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.
Each unit of Income Protection cover provides you with a payment of $770 a month, before tax, for up to two years. Cover is available up to age 65 provided you are in active employment with an HIP employer on the date that cover commences.
Automatic allocation of Income Protection units
Provided you have an income of at least $10,00 per annum, and you are eligible for Income Protection insurance, you will be allocated sufficient units of Income Protection to provide a benefit of up to 75% of your income, up to a maximum of four units.
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.
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.
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 $770 per calendar month. The benefit amount of $770 per unit, per month, will be split as a base of $700 payable to the member and $70 payable to HIP Super to cover compulsory 9% Superannuation Guarantee payments.
For more information and to apply for Income Protection cover, please refer to HIP's Insurance Booklet.
This website is provided by Private Hospitals Superannuation Pty Ltd ABN 59 006 792 749, AFSL 247063, RSE L0001533, Trustee of Health Industry Plan (SPIN HIP0100AU, RSE R1056617), and is general information only. It does not take into account your objectives, financial situation or specific needs so you should look at your own financial position and requirements before making a decision. Please note that investments can go up and down. Past performance is not a reliable indicator of future performance. You should assess your own financial situation and needs, read the relevant Product Disclosure Statement and consult an adviser if required before making a decision about products on this website.