Protect your income and support your family if you’re temporarily unable to work
On first joining QIEC Super with a participating QIEC employer you will receive 4 units ($4,400 per month) of Income Protection (IP) insurance cover.1 If this default level of cover is not enough you can choose up to 7 units of IP insurance (or 9 units for Teachers/White Collar Workers2) without providing evidence of health, subject to completing a Membership Application Form, and;
- provided you join the Fund within 6 months of becoming eligible; or
- if you join the Fund more than 6 months after becoming eligible, provided you apply within 120 days of receiving your Welcome Letter from QIEC Super.
Features and benefits
- QIEC Super Income Protection provides up to 95% of your pre-disability income (including 15% superannuation guarantee contribution).
- A choice between a 30 or 60 day waiting period for the standard 5 year Income Protection benefit.
- The ability to extend the Income Protection benefit payment period to age 67 (subject to a 30 or 60 day waiting period and approval by the insurer).
- The option of a 2 year Income Protection benefit (subject to a 30, 60 or 90 day waiting period and approval by the insurer).
- The maximum benefit per month is $25,000.
The table below shows the age based scale for income protection fees for standard Income Protection insurance cover (5 year benefit payment period with a 60 day waiting period):
||Fee rate per week per unit (one unit $1,100)|
|15 - 28
|29 - 43
|44 - 54
|55 - 64
The maximum benefit payable cannot exceed 95% of your pre-disability income, inclusive of a 15% superannuation guarantee contribution to your member account.
Has your salary recently increased?
As your salary increases so may your income protection needs, which is why QIEC Super makes it easy for you to increase your cover in the event of a salary increase.
Members who are teachers or working in a white collar occupation2 can apply to increase their IP insurance up to nine units of cover (up to a maximum of $9,900 per month in total) without providing any medical evidence. Members in other occupations can apply to increase their IP cover up to seven units (up to a maximum of $7,700 per month in total) without providing any medical evidence.
Simply complete the Application to increase Income Protection on salary increase Form, and attach a letter confirming your salary increase from your employer and return it to QIEC Super within 120 days of your salary increasing.3
1 Applicable to Employee Members only. An Employee Member is a member who is employed by a QIEC Super participating employer and is neither a spouse member nor a self-employed member. Spouse and self-employed members are not eligible for automatic acceptance.
You will not be eligible for automatic cover if you have previously received a permanent incapacity, TPD or similar payment from any superannuation fund or insurer; or you have ever received a terminal illness benefit under any insurance policy.
2 Teacher/White Collar Worker – the duties of your occupation are limited to professional, managerial, teaching, administrative, clerical, secretarial or similar white collar tasks, which do not involve manual work and are undertaken entirely within an office environment or classroom (except workshops).
3 Members must have existing insurance cover in place and cannot have been declined for Income Protection insurance cover previously. Members can take up this option once each year.