Income Protection (IP) Insurance cover helps to protect your greatest asset; your ability to earn an income if you’re unable to do so for a period of time due to injury or illness.

While you’re off work temporarily due to illness or injury, IP Insurance provides you with a fortnightly income of up to 75% of your notional salary1, plus a 9.5% Contribution Replacement Benefit2 paid into your Triple S account, for up to 24 months or to age 65, whichever occurs first.

  • The cost of IP Insurance is based on your notional salary1 , age and waiting period.
  • A default waiting period of 30 days applies however you can switch to a 90 day waiting period.

 

IP premiums

Premiums are a percentage of your salary and are linked to your age and waiting period length.

30 day waiting period premiums range from 0.16% to 1.16% depending on your age. This amount is automatically deducted every fortnight from your Employer Account, so it doesn’t affect your take-home pay. 

 Income Protection Premium Table - 30 & 90 day waiting period 

Age

last

birthday

30 day

waiting

period

90 day

waiting

period

Age

last

birthday

30 day

waiting

period

90 day

waiting

period

Age

last

birthday

 

30 day

waiting

period

90 day

waiting

period

 15 0.16% 0.09% 32  0.18%  0.10%  49  0.46% 0.25%
 16 0.16% 0.09% 33  0.18%  0.10%  50  0.49%  0.27%
 17 0.16% 0.09% 34  0.19%  0.10%  51  0.52%  0.29%
 18 0.16% 0.09% 35  0.20%  0.11%  52  0.56%  0.31%
 19 0.16% 0.09% 36  0.21%  0.11%  53  0.63%  0.35%
 20 0.16% 0.09% 37  0.21%  0.12%  54  0.70%  0.39%
 21 0.16% 0.09% 38  0.23%  0.13%  55  0.78%  0.43%
 22 0.16% 0.09% 39  0.24%  0.13%  56  0.85%  0.47%
 23 0.16% 0.09% 40  0.26%  0.14%  57  0.93%  0.51%
 24 0.16% 0.09% 41  0.27%  0.15%  58  0.97%  0.54%
 25 0.16% 0.09% 42  0.28%  0.16%  59  1.02%  0.56%
 26 0.16% 0.09% 43  0.31%  0.17%  60  1.07%  0.59%
 27 0.17% 0.09% 44  0.33%  0.18%  61  1.11%  0.61%
 28 0.17% 0.09% 45  0.35%  0.19%  62  1.16%  0.64%
 29 0.17% 0.09% 46  0.37%  0.20%  63  1.02%  0.56%
 30 0.17% 0.09% 47  0.39%  0.22%  64  0.44%  0.24%
 31 0.17% 0.10% 48  0.43%  0.23%  65+  not offered not offered

 

 

Automatic Acceptance Limit (AAL)

For members who join on or after 3 September 2018, the level of IP Insurance cover that is automatically provided without the provision of health/medical information will be based on notional salary which is capped at the Automatic Acceptance Limit (AAL) of $122,000. This means that if their salary is over $122,000 per annum, their IP Insurance premiums and benefits will be based on a notional salary of $122,000 and not their actual salary.

Members who earn a salary above $122,000 per annum may apply to increase their level of cover above the AAL subject to underwriting (limitations may apply).

 

Maximum Salary Cap

There is a Maximum Salary Cap on the notional salary of $584,000. Members who are approved for cover above the AAL will be covered for any future salary increases up to the Maximum Salary Cap. Members cannot apply to increase their IP Insurance cover above the Maximum Salary Cap.

 

Changing Income Protection Insurance

  • Waiting period: Change your waiting period to 30 days or 90 days
  • Level of cover: Apply to increase your IP Insurance cover above the AAL (subject to underwriting. Limitations may apply) or elect to decrease your level of cover to suit your circumstances.
  • Cancel: Available to most members.3 Keep in mind that if you cancel your Triple S insurance and you decide to purchase cover in the future, you will be required to provide information about your health, and limitations may be applied to your cover for any pre-existing medical conditions.

Find out more

How to make a claim should the unexpected happen.

 

1 Notional salary is the salary used to calculate IP Insurance benefits. For full-time and part-time employees, this is the salary they were receiving immediately prior to being incapacitated. For casual employees, notional salary is the superannuation salary averaged over a period of up to three years, prior to incapacity. Your notional salary may be subject to the Automatic Acceptance Limit (AAL) and Maximum Salary Cap.

2 The CRB is 9.5% of your fortnightly benefit paid into your Triple S Account.

3 Police and SA Ambulance  members must maintain IP Insurance to age 60. 

 

Related Documents 

 

 


Lump Sum and Pension scheme members who salary sacrifice into Triple S are not eligible for Triple S Income Protection Insurance, they remain covered under their own scheme’s insurance arrangements.