Income Protection

Income Protection can replace up to 75% of your regular income if you’re unable to work due to illness or injury. It can also cover your regular superannuation contributions if the Super Continuance Option is selected.

You can customise your protection and premium by choosing your waiting period, benefit payment period and how much of your income you will insure. Premiums are generally tax deductible, depending on your individual circumstances.

Packages

The Income Care Range has two customisable levels of income protection as well as one level specifically tailored to cover business expenses.

Income Care and Income Care Plus offer total and partial disability benefits, meaning monthly benefits will be paid even when working at reduced capacity due to illness or injury. They also include special cover such as:

• Recurrent Disability Benefit: To avoid waiting period for recurrence of the same or related sickness or injury
• Reward Cover Benefit: Rewards you with up to $100,000 Accidental Death Cover at no extra cost after three years or more cover
• Rehabilitation Benefit: Helps cover the cost of rehabilitation for up to 12 months if totally disabled and in an approved rehabilitation program
• Unemployment Cover Benefit: Helps cover minimum monthly loan repayments for up to three months if you become involuntarily unemployed
• Essential Cover Option: Allows you to cover for accidents only, at a discounted premium

Income Care Plus adds extra rehabilitation expenses cover, specific injuries and medical crisis benefits, family support, home care and transport benefits and more.

Business Overheads Cover is a form of income protection that helps pay for business expenses if you can’t work due to sickness or injury. It’s tailored to those who are self-employed and not working from home or who are part of a small business with no more than five employees. It covers most regular, fixed operating expenses of your business and offers Reward Cover Benefit for those who maintain their cover for three years or more, by providing up to $100,000 Accidental Death Cover at no additional cost.

Combine Business Overheads Cover with Income Care or Income Care Plus and you’ll receive a 10% discount on your Business Overheads Cover premiums.

Applying for Income Care

• Contact your adviser
• Speak with a Customer Service Consultant on 13 10 56 from 8am to 8pm (EST), Monday to Friday
• Drop in to a Commonwealth Bank branch and speak with a Commonwealth Financial Planner.

 

• Important Information
  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 Care, Income Care Plus and Business Overheads Cover (the Income Care Range), Life Care, Total and Permanent Disablity Cover (TPD Cover) and Trauma Cover form part of Personal Insurance Portfolio. Personal Insurance Portfolio 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.
  
  Product Disclosure Statements (PDSs) describing the Personal Insurance Portfolio are available from your Financial Adviser, by downloading it from this website or by calling 13 10 56 (from overseas call +61 13 10 56) and should be considered in making any decision about these products.