Why choose HBF Income Protection insurance?

  • Tailored cover

    You can tailor your cover to suit your lifestyle and budget. Get cover up to 75% of your pre-disability income1

  • Worldwide cover 24/7

    You’ll be covered wherever you are in the world, 24 hours a day, 7 days a week. Exclusions apply2

  • Inflation protection

    Inflation protection is available to help protect against the effect of inflation on your covered amount

  • Tax deductible

    Premiums are generally tax deductible

  • No medicals required

    Generally, you won’t need a medical to take out cover

  • 1st month for $0

    Your first month’s premium is waived

Calculating your claim benefit

Examples for calculating your benefit

Example 1 - Including a regular offset payment

Cover Type
Pre‑disability Income
Monthly sum insured on Policy schedule
Offsets - Other income received?
Calculation
Payable monthly benefit
Sickness & Injury or Injury Only
$7,500 per month
$5,625
Income from other source of $500 per month
75% of pre-disability income minus any offsets
(75% x $7,500) - $500 = $5,625 - $500 = $5,125

Example 2 - Including a subsequent significant offset payment received during the benefit period (5 years / 60 months)

Cover Type
Monthly benefits paid
Offset payment received (at 18 months)
Calculation of remaining benefit period
Calculation of future monthly reduction in payments
New payable monthly benefit
Sickness & Injury or Injury Only
$5,125 received for first 18 months of claim
$50,000
60 - 18 months = 42 months
$50,000 / 42 = $1,190
$5,125 - $1,190 = $3,935