, as well as one level specifically tailored to cover business expenses.

Income Care and Income Care Super offer total and partial disability benefits, providing you monthly payments even when you’re working at reduced capacity due to illness or injury. These options also can include:

• Recurrent Disability Benefit, which allows you to avoid the waiting period for recurrence of the same or related sickness or injury.
• Reward Cover Benefit, which rewards you with up to $100,000 Accidental Death Cover at no extra cost after three years or more of cover.
• Rehabilitation Benefit*, which helps cover the cost of an approved rehabilitation program for up to 12 months if you are totally disabled.
• Unemployment Cover Benefit*, which helps cover minimum monthly loan repayments for up to three months.

Income Care Plus includes the above, plus covers extra rehabilitation expenses, specific injuries, medical crisis benefits, family support, home care and transport benefits.

Our Essential Cover option insures you against accidents only at a discounted premium.

If you’re self-employed and not working from home, or if you are part of a small business with no more than five employees, our Business Overheads insurance is an additional form of income protection that helps pay the regular, fixed operating expenses of your business if you can’t work due to sickness or injury. If you package this policy with either Income Care or Income Care Plus, you’ll receive a 10% discount on your Business Overheads Cover premiums.

How to start planning

Income protection is a critical component of any holistic financial plan. If you’d like some help customising the right policy for you, or want to know more about the financial benefits of insurance, you can use our online booking form to schedule an no-obligation consultation with a Commonwealth Financial Planner and start planning today.

• Important information
  *Not available with Income Care Super.
  
  Please refer to the relevant Product Disclosure Statement for full details of these benefits and when they are payable.
  
  As this advice (including the statements on taxation which are based on present taxation laws, rulings and their interpretation) has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances. You should seek advice from your taxation adviser in relation to taxation matters.
  
  Income Protection, Life, Business Overheads, Total and Permanent Disability (TPD) and Trauma form part of CommInsure Protection.  CommInsure Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (CMLA).
  
  CMLA and the Trustee are wholly owned subsidiaries of Commonwealth Bank of Australia ABN 48 123 123 124. Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the Trustee or the products they offer.
  
  A Product Disclosure Statement (PDS) describing CommInsure Protection is available to you online, from your Commonwealth Financial Planner or by calling 13 10 56 (from overseas, call +61 13 10 56) and should be considered in making any decision about these products.
  
  Commonwealth Financial Planners are representatives or authorised representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169 AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.