RACQ Income Protection
Compare RACQ income protection
Considering RACQ income protection insurance? The table below displays a snapshot of RACQ income protection policies on Canstar’s database, sorted by Star Rating. These results are based on a 30-39 year-old non-smoking male in the ‘Call Centre & Customer Service’ category working in outbound sales. If you are considering an RACQ income protection insurance policy, check upfront with RACQ and read the PDS to confirm the details of the policy and whether it meets your needs before committing to it.
Click here to compare more policies based on your circumstances.
What income protection does RACQ offer?
RACQ offers a single income protection product, RACQ Income Protection. It’s designed to replace up to 75% of your income if an illness or accident stops you from working. RACQ says it can help cover things like mortgage or rent payments, household bills, school fees and education costs.
What features does RACQ income protection offer?
As a provider of income protection, RACQ offers the following features:
- A maximum benefit period of 2 years
- A maximum monthly benefit of 75% of your monthly income, up to $10,000
- A maximum entry age of 59
- Total disability cover, plus death benefit whilst on claim
- Phone-based support and an online application process
- Global coverage 24/7 when you travel
- Other features, such as being able to pause your premiums while unemployed or pregnant, discounted rates for RACQ members, and no need to do any medicals or blood tests in order to be approved for cover.
What does RACQ income protection cost?
The cost of your income protection insurance will vary depending on several different factors such as:
- Your age and gender
- Benefit period and waiting period
According to RACQ, a 5% discount applies to joint policies.
Canstar’s research team has 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.
You can get a quote for RACQ income protection insurance via Canstar’s comparison table, or directly through the RACQ website before applying to see what you might need to pay before applying for cover.
Are your RACQ 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 RACQ?
In order to lodge an income protection insurance claim with RACQ, you’ll need to contact them and obtain a claim form.
How to apply for RACQ income protection
You can apply for RACQ income protection after comparing your options in Canstar’s comparison tables and generating a quote on RACQ’s website.
RACQ 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.
Eligibility to apply
RACQ’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:
- You must be at 18-59 years old
- You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
- You must be either permanently or self-employed
You may also need to be able to demonstrate a working history.
The Royal Automobile Club of Queensland (RACQ) was originally founded in 1904. In the early years, it was responsible for influencing legislation for speed limits and safety and helping the motor vehicle become an accepted part of day-to-day life in Queensland.
Nowadays, RACQ is known as ‘Queensland’s Largest Club’ and offers a number of other insurance products such as life insurance and travel insurance. It is completely member-owned and run, and says that all profits go back into members’ pockets.