Qantas Income Protection Insurance

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Qantas may be best known as Australia’s largest airline, but it’s also a provider of a range of financial products such as income protection, life insurance, health insurance and travel insurance.

What income protection does Qantas offer? 

Income protection is designed to replace up to 75% of your income in the event that you are totally disabled or partially disabled. Qantas income protection allows you to choose from three different covers: accident cover, illness cover and sports cover. Qantas says you can take out one or more of these covers however, if you take out sports cover you must also have accident cover. 

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What features does Qantas income protection offer?

As a provider of income protection, Qantas offers the following features:

  • Up to five years of monthly benefits payments if you are off work due to illness or injury
  • Covers 75% of your regular income to a maximum of $12,000 per month
  • Rehabilitation program funding to help you return to work
  • No medical tests required
  • Earn Qantas Points. At the time of writing, Qantas says you can earn up to 100,000 Qantas Points when you join and 1 Qantas Point per $1 spent on your premium. 

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What does Qantas income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as: 

  • Your age and gender
  • Occupation
  • Health
  • Cover options
  • Smoking status 
  • Benefit period and waiting period

Premiums will also vary depending on whether you choose to pay either stepped or level premiums. Qantas says stepped premiums increase each year but generally start off cheaper. On the other hand, level premiums generally start higher but do not increase as you age. 

Canstar has calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. 

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Are your Qantas income protection premiums tax deductible? 

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for 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 Qantas? 

To make an income protection claim, Qantas says you’ll need to get in touch with its Claims Team. Qantas will assign you to a dedicated Claims Manager. 

How to apply for Qantas income protection 

You can get a quote for Qantas income protection insurance via Canstar’s comparison table, or directly through the Qantas website. 

Qantas says you will be asked a number of health and lifestyle questions. For example, Qantas may ask you:

  • Your name, date of birth and gender 
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

You may also need to provide a copy of various documents for these points, such as a valid form of ID (driver’s license, passport), recent payslips proving your employment and medical notes if applicable.

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Eligibility to apply

To be eligible for a Qantas income protection policy, Qantas says:

  • You must be between 18 to 59 years old (or 18 to 54 years old for some manual work occupations such as truck drivers, handymen and enrolled nurses)
  • You must be in paid employment or self-employed for at least 20 hours a week
  • You must be either an Australian citizen, permanent Australian resident or New Zealand citizen permanently residing in Australia

About Qantas

Founded in outback Queensland in 1920, Qantas has grown into Australia’s biggest domestic and international airline, as well as a provider of various insurance products. Qantas Life Insurance is underwritten by TAL.

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Written by: Tamika Seeto | Last updated: July 12, 2019