Income Protection insurance can provide you with a replacement income that will support your return to work, if you become unable to work due to sickness or an accident.
Protect your income
The replacement income can be up to 75% of your salary excluding super, with an additional 10% of your salary excluding super to be paid to your superannuation account. *
You can receive payments for either two years (default benefit period) or five years after your chosen waiting period (either 30, 60, 90 or 120 days), as long as you continue to meet the Policy's definition of total disablement or partial disablement. Note the default waiting period for Corporate Plus members (people who work for Telstra or a related company) is 90 days.
Find out more about making changes to your income protection.
You don't have to be permanently unable to work to get income protection payments and you may be eligible for payments while you are waiting for your TPD claim to be assessed. Income protection payments will be reduced by the amount of any other payments you receive or are entitled to receive during a payment period (such as sick leave or workers' compensation). Social security benefits and motor accident compensation are not offset against insurance benefits.
If you are under 25 years of age or have an account balance that is less than $6,000 you must opt in within 120 days to receive member paid insurance cover subject to 'At Work' requirements. If you opt in outside of 120 days you will need to answer risk control questions.
Income protection** insurance is available to:
- Corporate Plus members (people who work for Telstra or related employers)
- Personal Plus members (people who have left Telstra or are related to a Telstra or former Telstra employee)
- Sensis Super Plus Defined Benefit members
- Division 5 Defined Benefit members
Further eligibility criteria and terms and conditions may apply. For more information on Income Protection read the relevant PDS or Insurance Guide.This information is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on any advice you should assess whether it is appropriate for you and consider talking to a financial adviser. Before making any decision or acquiring any product you should obtain and review its product disclosure statement by calling 1300 033 166 or on this website.
* Income Protection cover is subject to a maximum monthly benefit of $50,000 for a two year benefit period and a monthly benefit of $30,000 for a five year benefit period
** Not applicable to former Defined Benefit members
Need help with income protection?
At TelstraSuper we're here to help you build a secure financial future. Before making any significant financial decisions we would encourage you to speak to TelstraSuper Financial Planning that has a team of phone based Advisers who can help you work out how much insurance you need. If you'd like to discuss your insurance or if you have any other financial advice queries contact us on 1300 033 166 or fill in our online contact form. There's no additional charge for our phone based service as this is included in your TelstraSuper membership.Online contact form