Income Cover + Optional Extras

MetLife Protect Insurance Range

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April 2023

If you can’t go to work due to Illness or Injury, Income Cover is there to help – replacing lost income whilst you get back on your feet. 

How it can help

Income Cover is designed to replace up to 70% of your regular income, calculated as a Monthly Income Replacement Amount, so you can continue to cover bills and living expenses whilst you are unable to work.

Key Features and Benefits

Total Disability and Partial Disability Benefits
If you’re off work due to Injury or Illness, you may be entitled to a Total Disability Benefit paying up to 100% of your Monthly Cover Amount. If you can still work but in a reduced capacity (and are earning less income), you may be entitled to receive a Partial Disability Benefit. For details on how these benefits are calculated, please refer to the MetLife Protect and MetLife Protect Super Combined Product Disclosure Statement and Policy Terms (PDS).
Death Benefit
To help your family cope if you pass away, and where we are paying you or you are entitled to receive a Total Disability or Partial Disability Benefit, we will pay a lump sum Death Benefit equal to three times your Monthly Benefit.
Complimentary Income Cover - Unemployment Benefit
If you have Income Cover inside superannuation you will also automatically receive Complimentary Income Cover outside superannuation (i.e. provided to you at no extra cost). This provides you with cover in the event that you suffer an Illness or Injury whilst not Gainfully Employed.
Indexation
Each Policy Anniversary we’ll automatically increase your Monthly Cover Amount by the Consumer Price Index (CPI) to help your cover keep up with inflation, unless you ask us not to.
Income Cover – Recurrent Disability Benefit
We will waive the Waiting Period if you suffer a Recurrent Disability within 12 months after we have ceased paying Total Disability or Partial Disability Benefits.
Income Cover – On Claim Premium Waiver Benefit
You won’t need to pay premiums for your Income Cover while you’re receiving Total Disability or Partial Disability Benefits.
Involuntary Unemployment Premium Waver
If you are a permanent employee and lose your job due to Involuntary unemployment, you can ask us to waive your Income Cover premiums while you are out of work for up to three months. The feature can be exercised once in any 12-month period and for up to six months in total over the life of the Policy. Your cover continues while this waiver applies.
Life Events Extras Feature
This feature allows you the flexibility to add additional Extras Cover to your Income Cover Policy when certain life events occur (and at a time when extended cover may be most relevant to you), without requiring medical underwriting.
Life Events Increases Feature
If your salary (excluding superannuation) increases up to 15% in a year, you can increase your Monthly Cover Amount by up to 70% of the actual salary increase, without further medical underwriting. The change must be made within 30 days of the Policy Anniversary following the salary increase, and your premiums will be adjusted to reflect the increased Monthly Cover Amount.
Income Cover – Cover Pause Feature
If you take unpaid parental leave or unpaid sabbatical leave from your employer, or experience financial hardship, you can reduce your Income Cover to 25% of the Monthly Cover Amount, with a corresponding reduction in your premium for up to 12 months.
Income Cover – Rehabilitation Support Benefit
If you suffer a Total Disability or Partial Disability and engage in retraining or rehabilitation programs, or incur rehabilitation expenses to support your return to work, we will reimburse the incurred expenses up to 12 times the Monthly Benefit for expenses, and 12 times the Monthly Benefit for rehabilitation programs over the life of the Policy. The benefit will be paid directly to the provider.
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What we mean by...

Waiting Period
The continuous period of time you must be disabled before you can become eligible for Total Disability or Partial Disability Benefits. You can choose from the following Waiting Periods when you apply for cover:

  • 30-day,
  • 90-day,
  • 2-year, or
  • 180-day waiting period available for Continuation Options only.

Monthly Cover Amount
The amount of cover that you choose to insure yourself for (which may increase over time, due to Indexation). The Benefit you receive at claim time is based upon your Monthly Cover Amount. Benefit Period The maximum duration we will pay Total Disability Benefits and/or Partial Disability Benefits for any one Illness or Injury over the life of the Policy. You can choose from the following Benefit Periods when you apply for cover:

  • 1-year,
  • 2-year,
  • 5-years,
  • Age 65.

Indemnity
This is the default definition that will apply to Income Cover. An Indemnity definition means at claim time, your Total Disability Monthly Benefit is calculated as the lower of:

  • Your Monthly Cover Amount; and
  • 70% of your Pre-Disability Income.

Pre-Disability Income
Pre-Disability Income will be assessed as Stable Income or Variable Income.

Stable Income
Where the Life Insured was receiving Stable Income, PreDisability Income is the average Monthly Income for the 12-month period immediately prior to the Date of Disability

Variable Income
Where the Life Insured was receiving Variable Income, PreDisability Income is the higher of the following:

  • the average Monthly Income for the 24-month period; and
  • the average Monthly Income for the most recent financial year, immediately prior to the Date of Disability

Recurrent Disability
Means a reoccurrence of the same Illness or Injury or related condition for which we have previously paid Total or Partial Disability Benefits within the last 12 months.

Maximum Income Replacement Amount
Means the amount calculated by multiplying the relevant part of the Life Insured’s Pre-Disability Income with the percentage specified in the following table.

Monthly Pre-Disability Income %
First $20,000 70%
Next $20,000 50% 
Next $30,000
(subject to the maximum Monthly Cover Amount of $30,000 (excluding superannuation))		 20%

Designed to apply CPI Claim Indexation to the Monthly Cover Amount and Pre-Disability Income used in the calculation of your Monthly Benefit, on each 12-month anniversary following the commencement of the Benefit Period.

What you need to know about Extras Cover and Extra Cost Options

  • Adding Extra Cost Options and/or Extras Cover to your Income Cover will increase your premium.
  • All Extra Cost Options and Extras Cover expires at age 65.
  • Extras Cover cannot be held in superannuation. However, if your Income Cover is inside superannuation, you can have any associated Extras Cover you need outside superannuation, with a self-owned Policy.
  • Eligibility criteria may apply. Please refer to the PDS for details.
Making a Claim
We’ll tell you what information we need

When we are contacted regarding a claim, we’ll identify and request all the information we need up-front, to make a decision. We’ll only ask for, and rely on, information and assessments that are relevant to your claim and will explain why we’re requesting them. 

We assess your claim

We’ll review all of the information provided and make a decision on whether your claim can be paid. We pay every genuine claim we receive, quickly and with compassion and care.

We calculate the payment

If your claim is successful, we’ll calculate any benefits payable based on your Policy details – including your Monthly Cover Amount and whether you hold any Extras Cover and/or any Extra Cost Options. Offsets apply, which means if you are receiving replacement income benefits from other sources (e.g. sick leave or workers’ compensation payments), we’ll treat this as income and may reduce your benefits accordingly.

We start monthly payments

You become eligible for payments at the end of your Waiting Period. Benefits are paid monthly in arrears after that date.

When payment ceases

Your payments will stop when you’re able to return to work, are no longer Totally Disabled or Partially Disabled, or when your Benefit Period expires – whichever happens first.

Claims Process

This page provides a summary only. For full details of the product including information on making a claim, please refer to the MetLife Protect and MetLife Protect Super Combined Product Disclosure Statement and Policy Terms (PDS).