UPlus Cover & Options
UPlus offers a range of benefits including Standard and Premium construction income protection options depending on your specific needs.
The Premium Rates specified in the following tables are applicable from 1 January 2017 and are subject to change in accordance with the Policy.
UPlus Standard Cover
Benefits
- Income benefit for a Total Disability resulting from an Accident or Sickness;
- 85% income replacement ratio for Accidents and 80% income replacement for a Sickness;
- Maximum weekly benefit up to a maximum $2000 per week for Accidents and $2000 per week for Sickness;
- Maximum weekly benefit up to a maximum $2500 per week for Work Accidents;
- 30 day Waiting Period;
- 2 year Benefit Period for Accidents;
- 2 year Benefit Period for Sickness;
- Lump sum workers compensation top up cover for NSW employees;
- Full death cover $5000;
- Accidental death cover $20,000;
- Benefit Ceasing Age is 66 years.
Standard rates
Rates are listed below and 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 | $106.50 |
| QLD | $105.90 |
| VIC, ACT, WA, NT | $108.30 |
| SA | $109.20 |
| TAS | $106.30 |
Standard rates
| Insurance Benefits | UPlus Standard Cover | UPlus Premium Cover |
|---|---|---|
| Accident Cover |
|
|
| Sickness Cover |
|
|
| Work Accident Cover |
|
|
| 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 for a Total Disability resulting from an Accident or Sickness;
- 85% income replacement ratio;
- Maximum weekly benefit up to a maximum $2000 per week for Accident or Sickness;
- Maximum weekly benefit up to a maximum $2500 per week for Work Accidents;
- 21 day Waiting Period;
- 2 year Benefit Period or 1 year Benefit Period if aged between 66 and 70;
- Lump sum workers compensation top up cover for NSW employees;
- Full death cover $5000;
- Accidental death cover $20,000;
- Benefit Ceasing Age is 70 years.
Premium rates
Premiums Rates are listed below and 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 | $148 |
| QLD | $146.05 |
| VIC, ACT, WA, NT | $150.30 |
| SA | $151.75 |
| TAS | $147.55 |
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 | $2.85 |
| All | $50,000 | $4.40 |
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 |
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