Financial stability for you and your family
Income Protection insurance is optional. It provides you and your family with a monthly income in the event that you can’t work due to partial disability or disability. Each unit of income protection cover provides a benefit of $5,200 per annum (before tax) and is payable for up to two years.
Like Death and TPD insurance, Income Protection insurance fees are paid through your REI Super account and not from your bank account.
Options on waiting periods
We now offer new waiting periods of 30, 60 or 90 days.
What does it cost?
| Age next birthday | Income Protection – annual cost per unit |
|---|
| Wait period | 30 days | 60 days | 90 days |
| 16 | 17.74 | 11.95 | 7.43 |
| 20 | 19.39 | 12.99 | 7.94 |
| 25 | 19.84 | 12.89 | 7.20 |
| 30 | 22.55 | 14.31 | 7.26 |
| 35 | 28.62 | 17.76 | 8.49 |
| 40 | 38.02 | 23.95 | 11.96 |
| 45 | 51.23 | 33.65 | 19.43 |
| 50 | 69.98 | 47.99 | 31.49 |
| 55 | 98.11 | 70.23 | 50.92 |
| 60 | 144.39 | 105.46 | 80.12 |
| 65 | 99.41 | 63.44 | 33.50 |
Example of benefits:
| Annual income ($) | 75% of annual income ($) | Units of insurance | Annual income protection benefit ($) |
|---|
| 200,000 | 150,000 | 28 | 145,600 |
| 175,000 | 131,250 | 25 | 130,000 |
| 150,000 | 112,500 | 21 | 109,200 |
| 125,000 | 93,750 | 18 | 93,600 |
| 100,000 | 75,000 | 14 | 72,800 |
| 80,000 | 60,000 | 11 | 57,200 |
| 60,000 | 45,000 | 8 | 41,600 |
| 50,000 | 37,500 | 7 | 36,400 |
| 40,000 | 30,000 | 5 | 26,00 |
For full costs and details see our Insurance Guide (PDF).
How many units do you need?
Use our online insurance calculator tool or call us on 1300 13 44 33 where one of our qualified advisers can help determine how much cover you need.
TOOLS
Who can apply?
You can apply if you are:
- Over 15 and under 65 years of age; and
- Permanently employed and working at least 15 hours per week.
When applying you will be required to provide health evidence and to comply with the Duty of Disclosure (PDF). You will also need to apply for a minimum of two units of cover and select a waiting period of either 30, 60 or 90 days.