Income Protection (IP)

What's Income Protection (IP) cover?

IP cover is an insurance benefit that provides you with a monthly income to live on if you can't work at all, or can only work at a reduced capacity, for a while due to injury or sickness.

Rest Super’s IP cover is intended to provide you with a monthly income benefit to replace up to 77% of your pre-disability income if you have an extended absence from work due to sickness or injury. An additional amount of up to 12% of this monthly income benefit is also included to replace the super contributions which would otherwise be provided by your employer if you were working. This just helps protect your retirement savings.

For more information on IP cover see the relevant Insurance Guide here.

How much cover is provided?

The default level of Rest Super's IP design is based on the generally low salaries of our Rest members who work in the retail industry. This helps to improve the affordability of premiums and reduces the chance of providing a member with more IP cover than they can claim. The level of IP is flexible, and members can apply for a higher level of cover (up to 77% of their salary, plus 12% of the monthly income benefit for super).

The level of default IP cover increases over time, similar to the earnings of a typical Rest member (whether they are a full-time, part-time or casual employee). IP cover is generally lowest at younger ages and increases as your age, and your salary is more likely to increase, then decreases again as you near retirement.

In addition to having the flexibility to change your level of IP cover, you can also change the waiting period and the benefit payment period at any time. Any changes that are accepted will only apply to claims with an incident date after the changes are made. Any changes to your IP cover will result in changes to the premium you pay for your cover.

Am I eligible for an IP benefit?

You may be eligible to receive an IP benefit if you’re medically certified as being unable to work for longer than your waiting period (typically 60 days) and meet the other eligibility criteria in the policy. If you want to know more about an income protection claim, give us a call and we can check your account to see if you can make a claim.

What happens if I need to make a claim?

After you have lodged your claim with Rest, your claim will be assessed by Rest’s Insurer. 

If Rest’s Insurer determines you are eligible to receive an IP benefit, the monthly income benefit will be paid directly to you by Rest’s Insurer. The first monthly income benefit is usually made at least one month after the waiting period has finished. IP benefit payments are assessed on a monthly basis and will continue to be paid to you as long as you meet the terms of the policy, until the end of your benefit period, or age 70, or when you return to your usual job, whichever comes first. 

If you make an IP claim and are approved, you might be receiving or entitled to other amounts, like sick leave or workers' compensation, for the same injury or illness. These amounts are treated as 'benefit offsets' as they are factored into your IP claim and could reduce the amount of IP benefit you receive.

As well as sick leave and workers' compensation, some of the things we'll also consider include personal or other employer paid leave, and benefits from another insurance policy.

In the event you make an IP claim, the Claims Team at Rest’s Insurer will support you to return to your pre-sickness or pre-injury life where possible through things like rehabilitation support, retraining or re-education.

Other terms and conditions apply to IP cover. You should read the relevant Insurance Guide to determine if Rest’s IP cover is right for you.