On 28 June 2018, we temporarily stopped offering income protection – what we call Ozicare Family Income Insurance – to new customers.
We apologise for any inconvenience this causes you.
Though we’ve temporarily stopped offering income protection to new customers, existing policyholders will continue to be covered.
Your Ozicare Family Income Protection policy includes the following benefits and features:
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).
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.
Your cover will be automatically renewed each year until you turn 65, regardless of changes in your health, occupation and pastimes.
Ozicare Family Income Insurance not only safeguards your income but also includes the following benefits at no extra cost:
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.
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.
|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.
For more details about Ozicare life insurance, including the terms, conditions, limits and exclusions that apply, please read the Product Disclosure Statement.
If you need to make a claim on an Ozicare life insurance policy, please:
|Call||1800 421 034|
|Post||Ozicare Life Insurance
PO Box 342
Toowong QLD 4066
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: