You will receive your chosen monthly Income Benefit (which will be shown on your policy Schedule), subject to this amount being no more than 75% of your monthly Pre-Tax, Pre-Disability Income. If you receive Other Payments while you’re not working (such as from another income protection policy, worker’s compensation or social security) and this combined with the payments from your Income Protection Insurance policy adds up to more than 75% of your pre-disability monthly income, your Income Benefit will be reduced to take account of these Other Payments.
The monthly Income Benefit starts at the end of the Waiting Period you choose (either 30 or 90 days) and are paid to you in arrears, and will continue for each month while you’re unable to work, depending on the Benefit Period you have selected - 6 months, 1 year, 2 years or 5 Years. For example, if you choose a 30 day Waiting Period, your first payment would be 60 days after you were first eligible to claim (i.e. the 30 day Waiting Period plus 30 days because claims are paid monthly in arrears).
As long as your premiums are paid when due, we guarantee to renew your cover until the Policy Anniversary following your 65th birthday.
The premium is calculated at each Policy Anniversary, and as you would expect your premiums increase with your age and also if you increase your Monthly Amount Insured. Each year (on your Policy Anniversary) your Monthly Amount Insured is automatically increased by 5% and this will be factored into the premium payable. We will write to you in advance and you can choose not to accept an increase in any given year, it will not affect your entitlement to them in the future.
The underlying premium rates are not guaranteed. However, you can never be singled out for a rate increase. Any rate increase will apply to all policies and you will be given at least 30 days notice of such change.
If your partner is a Homemaker, you can include Homemaker Insurance on your policy which can pay a Homemaker Monthly Amount Insured of either $500 or $1,000 for 6 months. It is not possible to cover your working partner on your policy, but your working partner can apply for a separate Income Protection policy.
No external medical evidence, such as medical tests or blood tests, is required when applying for Income Protection Insurance. You will only need to answer a few health and lifestyle questions during the application process over the phone.
No financial evidence is required during the application stage. If you make a claim we will require you to provide satisfactory financial evidence of your Pre-Disability Income.
If your Sickness or Injury recurs within six months of your last Income Benefit payment you can resume receiving your monthly Income Benefit without undergoing a new Waiting Period. Your claim is only payable for the balance, if any, of the Benefit Period.
If the Sickness or Injury is due to an unrelated cause, then a new Waiting Period will apply. This means that you could claim for a Sickness or Injury unrelated to a previous claim, but the Waiting Period will apply in this circumstance.
Yes, you may apply at any time in writing to increase or decrease your insurance. Any change is subject to approval.
We will pay the Income Benefit as a monthly amount if you:
- suffer a Disabling Sickness or Injury that leads to a loss of income while covered under the policy; and
- remain continuously Disabled during the Waiting Period; and
- are continuously Disabled after the end of the Waiting Period; and
- not working in any occupation during the Waiting Period; and
- solely as a result of the Disabling Sickness or Injury, your capacity to earn your Pre-Disability Income, from your Regular Occupation reduces by 20% or more.
Your Policy Schedule will show the Monthly Amount Insured for the Income Benefit, the Benefit Period and the Waiting Period you have chosen.
If you are eligible to receive Income Benefits you won’t pay premiums on your policy until you are either able to go back to work, or the Benefit Period has been reached. Once your Income Benefit payments start we will refund any premiums you have paid during the Waiting Period.
Income Protection Insurance and Life Insurance can work together to provide financial security for you and your family.
Income Protection Insurance is designed to help replace your Income if you are unable to work for an extended period due to Sickness or Injury.
Life Insurance pays a benefit in the event of your death and is designed to help you provide financial security for your family if the worst were to happen.
Yes, your occupation could affect the premium you pay. Other factors that might affect your premium are:
- your age, gender and smoking status at the time of the application;
- the Income Benefit provided;
- the Benefit Period;
- the Waiting Period; and
- various other factors such as state of health, family history and participation in hazardous activities.
You can apply to cover up to 75% of your monthly pre-tax, pre-disability income (subject to a maximum of $10,000 monthly income). Alternatively you can reduce your premiums by taking out a lower level of cover, increasing the Waiting Period and lowering the Benefit Period.
Yes, as a smoker you can still apply for Guardian Income Protection Insurance.
All Australian Residents aged between 18 and 59 are eligible to apply.
Generally the premiums for the Income Benefit are tax deductible. However just as your income is subject to tax, any Income Benefit you receive will also be assessable as income for income tax purposes.
Guardian Income Protection Insurance offers a 30 day money back guarantee. You have 30 days from the Commencement Date to make sure you are happy with the Policy – this is known as the “cooling-off period”. If you want to cancel your policy within this 30 day period you may do so, provided you have not made a claim under the Policy, and any premiums you may have paid in the time will be refunded with no obligation. All cancellation requests must be made in writing.
Whatever combination of benefits you choose, with Guardian Income Protection Insurance, you are protected 24 hours a day, 7 days a week, worldwide whilst on your travels provided you remain an Australian resident.
You can use the money you receive as you wish – to cover daily living expenses, pay the rent or mortgage, credit card and car repayments, medical and rehabilitation expenses or even a holiday.
You can choose a Waiting Period of either 30 or 90 days. The longer the Waiting Period you choose, the lower the premium you pay. Ideally, your Income Benefit should start paying out as soon as your income is affected therefore you may wish to aligned your Waiting Period with the minimum number of days’ sick leave you will have available at any given time in the future.
Certain hazardous activities (including some sports) could affect your application for Income Protection Insurance. During your application you will be asked questions about your participation in any hazardous activities and the sales agent will inform you if this affects your application in any way.
If you receive other income during the “claims period”, these will be taken into consideration when calculating the Income Benefit amount payable.
Your premium will be debited on the day of your choice, either fortnightly, monthly or annually. The date you select for your first premium deduction will become your Policy Commencement Date. You can pay either by automatic debit from your bank, credit union or building society account or by charge to your credit card.
You can apply for Guardian Income Protection Insurance by calling a Guardian Insurance Consultant
on 1300 70 9560.
If you cancel the policy within the “cooling-off period” (within 30 days from the Commencement Date) we will refund any premiums you may have paid in this period, provided you have not made a claim under the policy. Should you cancel after the “cooling-off period” no refunds of any premiums paid will be made. However, if you have paid annually in advance and cancel your policy after the 30 day cooling off period has expired any premium refund due will be paid into your nominated account.
If your application for Guardian Income Protection Insurance is accepted by us, cover starts immediately. Your first premium is deducted from the Commencement Date, which is also set out in the Policy Schedule.
If you (or your legal representative) wish to claim under this Policy, please phone 1300 73 7697 or write to Guardian Customer Service, GPO Box 1679, Crows Nest, NSW 1585. You (or your legal representative) will be sent a form to be completed, signed and returned along with other supporting claim information. We may also require your treating doctor or specialist to complete a form at your expense.
During the application process you will be asked questions relating to family medical history which may affect your application – a Guardian Insurance Consultant will inform you of these during the application process.
Yes, as long as you are working at least 20 hours per week in permanent paid employment, and you have been working continuously in paid employment for at least 12 months prior to the Policy Commencement Date, you can apply for Guardian Income Protection Insurance.
Provided you have been working in a self employed capacity for at least 24 months prior to the Policy Commencement Date, and you are an Australian resident aged 18 to 59 you are eligible to apply for Guardian Income Protection Insurance.
There is an option to include Homemaker Insurance within a Guardian Income Protection Insurance Policy. Homemaker Insurance provides a Homemaker Benefit of either $500 or $1,000 per month for 6 months if the Homemaker is unable to perform any three of their Domestic Duty Tasks due to Sickness or Injury.
We will not pay an Income Benefit in respect of a claim for a Disabling Sickness or Injury occurring directly or indirectly from:
- A Mental Disorder or Illness; or
- An intentional self inflicted act; or
- Attempted suicide; or
- The consumption of drugs (unless under the direction of a Medical Practitioner and not in connection with treatment for drug addiction or dependence); or
- The consumption of intoxicating liquor, including having a blood alcohol content over the prescribed legal limit whilst driving; or
- Normal pregnancy (including participation in IVF or similar program, normal discomforts such as morning sickness, backache, varicose veins, ankle swelling or bladder problems), giving birth, miscarrying or having a pregnancy terminated; or
- War (whether declared or not) or war-like activity, or taking part in a riot or civil commotion; or
- Engaging in any criminal activities or illegal acts.
We will not pay the Income Benefit where we have agreed a special term with you in respect of your cover that specifically excludes the event or condition leading to the claim. Any such special term will be agreed with you before your Policy is issued and will appear on your Policy Schedule.