Income Protection 

HIP’s Income Protection insurance provides you and your family with an income if you are unable to return to work through injury or illness.

With a starting premium of $0.91 per week, members are covered for an Income Protection benefit of up to $1,500 a month (before tax, for up to two years).  Members have the option of taking up to 4 units of income protection insurance 60 days upon joining HIP without the need to provide medical documentation. Maximum monthly benefit is 75% of the member's montly income.  Cover is available up to age 65 provided you are in active employment with an HIP employer on the date that cover commences.

If you require more than 4 units to cover 75% of your salary, you can apply to increase your Income Protection insurance cover by completing an application to vary insurance cover form and Personal Statement contained in the HIP Insurance Booklet.

The cost of cover

The cost of each unit is $0.91 per week and is deducted from members’ account. Each unit of Income Protection insurance provides a benefit of $1500 per calendar month.  The benefit amount of $1500 per unit, per month, will be split as a base of $1340 payable to the member and $160 payable to HIP Super to cover compulsory 9% Superannuation Guarantee payments. 

Waiting period

If you cease work due to an injury or illness, a waiting period of 60 days must first lapse before you become eligible to receive a benefit.   Please refer to the HIP Insurance Booklet for more information.

For more information and to apply for Income Protection cover, please refer to HIP's Insurance Booklet. Contact HIP on 1300 654 099 to request a copy.