Long Term Income Protection Cover

Tasplan is pleased to announce that members can now choose between short term and long term Income Protection insurance cover.

Providing policy requirements are met;

• short term cover provides an income replacement benefit that will be paid for the shorter period of two years or until the claimant reaches 65 years of age.
• long term cover provides an income replacement benefit from the date of a claim being lodged until the member reaches 65 years of age.

Tasplan identified that some members have a significant need for long term Income Protection cover to provide security in the knowledge that if they are unable to return to work their most significant asset (the ability to earn an income) is protected. It must be remembered that the premium is higher than short term Income Protection cover and will increase more quickly, so it is important to assess the impact that the premium will have on your retirement savings and if necessary you should consult a professional financial planner.

If you wish to access this through your Tasplan account financial advice can be provided free of charge by taking advantage of the arrangement Tasplan has with Industry Funds Financial Planning (IFFP). To contact IFFP to make an appointment please call 1300 138 848.

To research this new product further click on the following link to Income Protection Insurance.