The Income Care range is now closed to new business (except continuation options and replacements). Existing customers can still increase, decrease, add options and obtain replacement policies. They will also continue to receive product improvements to ensure they provide ongoing valuable, contemporary protection.
Note: Existing clients aren’t able to change indemnity Income Care Super to agreed value effective 1 April 2020.
Income Care is a valuable form of insurance that provides up to 75 per cent of income if your client is sick or injured and are permanently or temporarily unable to work. Premiums are generally tax deductible. Benefits are normally paid monthly and like income, are generally subject to tax, these products are held outside of super.
Income Care Plus offers all the protection of Income Care with an additional 11 benefits such as Home Care benefit, Death benefit and Family Support benefit.
Income Care Platinum offers all the protection of Income Care Plus with the three-tier Total Disability definition.
At a glance
Note: Aviation, Specialist Risk and different expiry ages have different eligibility entry age ranges, please read the PDS
Download the PDS for a full list of benefits >
When is a benefit paid?
NOTE: for Income Care Platinum, the above applies even if your client can work in a reduced capacity.
Jemima is a vet, married with two children. Jemima and her husband have a significant mortgage and other expenses to pay. During 2015, Jemima's financial adviser recommended that she take out Income Care Platinum cover as part of her financial plan.
When Jemima's adviser explained that her premiums were tax deductible*, she decided to take out the recommended insurance.
Two years later, Jemima was totally disabled and met the definition in the CommInsure Protection Product Disclosure Statement (PDS). But thanks to her monthly Income Care Platinum payments, she was able to continue paying her mortgage, as well as covering her car loan repayments, her children's school fees and the cost of a house cleaner.
*CommInsure is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
The examples used are for illustrative purposes only.
*Income Care Super’s features and benefits vary from Income Care and Income Care Plus.
Split IP cover allows customers to enjoy the benefits of holding cover both inside and outside the superannuation environment, providing optimal access to benefit payments. The majority of the premium is paid from super, with the balance paid from cash sources.
The cover held inside super is governed by SIS regulations, which does not allow benefits such as the unemployment benefit for CBA loans, medical professionals benefit and rehabilitation benefit to be paid. Using Split IP allows customers to access these types of benefits via the cover held outside super.
Split IP only available if the client already has this benefit as at 31 March 2020, then it can be inside: Income Care Platinum, Income Care Plus, Income Care, and Essential Cover (Accident Only).