Understanding Salary Continuance insurance
Salary Continuance insurance, or Income Protection, can allow you to continue receiving a monthly income if illness or injury prevents you from working
Here's how it works: if you cannot work due to an accident or illness, you could receive up to 75% of your pre-disability monthly salary as a direct deposit into your bank account. Payment is made by the insurance provider and does not affect your superannuation balance.
If your coverage exceeds 75% of your pre-disability monthly salary, the amount of up to 11.5% of your pre-disability monthly salary can be paid into your superannuation account, ensuring your retirement savings continue to grow even when you are not working.
Salary Continuance insurance is worth considering if you rely on your income to maintain your lifestyle and pay expenses. It can help you manage debt and maintain your quality of life while focusing on what matters most: your recovery.
What are the waiting periods for Salary Continuance insurance?
A waiting period is the number of consecutive days you are Totally or Partially Disabled and that must elapse before any Salary Continuance benefit is payable. The waiting period commences on the day a medical practitioner examines you and certifies that you are totally disabled. legalsuper offers members a choice of three waiting periods:
- 30 days;
- 60 days; or
- 90 days.
No benefits are payable during the waiting period. During the waiting period you can return to work for up to five days, without having to start a new waiting period. If this occurs, the days worked will be added to your waiting period.
Sometimes, finalising a claim can take longer than expected - there is no assurance that your claim will be finalised by the end of your waiting period. Your approved claim won’t commence payment until your waiting period has ended. Once it has been approved, your benefits will be paid in arrears from the end date of your waiting period.
What are the benefit periods of Salary Continuance insurance?
The benefit period is the maximum length of time that you may continue to receive a benefit payment. It is determined by your choice in your last approved application for Salary Continuance insurance. Members can choose either the standard benefit period, or from three optional benefit periods.
- Standard benefit period: The standard benefit period is a maximum of two years.
- Optional benefit periods: For a higher premium, members can choose from the following options.
- Five year benefit period
- Benefit period to age 60
- Benefit period to age 65
If your benefit period is 5 years to age 60 or to age 65, the amount of your monthly benefit will be adjusted according to an escalation factor.
Twelve months after a Total or Partial Disability benefit has been continuously paid, your monthly benefit will be increased by the lesser of:
- The annual CPI increase; and
- 5%.
Your monthly benefit will not decrease if the percentage change in CPI is negative.
All insurance provided to members of legalsuper is provided under insurance policies issued by Zurich Australia Limited (ABN 92 000 010 195 AFSL 232510). You can read more about insurance provided through legalsuper here.
What does Salary Continuance insurance cost?
Salary Continuance insurance costs vary depending on age, gender, chosen waiting period, benefit period, and coverage amount.
Insurance fees are deducted from your super account monthly, in arrears. This means you can get cover without it impacting your take-home pay. However, any insurance premiums that are deducted from your super balance will reduce your savings for retirement.
Salary Continuance insurance is issued in units of coverage. Each unit provides coverage for $100 per month ($1200 per annum).
How much cover do you need?
Insurance premiums for females
| Age | Waiting Period: 30 days | Waiting Period: 60 days | Waiting Period: 90 days |
| 15 – 19 | $3.37 | $1.93 | $1.23 |
| 20 – 24 | $3.48 | $2.01 | $1.27 |
| 25 – 29 | $3.97 | $2.31 | $1.42 |
| 30 – 34 | $5.20 | $3.01 | $1.66 |
| 35 – 39 | $7.10 | $4.14 | $2.24 |
| 40 – 44 | $9.67 | $5.88 | $3.56 |
| 45 – 49 | $13.04 | $7.96 | $5.85 |
| 50 – 54 | $17.64 | $11.48 | $9.20 |
| 55 – 59 | $24.51 | $16.02 | $13.50 |
| 60 | $30.30 | $20.06 | $16.39 |
| 61 | $32.65 | $21.66 | $17.34 |
| 62 | $29.41 | $22.27 | $16.86 |
| 63 | $23.24 | $14.28 | $9.28 |
| 64 | $7.67 | $4.72 | $3.06 |
| Age | Waiting Period: 30 days | Waiting Period: 60 days | Waiting Period: 90 days |
| 15 – 19 | $5.28 | $4.57 | $2.90 |
| 20 – 24 | $5.52 | $4.79 | $3.03 |
| 25 – 29 | $6.43 | $5.64 | $3.47 |
| 30 – 34 | $8.59 | $7.47 | $4.15 |
| 35 – 39 | $12.01 | $10.43 | $5.71 |
| 40 – 44 | $16.71 | $15.16 | $9.31 |
| 45 – 49 | $23.18 | $21.02 | $15.76 |
| 50 – 54 | $32.30 | $31.14 | $25.56 |
| 55 – 59 | $46.30 | $44.67 | $38.66 |
| 60 | $55.55 | $53.85 | $44.19 |
| 61 | $54.16 | $52.11 | $41.40 |
| 62 | $42.69 | $46.20 | $43.14 |
| 63 | $31.18 | $27.22 | $17.76 |
| 64 | $10.22 | $8.94 | $5.84 |
| Age | Waiting Period: 30 days | Waiting Period: 60 days | Waiting Period: 90 days |
| 15 – 19 | $13.51 | $7.61 | $6.12 |
| 20 – 24 | $14.80 | $8.40 | $6.65 |
| 25 – 29 | $18.48 | $10.58 | $8.22 |
| 30 – 34 | $25.70 | $14.54 | $10.03 |
| 35 – 39 | $36.04 | $20.46 | $13.68 |
| 40 – 44 | $48.31 | $28.48 | $20.79 |
| 45 – 49 | $60.48 | $35.54 | $30.56 |
| 50 – 54 | $68.15 | $42.16 | $37.76 |
| 55 | $66.43 | $40.58 | $36.46 |
| 56 | $62.91 | $38.11 | $33.54 |
| 57 | $54.75 | $32.59 | $27.16 |
| 58 | $37.63 | $21.13 | $15.20 |
| 59 | $12.41 | $6.97 | $5.02 |
| Age | Waiting Period: 30 days | Waiting Period: 60 days | Waiting Period: 90 days |
| 15 – 19 | $13.74 | $7.73 | $6.29 |
| 20 – 24 | $15.13 | $8.59 | $6.85 |
| 25 – 29 | $19.05 | $10.92 | $8.52 |
| 30 – 34 | $26.88 | $15.23 | $10.58 |
| 35 – 39 | $38.48 | $21.85 | $14.75 |
| 40 – 44 | $53.09 | $31.37 | $23.17 |
| 45 – 49 | $69.73 | $41.13 | $35.98 |
| 50 – 54 | $86.65 | $54.04 | $50.08 |
| 55 – 59 | $98.78 | $61.09 | $57.22 |
| 60 | $97.25 | $60.09 | $52.27 |
| 61 | $92.08 | $56.49 | $46.92 |
| 62 | $79.40 | $47.91 | $37.00 |
| 63 | $53.47 | $30.47 | $20.14 |
| 64 | $17.64 | $10.05 | $6.63 |
Insurance premiums for males
| Age | Waiting Period: 30 days |
Waiting Period: 60 days |
Waiting Period: 90 days |
| 15 – 19 | $3.03 | $1.76 | $1.13 |
| 20 – 24 | $3.16 | $1.84 | $1.15 |
| 25 – 29 | $3.38 | $2.00 | $1.12 |
| 30 – 34 | $4.09 | $2.40 | $1.24 |
| 35 – 39 | $5.41 | $3.21 | $1.67 |
| 40 – 44 | $7.43 | $4.56 | $2.60 |
| 45 – 49 | $10.47 | $6.46 | $4.41 |
| 50 – 54 | $15.27 | $10.18 | $7.79 |
| 55 – 59 | $23.32 | $15.60 | $13.80 |
| 60 | $30.48 | $21.52 | $19.06 |
| 61 | $33.55 | $23.71 | $21.22 |
| 62 | $35.89 | $24.87 | $21.62 |
| 63 | $24.45 | $15.98 | $12.24 |
| 64 | $8.06 | $5.27 | $4.04 |
| Age | Waiting Period: 30 days |
Waiting Period: 60 days |
Waiting Period: 90 days |
| 15 – 19 | $5.11 | $3.79 | $2.21 |
| 20 – 24 | $5.41 | $4.04 | $2.26 |
| 25 – 29 | $5.91 | $4.43 | $2.26 |
| 30 – 34 | $7.32 | $5.45 | $2.57 |
| 35 – 39 | $9.91 | $7.46 | $3.56 |
| 40 – 44 | $13.94 | $10.76 | $5.67 |
| 45 – 49 | $20.15 | $15.63 | $9.86 |
| 50 – 54 | $30.27 | $25.25 | $17.97 |
| 55 – 59 | $47.60 | $39.76 | $32.68 |
| 60 | $60.50 | $52.92 | $42.71 |
| 61 | $60.58 | $52.40 | $42.38 |
| 62 | $56.82 | $47.65 | $36.87 |
| 63 | $35.71 | $28.07 | $19.72 |
| 64 | $11.68 | $9.19 | $6.48 |
| Age | Waiting Period: 30 days |
Waiting Period: 60 days |
Waiting Period: 90 days |
| 15 – 19 | $10.80 | $5.63 | $4.27 |
| 20 – 24 | $11.10 | $6.29 | $4.66 |
| 25 – 29 | $13.11 | $7.50 | $5.03 |
| 30 – 34 | $17.08 | $9.72 | $6.03 |
| 35 – 39 | $23.62 | $13.48 | $8.40 |
| 40 – 44 | $32.72 | $19.35 | $12.92 |
| 45 – 49 | $44.30 | $26.17 | $20.46 |
| 50 – 54 | $56.31 | $35.50 | $29.97 |
| 55 | $59.86 | $37.33 | $33.33 |
| 56 | $58.50 | $36.21 | $32.45 |
| 57 | $52.14 | $31.74 | $27.60 |
| 58 | $36.03 | $20.67 | $15.97 |
| 59 | $11.88 | $6.83 | $5.27 |
| Age | Waiting Period: 30 days | Waiting Period: 60 days | Waiting Period: 90 days |
| 15 – 19 | $10.14 | $5.67 | $4.32 |
| 20 – 24 | $11.20 | $6.35 | $4.72 |
| 25 – 29 | $13.33 | $7.64 | $5.14 |
| 30 – 34 | $17.55 | $9.99 | $6.21 |
| 35 – 39 | $24.63 | $14.09 | $8.85 |
| 40 – 44 | $34.93 | $20.71 | $13.95 |
| 45 – 49 | $49.15 | $29.16 | $23.14 |
| 50 – 54 | $68.03 | $43.26 | $37.63 |
| 55 – 59 | $89.35 | $56.42 | $54.69 |
| 60 | $96.58 | $63.52 | $59.63 |
| 61 | $94.44 | $61.71 | $57.16 |
| 62 | $83.31 | $53.51 | $47.47 |
| 63 | $56.23 | $34.09 | $26.60 |
| 64 | $18.57 | $11.25 | $8.78 |
Apply for Salary Continuance insurance
You can apply for Salary Continuance insurance through our MemberAccess online portal or by completing a Superannuation change details (insurance) form along with a Personal Health Statement. However, certain occupations might be at a higher risk and might may not qualify for coverage. Before applying, check our list of professions and excluded occupations below.
Review your existing coverage
As your career and lifestyle change, so should your insurance. We can help you adjust your existing level of cover and verify your occupational rating, ensuring that your protection meets your current needs.
Transfer your current insurance cover
Transferring your insurance to us is easy and straightforward if you're currently protected under a different super fund or insurance provider. We make the process seamless, so you continue enjoying your insurance benefits without any hassle.
Check terms & conditions
For full terms and conditions for insurance cover, please refer to the PDS Product Disclosure Statement and the Employer Sponsored Super & Personal Super Additional Information document.
Disclaimer
The information on this page is of a general nature and needs to take into account your objectives, financial situation or needs. Before deciding if legalsuper suits you, please read the Product Disclosure Statement (PDS) and Target Market Determination (TMD). We encourage you to obtain personal advice from a licensed financial adviser before deciding based on this website. legalsuper handles information through its Privacy Policy. The relevant PDS, TMD, and Privacy Policy are available on this website. Past performance is not a guide to future performance. Legal Super Pty Ltd ABN 37 004 455 789 AFSL 246315 as the Trustee for legalsuper ABN 60 346 078 879. © Copyright 2024 Legal Super Pty Ltd. All rights reserved.