UPlus Cover & Options
UPlus offers a range of benefits including Standard and Premium Construction Income Protection options depending on your specific needs.
Please Note: The Premium Rates and Benefits specified on this web page are applicable from 1 January 2023 and are subject to change in accordance with the Policy.
UPlus Standard Cover
Benefits
- Income benefit in relation to Total Disability or Partial Disability
- Workplace Injury or Sickness: Income Replacement Percentage of 85%, with a Benefit Cap of $2,750 per week.
- Non-Workplace Injury or Sickness: Income Replacement Percentage of 85% for injury and 80% for Sickness, with a Benefit Cap of $2,250 per week.
- 10% Superannuation benefit included within the Total Disability or Partial Disability benefit.
- 30 day Waiting Period
- 2 year Maximum Benefit Period
- Lump Sum Workers Comp Top Up benefit (for Insured Persons working in NSW only).
- Death Benefit $5000
- Accidental Death Benefit $20,000
- 'Benefit Ceasing Age' for all benefits for Standard Cover is 66 years
Standard Rates
- The Standard Rates specified in the following tables are subject to annual CPI (Sydney) increases during the rate guarantee period.
- Rates in NSW include lump sum workers compensation top-up cover.
- Rates in each state are adjusted in accordance with applicable stamp duty requirements.
| State | Total Premium / Per Person Per Month |
|---|---|
| NSW | $133.05 |
| QLD | $132.50 |
| VIC, ACT, WA, NT | $135.50 |
| SA | $135.85 |
| TAS | $132.75 |
Standard rates
| Insurance Benefits | UPlus Standard Cover | UPlus Premium Cover |
|---|---|---|
| Accident Cover |
|
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| Sickness Cover |
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| Work Accident Cover |
|
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| Death any cause | $5000 | $5000 |
| Accident death outside work | $20,000 | $20,000 |
| Death at work | 16% extra of Workcover benefit | 16% extra of Workcover death benefit |
| Lump sum – single injury | 100% extra of Workcover benefit | 100% extra of Workcover benefit |
| Lump sum – multiple injuries | 75% extra of Workcover benefit | 75% extra of Workcover benefit |
| Lump sum – back | $6,000 | $6,000 |
| Lump sum – hearing | $3,000 | $3,000 |
UPlus Premium Cover
Benefits
- Income benefit in relation to Total Disability or Partial Disability
- All Injury or Sickness: Income Replacement Percentage of 85% capped at $2,750 per week.
- 10% Superannuation benefit, included within the Total Disability or Partial Disability benefit
- 21 day Waiting Period;
- 2 year Maximum Benefit Period - NB: the Benefit Period is only 1 year for a claim which is the result of an Accident from age 66 onwards
- Lump Sum Workers Comp Top Up Benefit (for Insured Persons covered under the NSW Workers Compensation Act only)
- Death Benefit $5000;
- Accidental Death Benefit $20,000;
- Benefit Ceasing Age for all benefits for Premium Cover is age 70.
Premium rates
- Rates are subject to annual CPI (Sydney) increases during the rate guarantee period.
- Rates in NSW include lump sum workers compensation top-up cover.
- Rates in each state are adjusted in accordance with applicable stamp duty requirements.
| State | Total Premium / Per Person Per Month |
|---|---|
| NSW | $184.90 |
| QLD | $183.55 |
| VIC, ACT, WA, NT | $187.70 |
| SA | $189.55 |
| TAS | $184.30 |
Other options
Additional death cover
- Increase the Benefit paid for any cause of death to $25,000; or
- Increase the Benefit paid for any cause of death to $50,000.
Note
Premium payable for additional death cover must be paid in addition to the Premium for either UPlus standard cover or UPlus premium cover as described in the table below.
| State | Death Benefit / Per Person Per Month | Additional Premium / Per Person Per Month |
|---|---|---|
| All | $25,000 | $3.50 |
| All | $50,000 | $5.50 |
Reduced Waiting Period
To calculate the applicable Premium when reducing the Waiting Period simply multiply the total Premium for standard or premium cover by the additional Premium loading in the adjacent table.
| State | Benefit Change Description | Additional Premium Loading / Per Person Per Month |
|---|---|---|
| All | decrease the waiting period from 30 days to 14 days | premium x 1.75 or 75% loading |
| All | decrease the waiting period from 30 days to 21 days | premium x 1.50 or 50% loading |
