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Income Protection Insurance

Income Protection cover provides a replacement income when you are unable to work at full capacity or at all, due to illness or injury.

If you qualify a monthly benefit of up to 75% of your gross monthly income before tax (inclusive of superannuation contributions) will paid to you and if selected, 10% superannuation will be paid into your Tasplan account.

Income Protection cover is fully underwritten which means you must complete an application and provide a Short Form Personal Statement in relation to your health and any medical conditions.

Tasplan offers both Short Term and Long Term Income Protection Insurance cover. Short Term cover will provide benefit payments up until the time you return to work, you die, you reach age 65 or for a maximum two year period, whichever occurs first. Long Term cover will provide benefit payments up until the time you return to work, you die or you reach age 65, whichever occurs first.

It is your responsibility to ensure you hold the correct level of cover for your circumstances and please note that premiums vary according to your age and occupation.

Occupational Classifications

A White Collar member is someone who spends a minimum of 80% of their working hours in an office environment.

A Professional member is a White Collar member, earns at least $80,000 and either works in a managerial role or has a professional
qualification.

A member that is not classified as Professional or White Collar is classed as a General member.

For Income Protection premiums, see the tables below;

Short term income protection weekly premium rates per $100 of monthly benefit

  Professional White Collar General
ANB 30 day 60 day 90 day 30 day 60 day 90 day 30 day 60 day 90 day
15-30 0.05 0.04 0.02 0.07 0.05 0.03 0.11 0.08 0.04
31-35 0.06 0.04 0.02 0.08 0.06 0.03 0.13 0.10 0.05
36-40 0.08 0.06 0.03 0.11 0.08 0.04 0.17 0.12 0.06
41-45 0.10 0.08 0.04 0.15 0.11 0.05 0.23 0.17 0.09
46-50 0.15 0.12 0.06 0.22 0.17 0.09 0.34 0.27 0.13
51-55 0.22 0.18 0.09 0.31 0.26 0.13 0.49 0.41 0.20
56-60 0.36 0.31 0.15 0.50 0.43 0.22 0.79 0.68 0.34
61-65 0.44 0.37 0.18 0.62 0.52 0.26 0.97 0.81 0.41

Long term income protection annual premium rates per $100 of monthly benefit

  Professional White Collar General
ANB 30 day 60 day 90 day 30 day 60 day 90 day 30 day 60 day 90 day
15 - 20 6.88 5.51 3.29 7.64 6.12 3.65 14.36 11.49 6.86
21 6.88 5.51 3.29 7.64 6.12 3.65 14.36 11.49 6.86
22 6.96 5.57 3.26 7.73 6.18 3.62 14.53 11.62 6.8
23 7.03 5.63 3.25 7.81 6.26 3.61 14.68 11.75 6.79
24 7.12 5.69 3.25 7.92 6.33 3.61 14.87 11.89 6.79
25 7.23 5.78 3.26 8.03 6.42 3.63 15.09 12.07 6.81
26 7.34 5.87 3.27 8.15 6.52 3.64 15.32 12.26 6.84
27 7.56 6.04 3.39 8.4 6.72 3.77 15.78 12.62 7.08
28 7.86 6.29 3.51 8.73 6.98 3.9 16.41 13.12 7.32
29 8.25 6.6 3.65 9.16 7.33 4.05 17.22 13.77 7.61
30 8.72 6.97 3.79 9.68 7.75 4.21 18.2 14.56 7.9
31 9.28 7.42 3.95 10.31 8.24 4.39 19.36 15.49 8.24
32 9.93 7.95 4.13 11.03 8.83 4.59 20.73 16.59 8.63
33 10.68 8.55 4.36 11.86 9.51 4.84 22.29 17.86 9.09
34 11.53 9.23 4.62 12.81 10.25 5.13 24.08 19.26 9.64
35 12.49 9.99 4.93 13.88 11.1 5.47 26.08 20.86 10.28
36 13.56 10.84 5.31 15.06 12.04 5.9 28.3 22.63 11.08
37 14.73 11.78 5.75 16.36 13.09 6.39 30.75 24.59 12
38 16.01 12.81 6.27 17.79 14.24 6.97 33.43 26.75 13.1
39 17.41 13.93 6.88 19.34 15.47 7.65 36.35 29.07 14.37
40 18.92 15.14 7.6 21.02 16.82 8.45 39.5 31.6 15.87
41 20.55 16.43 8.43 22.83 18.26 9.37 42.89 34.3 17.6
42 22.26 17.81 9.38 24.73 19.79 10.42 46.47 37.19 19.58
43 24.09 19.28 10.46 26.77 21.42 11.63 50.3 40.24 21.84
44 26.02 20.81 11.68 28.92 23.13 12.98 54.33 43.45 24.39
45 28.04 22.43 13.04 31.16 24.92 14.49 58.54 46.83 27.22
46 30.14 24.11 14.56 33.49 26.79 16.17 62.93 50.33 30.39
47 32.3 25.85 16.2 35.89 28.72 17.99 67.43 53.96 33.81
48 34.54 27.63 17.96 38.37 30.7 19.96 72.1 57.67 37.5
49 36.8 29.44 19.87 40.89 32.71 22.08 76.82 61.46 41.48
50 39.1 31.28 21.88 43.44 34.76 24.31 81.62 65.31 45.68
51 40.89 32.71 23.65 45.43 36.35 26.28 85.36 68.29 49.37
52 42.64 34.11 25.43 47.38 37.9 28.26 89.02 71.21 53.09
53 44.33 35.47 27.2 49.26 39.41 30.22 92.55 74.04 56.79
54 45.97 36.77 28.92 51.07 40.86 32.14 95.96 76.77 60.38
55 47.7 38.15 30.56 53 42.39 33.96 99.58 79.65 63.8
56 49.76 39.82 31.7 55.29 44.25 35.22 103.89 83.13 66.17
57 51.66 41.33 32.59 57.4 45.92 36.21 107.85 86.28 68.04
58 53.27 42.62 33.17 59.19 47.35 36.86 111.21 88.97 69.25
59 54.47 43.58 33.33 60.53 48.43 37.03 113.72 90.99 69.58
60 55.1 44.07 32.94 61.22 48.97 36.6 115.02 92.01 68.78
61 54.85 43.89 30.28 60.94 48.77 33.64 114.51 91.63 63.21
62 53.34 42.68 28.24 59.27 47.42 31.38 111.35 89.09 58.95
63 49.8 39.84 25.13 55.33 44.27 27.92 103.97 83.18 52.47
64 42.27 33.81 19.74 46.97 37.57 21.94 88.25 70.58 41.22
65 23.36 18.68 7.35 25.95 20.76 8.17 48.76 39.01 15.34

For the full conditions that apply to eligibility or application for Income Protection cover please click on the link to the Tasplan Insurance Booklet or contact Tasplan on 1800 005 166.