Protect your loved one’s future
None of us have a crystal ball to look into the future, but it makes sense to set in place cover for your family while you are able to.
What would you do if something happened and you weren’t able to support your family?
At Yellow Brick Road, we want to ensure that you’re covered no matter what happens. Take the time to visit your local store to discuss your insurance needs.
Don’t wait, protect your loved ones and give yourself the gift of peace of mind.
What does income protection cover?
If you’re unable to work due to illness or injury for longer than 30 continuous days, this cover will provide you with a monthly payment for up to 12 months.
How much can I apply for?
From $1,000 per month or up to 80% of your monthly income, with a maximum of $10,000 per month.
About the premiums
The premium payable for this policy is based on a number of factors including:
- the level of monthly benefit selected,
- your age and gender,
- your smoking status, and
- your health and occupation
Your premium will include an annual policy fee.
How to calculate your income
Your current income from personal exertion, before tax, including salary sacrifice amounts but exclude overtime, bonuses, compulsory employer superannuation contribution, profit distributions, director’s fees and any other non-regular payments.
Your income, before tax, from personal exertion from the previous 12 months less any business expenses but exclude overtime, bonuses or contributions towards your personal and/or employer superannuation contributions.
Casual / Part-time employee
Your income from personal exertion, before tax, received over the previous 12 months, including salary sacrifice amounts. These earnings include salary sacrifice amounts but exclude overtime, profit distributions, director’s fees and any other non-regular payments.
How much will my insurance provide?
The monthly benefit as shown on your policy, or 80% of your income earned during the 12 months prior to when you ceased working due to illness or injury.
When are benefits payable?
If you are unable to work in your usual occupation, the benefit will be payable at the end of the waiting period, for each month you remain unable to work for up to 12 months. Your claim will still be assessed as if you were working, if, you’re on annual, long service, maternity, paternity or sabbatical leave, in the event you are unable to work due to illness or injury.
If you are unable to work in your usual occupation prior to the commencement of your unemployment, the benefit will be payable at the end of the waiting period, for each month you remain unable to work for up to 12 months.
What are the optional benefits?
This benefit is payable, directly to your mortgage provider, in the event you’re receiving the benefit, provided you have a mortgage in your name.
You can apply for a Mortgage Repayment Option monthly benefit of:
- 20% of your income if in full-time employment; or
- 20% of your income during the previous 12 months for casuals/part-time or self-employed, for up to $2,000 a month payable directly to your mortgage provider.
Superannuation Contribution Option
This will provide a benefit of 100% of your compulsory employer’s annual superannuation contribution paid directly to your superannuation fund.
You can apply for a Superannuation Contribution Option monthly benefit of:
- 100% of your employer’s compulsory monthly superannuation contribution; or
- 100% of your employer’s compulsory monthly superannuation contribution during the previous 12 months for casuals/part-time or self-employed, • for up to $1,000 a month.
The maximum benefit period for any reoccurring illness or injury over the life of the policy is 12 months.
Cooling off period
For your peace of mind, a Smart Shield Income Protection policy comes with a 30 day cooling off period.