Many people believe Income Protection is only for high income earners or that illness and injury won’t happen to them. These are common myths and far from the truth. No matter how much you earn, losing your income can have an impact on your lifestyle
and your ability to pay your bills.
What is Income Protection?
Income Protection insurance provides a temporary income if you can’t work because of illness or injury. Generally, it doesn’t provide cover if you lose your job or are made redundant. It’s designed to replace your income and can provide peace of mind by protecting you and your family from financial hardship while you recover. This type of insurance helps you continue paying your rent or mortgage, bills and other daily living expenses.
Unlike workers compensation, which generally only covers you for injury or illness sustained while you’re at work, Income Protection with Mine Super covers you for loss of income due to an illness or injury sustained at or outside of work, 24 hours
a day, seven days a week and offers worldwide cover. It provides a temporary, regular income, which is paid fortnightly (rather than a lump sum payment, such as a Death and Terminal Illness or Total and Permanent Disablement benefit).
Who is Income Protection for?
Income Protection might be a good idea if you have family members or dependants that rely on the income you earn. It can also be important if you have debt, such as a mortgage, pay rent or have bills you need to pay while you're unable to work due to
illness or injury, and you don’t have another source of income or savings.
How does it work?
Generally, our standard Income Protection covers you for a fortnightly benefit. If you meet the terms and conditions of the policy and your claim is approved, benefits commence once your waiting period ends. The insurer will pay your money directly to
your bank account, each fortnight. You’ll also receive a percentage of your benefit paid as a super contribution into your Mine Super account to help grow your retirement savings while you’re unable to work.
How do I get it?
We’re one of the few super funds that offer insurance to workers in coal mining and other high risk occupations. Eligible Mine Super members with a super account automatically receive standard Income Protection. If you’re not eligible,
or have previously cancelled your Income Protection, you can (re)apply at any time before you reach age 65. To find out more about eligibility and IP cover options and any restrictions, read our
Insurance Guide.
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You should tell us your salary and job classification
Your salary is used to work out your Income Protection premiums and importantly, the benefit amount you may be eligible to claim. If your salary is:
- less than what we’ve recorded, you’ll only be covered for the lesser salary and will pay more for cover that you won’t be entitled to claim for; or
- more than what we’ve recorded, you may not have enough cover.
Your job classification impacts the amount of premiums you pay, so if you’ve not updated this when you joined or you’ve changed jobs, you could be paying more than you need to. Did you know? If you work in
an open cut mine, your job classification should generally be Heavy Manual and not Mining.
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Manage your insurance
We’ve designed our Income Protection so you can tailor it. You can change your:
- insured salary
- waiting period
- benefit period
- job classification
- smoking status.
Please note that any changes you make may impact the premiums you pay.
Members can view their insurance cover in their
online account. From the dashboard, go to ‘Manage my insurance’ and follow the prompts. For any changes
to your Insurance Protection, you need to complete a
Change my insurance form, or call us on 13 64 63.
Turn to Mine
If you want help deciding if you need Income Protection or other insurance, and how much cover you need, speak to a financial adviser. Advisers from Mine Super Financial Advice are on hand to help you make confident and informed financial decisions. If
you’re a member, you can
request an appointment online or give
us a call on 13 64 63 and we can put you in touch.