Income Protection Insurance safeguards your income and more importantly, your lifestyle.
Ozicare Family Income Insurance can pay you up to 75% of your pre-tax income for one, two or five years if you suffer a serious illness or injury and cannot work in your usual occupation.
It allows you to get better without worrying about how you and your loved ones are going to pay the home loan or rent, credit cards, school fees and daily living expenses.
Ozicare’s Family Income Protection was developed with Australian families in mind.
If you experience cancer, heart attack, stroke or coronary artery bypass surgery, we’ll pay you a lump sum equal to six months of your monthly income-protection benefit so you can pay for things you and your family need.
Ozicare offer a range of benefit periods. If you’re unable to work due to sickness or injury, you can be paid a benefit for a maximum of 1, 2 or 5 years – you decide.
You can choose a 30- or 60-day waiting period. If, after serving the waiting period, a doctor confirms you’re still too unwell to return to work, Ozicare will start paying you your monthly benefit.
If you have to take time off work to care for your ill or injured child (aged 3 to 17), we’ll pay you 25% of your monthly income protection benefit – up to a maximum of $2,000 a month for a maximum of three months. These additional benefits are included in your cover at no extra cost to you.
You can receive a monthly benefit up to 75% of your pre-tax income (up to a maximum of $10,000 per month) until you’re well enough to return to work or your cover ends (whichever occurs first).
Your cover will be automatically renewed each year until you turn 65, regardless of changes in your health, occupation and pastimes.
|Income Protection||Major Illness Lump Sum||Children’s Care|
|18 to 59||18 to 65||3 to 17 (child)|
|75% of your regular monthly income (up to $10,000 per month)||Lump sum equal to 6 months of benefits||25% of your monthly benefit, up to $2,000|
|30 or 60 days||3 months||14 days (injury); 30 days (illness)|
|1, 2 or 5 years||Lump-sum payment*||Maximum of 3 months|
*Paid upon diagnosis. If, six months after diagnosis, you are still unable to work in your usual occupation, you will receive your nominated monthly benefit.
The information on this page is a summary only. For more details about Ozicare Income Protection Cover, including the terms, conditions, limits and exclusions that apply, please read the Product Disclosure Statement.
If you need to make a claim, we’re here to help you through the process as quickly, efficiently and compassionately as we can. If you, your beneficiary or a family member need to make a claim under your Ozicare Life Insurance policy, please call us on 1800 421 034 or email email@example.com.
Generally, the premiums you pay are tax-deductible and any monthly benefits you receive are taxed as income. Before making any decisions, you should seek financial advice from an accountant or tax agent.
Most super funds offer life insurance for their members, including income protection. By shopping around – comparing your super fund’s costs and cover with other providers’ like Ozicare – you can make sure you get the cover you need at a competitive price.
There are some situations or circumstances that are not covered by Income Protection Insurance - these are called ‘exclusions’.
For example, the policy does not cover loss of income due to redundancy (also known as involuntary unemployment); or serious illnesses or injuries resulting directly or indirectly from things such as: