If you were sick or injured for an extended period-of-time, could you afford to take time off work and keep up with the costs of living? Would you be able to pay the medical bills that accompany your condition, keep up with your children’s education, pay your rent or mortgage, and take care of your family’s lifestyle?
Because accidents and illnesses can occur at any time, Disability Income Insurance ensures that you’ll be able to keep up with the rising costs of living should you become sick or injured.
How does it work?
Whereas as Total and Permanent Disablement Cover and Trauma Insurance provides a lump sum payment, Macquarie Group’s FutureWise Disability Income Insurance provides a monthly benefit that’s designed to replace your income should you become unable to work. Depending on the premiums you pay, you could receive a monthly benefit for up to 5 years.
You can choose a minimum of $1250 per month, or choose to get covered for up to 75% of your annual income in monthly instalments.
Is there a waiting period to receive my benefit?
There are different waiting periods depending on the premium you pay. Generally speaking, the longer the waiting period, the more affordable the cover. For example, you’d pay more in premiums for a waiting period of 30 days than for a waiting period of 2 years.
In addition to the monthly benefit provided, Disability Income Insurance can also take the pressure off financial instability with additional features and benefits. These include:
- Partial disability benefit:
If you’re partially disabled during and past the end of your waiting period, you could receive a portion of the full monthly benefit.
- Indexation increases:
Macquarie Group will ensure your cover retains its value over time by increasing the monthly insured amount to keep in line with inflation.
- Specific injury benefit:
If you suffer from one of Macquarie Group’s specified injuries after your cover start date and before your Disability Income Insurance ends, Macquarie Group will pay a monthly benefit regardless of whether you’re totally disabled or not. These include the loss of sight in one eye, severance of thumbs or fingers, and fractures of the knee, leg, arm, skull, thigh, pelvis, jaw and collarbone.
- Death benefit:
Should you pass away before your cover ends, Macquarie Group will payout your beneficiaries for up to $75,000.
- Avoid premiums:
You won’t have to pay your premiums while your Disability Income Insurance is being paid to you.There’s also an option to include extra benefits for an additional cost, including a trauma benefit, accommodation reimbursement, home care benefits, and payouts should you be confined to bed.In addition to the features and benefits available with a standard cover of Disability Income Insurance, you can also choose to take Disability Income Plus Insurance and enjoy extra benefits, including:
- Total Disability benefit
This benefit has no minimum number of consecutive days of total disablement required. This means that you don’t have to be totally disabled for more than 5 days during the waiting period in order to be eligible to commence a Total Disability benefit.
- Keep earning income
You can still work up to 10 hours per week or earn 20% of your regular monthly income and still claim the Disability Income Benefit, with no reductions in your benefit payments.
Want to compare this policy with others? You can compare Macquarie Groups policies with other insurance providers through our free quote service.
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