Income Protection Insurance Calculator

Use this calculator to find out the cost of Income Protection insurance cover available from Cbus for Sole Traders. You must satisfy eligibility requirements and be a member of Cbus Super for Sole Traders to access this product. Read the Handbook for Sole Traders for more details.

Complete each step of the calculator. You may need to refer to Section 6 of the Handbook for Sole Traders. to determine your Occupational Category. Your maximum benefit is based on the number of units you hold and can be no more than 85% of your Income (as defined on page 38 of the handbook).

After you have calculated your maximum benefit you can go back and change details to recalculate your premium and Monthly Benefit. For instance, you might wish to reduce your premium and benefit by selecting fewer units of cover (which may provide a benefit less than 85% of your income), or by altering your waiting period from 30 days to 90 days. You can also compare the cost of cover for Accident Only to that for Accident and Sickness. The premiums (cost) for your Income Protection cover are deducted from your Cbus account. The Membership Application Forms for Cbus Super for Sole Traders, and an Application to Vary Income Protection cover are in the back of the handbook.

Disclaimer:
This calculator is  based on terms of cover available from 1 December 2009.  Any advice provided by this calculator is of  a general nature.  It is only a guide,  providing illustrative calculations and is not a substitute for professional  advice from a qualified financial adviser. 

The information  resulting from these calculations should not be relied upon as a true  representation of any actual superannuation entitlements or benefits or relied  upon as a basis for altering your insurance or financial arrangements. You  should consider your own financial needs, objectives and requirements before  acting upon this information. Cbus does not accept any liability, either direct  or indirect, arising from any person relying, either wholly or partially, upon  any information, provided by, resulting from, shown in, or omitted from the  calculator.

You should be aware  that the cost of insurance premiums reduces the amount of your superannuation  account balance and any increase in insurance premiums will reduce your retirement  account.  It is important that you reach  a considered decision about the amount and type of cover that best meets your  needs. 

All cover is  subject to assessment and acceptance by the insurer, the terms and conditions  of the policy, and payment of premiums. Actual premiums will depend on a range  of factors, including the waiting period and benefit payment term for Income  Protection benefits.

Details about Cbus  Income Protection Cover for sole traders is available within the Member Handbook for Sole Traders.  Please refer to this document for full  insurance details, or call Cbus on 1300  361 784 for a copy.