Income Protection is a type of insurance that could pay you part of your income if you become sick or injured and can't work for a period of time. It's an automatic benefit for all eligible AMIST Super members under the age of 70 and you're covered anywhere, anytime.
The way it works is that if you make a successful claim, then you will be paid a regular income that stops after two years or when you go back to work, whichever occurs first. Payments will stop when you return to work.
- If you earn less than $32,000 per year
- If you earn more than $32,000 per year
- How it works
- What do you need to do now?
- This is exclusive to AMIST Super members
If you earn less than $32,000 per year and have the standard cover (4 units), the maximum amount you could receive in the event of making a successful claim is 75% of your income. Income Protection only ever pays 75% of your annual income. For example, if you are on a salary of $32,000 per year, the maximum amount you would receive per annum is $24,000.
For those earning more than $32,000 per year, you have the option of increasing your level of cover. Consider this… If you only have the standard cover (4 units) and you make a successful claim, you will only receive $24,000 for the year. That's approximately $2,000 per month. That may not adequately cover your financial needs if you are unable to work.
If you increase your level of cover to match your income requirements, you will receive 75% of your income in the event of a successful claim. So it's a good to consider seeking some advice on how much cover is appropriate for you. Call the AMIST Super Hotline on 1800 808 614 and speak to a qualified financial planner about the right of amount cover to suit your needs.
Please note that an Income Protection benefit is paid weekly. Therefore, a member with the default level of cover (4 units) would receive a weekly benefit before tax of $461.52 ($2,000 per month x 12 = $24,000 ÷ 52 weeks = $461.52).
How it works
- Unlike most insurance policies, Employer Sponsored Division members are covered automatically upon joining provided that they are Actively at Work on the date that they join the Fund, even if they have a pre-existing sickness. Absences from work relating to injuries however, will only be covered if the injury happened after 19 November 2010 or the date you joined the Fund if it is after that date, and they claim within 12 months of the occurrence of the injury.
- Personal Division members upon joining the Fund are provided with "New Events Cover" – which means that for the first twelve months of membership a benefit will only be payable for a sickness that first occurred, or an accident that happened after the later of the date that they join the Fund or the date that they are first Actively at Work.
- Actively at work means that an insured member is considered, in the Insurer's opinion, to be capable of performing all the duties of their usual occupation and capable of working their usual hours without restriction.
- Standard cover is 4 units, at a cost of $2.20 per week for manual workers1 or $1.60 per week if you work in an office2. Under this standard cover, you can claim up to 75% of your pay or up to $2,000 per month (whichever is less) if you become sick or injured and are unable to work.
- If you earn more than $32,000 per year you also have the option to increase your level of cover. And if you do so within 90 days of receiving your Welcome Letter from us, the increased benefit will be automatically approved including cover for a pre-existing sickness providing that you are Actively at Work at the time of the application. This applies to members who earn up to $400,000 per year. Benefits are limited to the lesser of 75% of your normal average income earned from employment during the 52 weeks prior to the last pay period before any injury or sickness resulting in a claim under the Policy and the amount of cover that has been approved.
Click here for the different rates of cover
- The Income Protection benefit is payable for up to 2 years unless you are able to return to work sooner or until you turn 65, whichever happens first. If you are aged between 65 and 70 years, the benefit payment is payable for up to 52 weeks for injury or 12 weeks for sickness or the date you turn 70 (whichever occurs first). Benefits are payable after a 30 (calendar) day waiting period.
This Income Protection Insurance is exclusive to AMIST Super. It is a great opportunity to give you and your family genuine peace of mind.
What do you need to do now?
If you're a manual worker1 and you're happy with the standard 4 units of cover, you don't have to do anything. Your cover will start automatically.
If you're an officer worker2 and you're happy with the standard 4 units of cover, please complete the "Office Worker application declaration" form (PDF 671KB) and send it back to us as Office Workers receive reduced insurance premium rates. Otherwise, we will assume you are a manual worker. Either way, your cover will automatically start.
If you want to increase your level of cover, please complete the "Application to increase Income Protection" form (PDF, 662KB) and send it back to us.
If you don't want Income Protection Insurance you will need to advise us in writing, specifying that you do not wish to be covered for Income Protection Insurance. Please ensure that you sign the letter.
If you wish to make a claim, click here
This is exclusive to AMIST Super members
This Income Protection Insurance is exclusive to AMIST Super. It is a great opportunity to give you and your family genuine peace of mind. For full details of this Income Protection Policy, please refer to the relevant Insurance Guide depending on whether you are a member of the Employer Sponsored Division (PDF, 1.6MB) or the Personal Division (PDF, 1.7MB), or call the AMIST Super Hotline on 1800 808 614.
1. A manual worker is a member who is employed to perform manual and or physical duties in an abattoir, processing plant, butcher's shop or similar environment.
2. An office worker is a member who performs only non-manual duties and works at least 75% of the time in an office environment and has done so for the last 12 months. Office workers pay a lower premium because they are less likely to be injured while working.