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What is Split IP and how does it work?

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Last updated 29 November 2016

Income protection cover offered inside super allows you to pay your premiums using super contributions or rollovers from another super fund. This can help manage your cash flow. 

Income protection cover outside super generally offers more generous terms, extra benefits and options which are not available inside super due to restrictions in superannuation law. 

Split IP offers a single income protection cover which is split across two policies, one inside super and one outside super. It is a structure that allows the best of both worlds packaged under one cover. 

The super policy will contain all of the benefits and definitions that are aligned to superannuation law. Any benefit that is payable under the terms of the super policy, will be paid from the super policy. It will also carry the majority of the premium. 

Benefits not covered under the super policy will be paid through the non-super policy. 

The total benefits payable under split IP are the same as the total benefits payable under an equivalent non-super policy. 

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