ANZ Income Protection - Insurance Australia

Safeguard your family's way of life for around $2 a day^#.

Things happen, and you never know what the future holds. But if something happened that meant you couldn’t work for a while, it’s good to know your family’s way of life can be protected.

With ANZ Income Protection insurance, you can relax.

Your ANZ Income Protection includes:

Affordable premiums – for around $2 a day.
Income Benefit – covering 75% of your monthly pre-claim earnings¹ up to a maximum of $10,000.
Tax deductible premiums – premium payments for income protection insurance are generally tax deductible².
Flexible benefit periods – choose from 6, 12 or 24 months, as the maximum amount of time you would be paid the Income Benefit for any one illness or injury.
Easy to apply - no medicals required and you can apply online.
Choice of payment frequency – you choose what suits you with fortnightly, monthly or annual payment options.
Waiting period – choose either 30 or 90 days.
Optional Total and Permanent Disability (TPD) Benefit – if you have a standard risk occupation you may choose to include this optional cover that pays you a lump sum if we assess you as being totally and permanently disabled.
Qantas Frequent Flyer points – you can start earning one point for every $1 of premium paid on eligible ANZ income protection insurance³. Plus, if you are not already a Qantas Frequent Flyer member, for a limited time eligible policyholders can receive complimentary membership (saving you $82.50)⁴.

Please be aware that claims that arise directly or indirectly from a pre-existing medical condition occurring in the two years before the policy acceptance date will not be covered⁵. You can find more information in the Exclusions section of the ANZ Income Protection Product Disclosure Statement and Policy (PDF 324kB).

ANZ Income Protection could suit you

If you’re:

between 18 and 59
currently working at least 20 hours per week in your main occupation
have been working for at least 12 of the last 24 months, and
are an Australian or NZ citizen or permanent resident currently residing in Australia

you are eligible to apply.

Please see the PDS for further details.

Get an ANZ Income Protection insurance online quote today.

If you’re not sure what level of cover you need, make an appointment to see an ANZ Financial Planner. They can assist you in choosing the right cover for your circumstances.

¹ The monthly amount payable for a valid claim may be less than the monthly amount insured for the Income Benefit selected at the time of application, depending on your pre-claim earnings and other payments. The monthly amount payable excludes business expenses.

²Taxation legislation or its interpretation may change, please seek your own independent tax advice. Before claiming a tax deduction for premiums you should check with your accountant or the ATO.

³ANZ Income Protection is issued by OnePath Life Limited (OnePath) ABN 33 009 657 176, AFSL 238341. You must be a Qantas Frequent Flyer member and correctly register your Qantas Frequent Flyer membership details with OnePath to start earning Qantas Frequent Flyer points on eligible premiums you pay. Points are only earned on premiums you pay after OnePath has received your Qantas Frequent Flyer membership details. Points are earned in accordance with and are subject to the OnePath and Qantas Frequent Flyer Rewards Terms and Conditions (PDF 128kB). Membership and points are subject to Qantas Frequent Flyer program terms and conditions. Qantas does not endorse, is not responsible for and does not provide any advice, opinion or recommendation about these life insurance products or the information provided in this communication.

⁴ Complimentary join fee waiver offered by OnePath. This complimentary offer may be withdrawn at any time.

⁵A pre-existing medical condition is an injury, illness, condition or related symptom: that you (or a reasonable person in your position) were aware of, or should have been aware of; or for which you had, or were intending to have, a medical consultation; or for which a reasonable person in your circumstances would have had a medical consultation.

Select your level of ANZ Income Protection

Our flexible and affordable cover options allow you to customise your policy. Depending on your budget and what you want to get out of your cover there is sure to be an option that suits your needs.

Cover options	What this means to you
Level of cover	You can select your level of cover depending on how much of your current income you want to protect. The insured monthly benefit for standard risk occupations can range between $1,000 to 75% of your monthly earnings^* up to a maximum monthly benefit of $10,000^**.
Benefit period	Choose a benefit period of 6, 12 or 24 months. The benefit period is the maximum amount of time you will be paid for any one illness or injury.
Waiting period	Choose a waiting period of either 30 or 90 days. This is the period after being diagnosed with an illness or injury that you will have to wait before your benefit period begins. Payments are then made monthly in arrears.
Optional Total Permanent Disability Benefit cover	This option provides a lump sum payment to you for a valid claim if you work in a standard risk occupation and are assessed as being totally and permanently disabled. (Not for special risk occupations).

Get an ANZ Income Protection quote online today.

^* For the self-employed (including a working director), monthly earnings means the gross monthly income generated by the business as a result of your personal exertion after allowing for the costs and expenses incurred in deriving that income; or if you are employed, monthly earnings means your gross monthly income earned from personal exertion by way of total remuneration package, including fringe benefits and any other type of remuneration.

^** If you work in a special risk occupation, the maximum monthly benefit is $3,000 per month.

Making a claim under your ANZ Income Protection is simple just:

call 13 16 14
write to ANZ Income Protection, PO Box 4028 or 12/347 Kent St, Sydney, 2000
send a fax to 02 9234 5015
email DIclaims@onepath.com.au

OnePath Life will send you the claims forms you’ll need to fill in and return

These frequently asked questions provide useful information about ANZ Income Protection insurance.

How much Income Benefit can I apply for?
Your level of income protection will depend on your needs. You need to consider how much it would cost you and your family to pay everyday expenses such as any day-to-day bills, the mortgage, and outstanding debts.

Are premiums tax deductible?
Your premiums for the Income Benefit may be tax deductible, but premiums for the TPD Benefit will not normally be tax deductible. Over the duration of your policy tax legislation or its interpretation may change, therefore you may need to seek independent financial tax advice. You may also want to check with the Australian Taxation Office or your accountant.

How can premiums be paid?
You can pay your premiums either on a fortnightly, monthly or annual basis. If you pay annually, a discount will apply. The discount will be included in the calculation of your annual premium amount as shown in your premium quote.

Can I nominate a beneficiary to receive my benefits?
No, you cannot nominate any beneficiaries. You as the policy owner and life insured are the only person who is entitled to receive any benefits under this policy.

What if I change my mind?
You can cancel your policy at any time by contacting us on 13 16 14. If you cancel within the 21 day cooling-off period, and no claims have been made, you will receive a full refund of any premiums paid. After the cooling-off period, we will not refund any premiums if the policy is cancelled. We will pay a pro rata refund where premiums are paid annually and you cancel the policy before the next annual payment is due.

What if I change my mind?

You can cancel your policy at any time by contacting us on 13 16 14. If you cancel within the 21 day cooling-off period, and no claims have been made, you will receive a full refund of any premiums paid.

After the cooling-off period, we will not refund any premiums if the policy is cancelled. We will pay a pro rata refund where premiums are paid annually and you cancel the policy before the next annual payment is due.

When I’m travelling will ANZ Income Protection still cover me?
You’re covered 24 hours a day, 365 days a year, subject to the terms and exclusions of your policy as detailed in the PDS. If you make a claim you will be paid in Australian dollars.

Am I restricted with how I use my benefit payments?
There are no restrictions on how you use the money so you can use it where you need it most. Money is paid directly to you, and it can be put towards your mortgage, day-to-day bills, or to reduce the impact that your inability to work has on your family’s lifestyle.

What does it mean if my occupation is classed as "special risk"?
ANZ Income Protection will still cover you, however the maximum monthly Income Benefit amount is $3,000 and you will not be covered for injuries sustained while working in your occupation. Also, you will not be able to apply for the optional Total and Permanent Disability Benefit.

What is a Product Disclosure Statement and Policy (PDS)?
The PDS is a document which summarises the important information you should know about ANZ Income Protection, and is designed to assist you in deciding whether or not to purchase or keep income protection insurance. You should read the ANZ Income Protection PDS and consider whether this product is right for you.

Who is the insurer?
ANZ Income Protection is issued by OnePath Life Limited – a registered life insurance company holding Australian Financial Services License Number: 238341 – it is a wholly owned subsidiary of ANZ.

How secure is buying insurance online?
Latest technologies are used to ensure your details are kept confidential and secure. When you obtain a quote online you can tell if the connection between the servers and your computer is 'secure' if your browser displays a small closed lock () in the status bar at the bottom of the screen. You can also apply at this stage.

^#Based on a 38 year old male smoker who is a Project Manager and earns a gross annual income of $84,000 who can obtain an income benefit of $5,250 per month with a 2 year benefit period and a 30 day waiting period for a monthly premium of $60.52. The price of $2 a day for this example does not include cover for the optional TPD Benefit. Price may be higher or lower than $2 per day depending on individual factors such as age, gender, occupation and cover.

ANZ Income Protection is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657, 176 AFSL 238341). OnePath Life is a wholly-owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234527) an authorised deposit-taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but it is not a Bank. Except as set out in the issuer’s contract terms (including the PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the ANZ Income Protection Product Disclosure Statement and Policy (PDF 324kB) and ANZ Financial Service Guide (PDF 136kB) and consider whether this product is right for you.

This information is current at June 2011 and is subject to change.

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