You insure your car, your home, and you life, but what happens if you are unable to work for an extended period of time? Your ability to earn an income is one of your most important assets.
Salary Continuance Insurance Cover provides a monthly benefit (within set limits) if you are unable to work due to injury or illness (ie. there is a 45 day waiting period for which you are not paid a benefit). The benefit is payable for a maximum of two years, or to age 65, whichever comes first.
A choice of waiting periods
HOSTPLUS offers four monthly benefit levels depending on the waiting period you choose.
| Waiting period |
Unit rate per week |
Monthly benefit payable per unit |
| 30 days |
$1 |
$498 |
| 45 days |
$1 |
$665 |
| 60 days |
$1 |
$923 |
| 90 days |
$1 |
$1,498 |
How much cover can you apply for? You can apply for cover of up to 90% of your monthly pre-disability salary of which a maximum of 75% is payable to you and the balance as a contribution to your HOSTPLUS super account, up to a maximum of $20,000 per month. You can of course, choose to have cover that is less than 90% of your pre-disability salary.
For part of a month, the benefit will be paid on a pro-rata basis, having regard to the number of days you were absent from employment. If you die while receiving a Salary Continuance benefit, the benefit will continue for one month.
How much does it cost? Each unit of Salary Continuance Insurance Cover costs $1 per week and is deducted from your account each week.
Who can apply? Salary Continuance Insurance Cover is available if you are under 65, work 25 hours or more per week on average and are a permanent employee or self-employed.
The insurer
The insurer is ING Life Limited (ABN 33 009 657 176).
Please note: If you have company specific insurance arrangements, please refer to your 'Welcome to the Fund' pack you received upon joining for details.