Hostplus Income Protection Insurance
Hostplus’ income protection product is only available to members of the fund and is not rated by Canstar, but we’ve rounded some of the key product info below.
What income protection does Hostplus offer?
Hostplus offers its members a product called salary continuance insurance, which it also refers to as income protection. There are generally a handful of differences between salary continuance insurance and income protection insurance, but they fulfill a similar purpose and work in similar ways. At the time of writing, Hostplus offers one salary continuance product to its members.
What features does Hostplus income protection offer?
As a provider of income protection/salary continuance insurance, Hostplus offers the following features:
- A maximum benefit period of either two years or until you turn 65 years of age
- A maximum monthly benefit of $30,000
- Members can apply for cover for up to 90% of their monthly pre-disability salary
- A minimum entry age of 15 and a maximum entry age of 64
- Phone-based support and an online application process
- Other features, such as up to 15% of your monthly salary being contributed to your super account by Hostplus, and the choice of a 30, 60, or 90-day waiting period
What does Hostplus income protection cost?
The cost of your income protection insurance will vary depending on several different factors such as:
- Your age and gender
- Your occupation
- The benefit period and waiting period you choose
Keep in mind that the weekly cost of your income protection cover will be deducted from your Hostplus super balance, and not paid out of pocket.
In 2020, Canstar Research calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed, but keep in mind that these figures relate to direct income protection premiums rather than income protection taken out through Hostplus or another super fund.
Considering taking out income protection insurance? While we don’t compare income protection policies only available through super funds such as Hostplus, we do compare direct income protection policies, which are policies anyone can apply to take out.
Are your Hostplus income protection premiums tax deductible?
While the Australian Taxation Office (ATO) states that you can claim the cost of premiums you pay that cover the loss of your income, this does not extend to premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.
Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.
How do I lodge a claim with Hostplus?
To lodge a salary continuance claim with Hostplus, call 1300 803 745 and the Hostplus claims team will help you through the claims process.
How to apply for Hostplus income protection
As you need to be a Hostplus member before you can apply for its salary continuance insurance, Hostplus will likely have most of the personal details it needs already. However, you may need to answer questions about things such as your occupation, income and smoker status. Hostplus notes that certain occupations are ineligible for salary continuance cover; you can download a list of excluded occupations.
Eligibility to apply
Hostplus’ PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:
- You must be a member of Hostplus
- You must be at least 15 years old and under 65 years of age
- You must be either an Australian resident or a lawful non-citizen
Hostplus is a super fund that was founded by the Australian Hotels Association and United Voice in 1988. It now has over one million members, more than 185,000 employers, and $53 billion in funds under management.