Types of insurance cover
We're changing things up!
From 1 March 2017, we’ll be referring to insurance cover a little differently. We like to think it's a little friendlier.
If you joined us before 1 March 2017 you may have received our ‘Default Cover’, which was six units of Death and six units of TPD cover. From 1 March 2017, you'll still maintain your level of cover but we'll refer to this as our "Booster Pack" insurance cover.
For more information about some of the other changes we've made to try and better personalise insurance cover to suit our member’s needs, keep reading below.
Income Protection insurance provides a regular income if you become seriously ill or injured and can’t work. You’ll receive a monthly payment to help support you and your family. This can cover you for up to 85% of your earnings prior to becoming ill or injured, of which 75% is payable directly to you and up to 10% is paid as a super contribution to Kinetic Super.
Income Protection cover has a waiting period that determines how long you need to wait, from when you stop working, before a benefit will be paid to you. There are three waiting periods available: 30, 60 or 90 days.
The benefit period is the length of time that you will receive payments if you are injured or disabled. You can choose a benefit period of 2 years, 5 years or to age 65. The longer the benefit payment period, the higher your insurance premium.
Check out our Income Protection cover and competitive premiums.
Your occupation matters
The amount you pay for your insurance cover is based on the type of work you do, because there are different risks involved. So it’s really important that you select the “Occupational Category” that best describes your work – it could save you a lot in premiums.
We use two Occupational Categories when referring to insurance:
If your work includes some degree of manual labour, usually outside an office environment, this is probably the best cover for you. You’ll automatically be placed in the ‘Standard’ option if you don’t tell us what sort of work you do.
If you work in an office environment, and your duties are generally professional, managerial, clerical, secretarial or other tasks that don’t involve manual labour, ‘White Collar’ is probably the best category for you.