There are more important things in life than work – your family, home and lifestyle. However accidents can happen. Virgin Income Protection can help replace lost income if you’re sick or injured and unable to work, with options to include involuntary unemployment.
Why choose Virgin Income Protection Insurance?
- Award-winning cover6.
- Choice of Sickness and Injury cover options:
- Tailored: Cover up to 85% of your income, up to $10,000 per month. Answer some health and lifestyle questions to apply and you could reduce your premiums.
- Quick & Easy: Cover up to 85%, up to $7,500 per month.
- Optional cover for involuntary unemployment.
- Flexible - choice of Waiting and Benefit periods, under Tailored option.
- Includes Bonus Cover, so you can accrue benefits faster5.
- 30 day money back guarantee.
- Premiums you pay for may be tax deductible. For more info, please discuss with your tax accountant.
- Applying is easy online or over the phone on 1300 814 990.
Find out more about the cover options you have and the meaning of capitalised terms in the PDS.
Find out the exact meaning of capitalised terms in our PDS.
Why get Income Protection cover?
Sickness, injury or involuntary unemployment could seriously affect your lifestyle and the world you’ve worked so hard to build. Don’t chance it. Income Protection can help replace lost income, so you can protect what you love when things aren’t going your way.
What is Income Protection insurance?
Income Protection can help replace some of your income if you’re unable to work due to sickness or injury. Optional Involuntary Unemployment Cover is also generally available, so you can protect yourself if you’re suddenly unemployed due to involuntary unemployment, and actively seeking work. The money can be used to help replace lost income and to support you and your family to cover everyday expenses. The money could also assist with your recovery and see you back to full capacity. You really have the freedom to use your payments however you choose to.
When you take into consideration all the day to day expenses the average family needs to sort out, it adds up over time.
Typical family’s ongoing expenses:
- Medical bills and health insurance
- Other debt repayments
- Car insurance & expenses
- School fees
- Other living expenses
How does it work?
- Choose the income protection cover option that best suits you
- Quick & Easy - Get cover on-the spot3. No lengthy health or lifestyle questions asked.
- Tailored - Tell us a bit more about your health and lifestyle and you could reduce your premiums.
- Choose the amount of income you’d like to cover
If you are Working more than 20 hours per week, you can cover up to 85% of your income, to a maximum of $7,500 a month for Quick & Easy and up to $10,000 for Tailored. If you are not Working or work less than 20 hours a week, cover up to $3,000 a month is available. Involuntary Unemployment cover up to 85% of your income up to $3,000 a month for up to 3 months is available if you are employed on a permanent basis for a minimum of 30 hours per week.
We generally calculate income as your before-tax-average over the 12 months which preceded your sickness or injury. If you’re self-employed, your business expenses are taken out of your before-tax income to calculate your personal income.
Unsure how much cover to get? Generally you should consider your family’s monthly expenses, such as the cost of meeting a mortgage and other debts. Don’t forget quarterly or yearly bills as well, such as school fees. Then compare these expenses with how much income has been lost if you are unable to work. You should also consider any other income or investment sources you have coming in, to help weigh up the true costs. Remember the point of Income Protection insurance is to provide a stream of income if you're not able to work or perform your usual daily activities for an agreed period of time.
- Choose a Waiting Period
Virgin Income Protection offers options for how long you wait before benefits commence if you are unable to work. With our Quick & Easy option a fixed Waiting Period of 28 days applies. With our Tailored option you can choose a Waiting Period of 14, 28, 60 or 90 days. And remember, the longer the Waiting Period you choose, the lower the cost of your cover.
Some common Sicknesses and Injuries may qualify for Bonus Cover. If your Sickness or Injury qualifies for Bonus Cover, then the Benefit will accrue from the start of the Waiting Period and will be payable after 28 days, for the specified Bonus Cover Period, provided you are continuously Out of Action for this time. If the Sickness or Injury does not qualify for Bonus Cover, then the Benefit will accrue from the end of the Waiting Period.
- Choose a Benefit Period for Sickness and Injury Cover
Virgin Income Protection has options for the maximum amount of time you receive payments if you are unable to work. You can choose a Benefit Period of 6, 12 or 24 months. For our Tailored option, there is also an option for a 5 year Benefit Period.
During the Benefit Period, you won’t need to pay anything towards your plan, and once your payments start, we’ll refund any premiums you may have paid during the Waiting Period.
- Choose from a range of optional extras
With our range of additional cover options, you can add on benefits that are just right for you.
- Involuntary Unemployment Cover
- Permanent Disability Cover
- Holiday Injury Benefit
- Kids' Injury Cover
Benefits of Virgin Income Protection Insurance
We all work hard and over time our financial commitments and responsibilities get bigger, so we need to protect them and ourselves. Whatever your working situation or occupation, we have an income protection cover option for you.
Why choose Virgin Income Protection insurance
- Choice of Sickness and Injury cover options:
Tell us about your health and lifestyle and you could reduce your premiums. If you’re in stable employment and working, you can cover up to 85% of your income, up to a maximum of $10,000 per month.
- QUICK & EASY
Aussie Residents aged 18-60 can apply for cover. If you’re in stable employment and Working more than 20 hours per week, you can cover up to 85% of your income, up to a maximum of $7,500 per month. Even if you’re not Working, you can receive up to $3,000 per month.
- OPTIONAL COVER FOR INVOLUNTARY UNEMPLOYMENT
Involuntary Unemployment Cover may also be available, to help while you’re looking for work if you’ve been made involuntarily redundant for up to 85% of your income for up to $3,000 per month for up to 3 months.
- Cover for more people
- Whatever your working situation – full time, part-time, self-employed. We even have an option for stay at home parents with Quick & Easy.
- Wide occupation list - over 1,000 jobs covered
- Bonus Benefits
Benefits for some common injuries, such as broken bones, and illnesses such as a heart attack accrue faster, starting from day one of your Sickness or Injury provided it qualifies for Bonus Cover (a 28 day waiting period applies before benefits are payable). This will help ease the financial burden so you can focus on full recovery. See the Product Disclosure Statement (PDS) for details.
- Choice of Waiting Period for Tailored Cover from as little as 14 days
- Choice of Benefit period for 60 months for Tailored Cover
- Choice of Benefit period for 24 months for Quick and Easy
- Decrease or apply to increase your level of cover at any time to accommodate any changes to your working situation - whether you get that pay rise you’ve been waiting for or go part-time
- Great optional extras
- Choose from Permanent Disability Cover, Holiday Injury Cover and Kids Injury cover.
- Affordable cover
- Lower levels of cover start from as little as a $1 a day2
- Premiums are generally tax deductible and benefits received tax assessable
- Cover your partner as well and receive a 5% discount on income protection premiums
- Applying is easy
Get cover in a few minutes online or over the phone.
- 30 day money back guarantee
- So you can be sure of your decision.
- Choice of Sickness and Injury cover options:
Cover options for Aussie families
With Virgin Income Protection, we provide flexible options so you can select the Sickness and Injury cover right for you. Compare our cover options below:
Quick and easy Tailored What is it? Get cover on-the-spot3. No lengthy health or lifestyle questions asked. Tell us about your health and lifestyle and you could reduce your premiums Who is it for?
- Aussie Residents aged 18-60,
- For stay at home parents or people who are in stable employment,
- Those who prefer not to answer lengthy health and lifestyle questions
- Those who want the convenience of a fast application
- Aussie Residents aged 18-60,
- For people in stable employment who are happy to answer some health and lifestyle questions to potentially reduce their premiums
- Those who want to know if they can get cover for pre-existing medical conditions
What is the maximum cover amount? If you’re Working more than 20 hours per week:
- Up to 85% of your pre-tax monthly income, up to a maximum of $7,500 per month
- Up to $3,000 per month
If you’re Working more than 20 hours per week:
- Up to 85% of your pre-tax monthly income, up to a maximum of $10,000 per month
How long is my Waiting Period? There is a 28 day Waiting Period Choice of 14, 28, 60, or 90 day Waiting Period How long will my benefit be paid for? Choice of 6, 12 or 24 month Benefit Period Choice of 6, 12, 24 months or 5 year Benefit Period What am I covered for?
Sickness and Injury. You can also get optional Involuntary Unemployment Cover if you are self-employed or working on a permanent basis for a minimum of 30 hours per week, up to 85% of your income up to $3,000 per month for up to 3 months.
Conditions apply. For more information about this option click here.
What isn't covered?
The exclusions listed under the column Tailored option in this table will also apply to the Quick & Easy option. In addition, no Sickness and Injury Cover benefit will be payable for:
- A Pre-Existing Medical Condition that the Life Insured had at any time in the 5 years prior to policy commencement, reinstatement or any increases applied for;
- A Dangerous Occupation or Pastime
- Football related injuries resulting in less than 90 days Out of Action; and/or
- Back injuries resulting in less than 90 days Out of Action;
- The Life Insured willingly and knowingly exposing him or herself to risk of Sickness or Injury for any reason.
No Sickness and Injury or Permanent Disability Cover Benefit will be payable for:
- An intentional, self-inflicted act by the Life Insured;
- Any mental health disorder, including anxiety, depression, stress, adjustment disorders, eating disorders, emotional or behavioural disorders, disorders related to fatigue including chronic fatigue syndrome, myalgia, drug or alcohol abuse, psychosomatic disorders, or any treatment complications;
- Cancer, stroke or heart attack, at any time in the first 6 months after the cover commencement date;
- The taking of intoxicating liquor;
- The taking of drugs (other than those prescribed for the Life Insured by a Medical Practitioner and taken in the correct dosage);
- Normal and uncomplicated pregnancy;
- Terrorism, civil commotion or unrest, guerrilla or insurgent activities in a country outside Australia, if the Australian
- Government had advised against travel to that country;
- War or Act of War;
- The Life Insured committing or attempting to commit a criminal offence;
- Any other specific exclusion stated in your Policy Schedule.
- If the Life Insured was not able to, or not partially able to, perform his or her regular daily activities before cover commenced, then a benefit may not be payable under this policy at any time.
What additional cover options are available? Permanent Disability Cover
This option pays out a lump sum if you are permanently disabled and unable to perform the regular daily activities necessary for you to maintain physical independence. Conditions apply.
Holiday Injury Cover
Doubles the payout of the first month’s benefit (up to a maximum of $3,000), if the accidental event leading to your claim happens during state school and public holidays or while you’re 200km or more from home. Conditions apply.
Kids Injury Cover
Provides a cash payout to help with costs associated with the treatment and recovery of common childhood injuries, or the time an adult may be off work to be with their child. Conditions apply.
Further exclusions and conditions may apply and will be detailed in your policy document.
Read the PDS
Sure, it’s a few minutes of your life, but it’s worth it—just so you know exactly what you’re covered for. Download the PDS.
Any questions on our cover options? We’re here to help. Just call our friendly customer care team on 1300 814 990.