Income Protection for the Construction Industry

UPlus Cover & Options

UPlus offers a range of benefits including Standard and Premium Construction Income Protection options depending on your specific needs.

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

  • 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 $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
  • 24 hour world wide
  • 2 year benefit period
  • $2000 weekly maximum
  • 85% income replacement
  • 30 day waiting period
  • No benefit over 66 years
  • 24 hour world wide
  • 2 year benefit period
  • $2000 weekly maximum
  • 85% income replacement
  • 21 day waiting period
  • 1 year benefit age 66 to 70 years
Sickness Cover
  • 24 hour world wide
  • 2 year benefit period
  • $2000 weekly maximum
  • 80% income replacement
  • 30 day waiting period
  • No benefit over 66 years
  • 24 hour world wide
  • 2 year benefit period
  • $2000 weekly maximum
  • 85% income replacement
  • 21 day waiting period
  • 1 year benefit age 66 to 70 years
Work Accident Cover
  • 24 hour world wide
  • 2 year benefit period
  • $2500 weekly maximum
  • 85% income replacement
  • 30 day waiting period
  • No benefit over 66 years
  • 24 hour world wide
  • 2 year benefit period
  • $2500 weekly maximum
  • 85% income replacement
  • 21 day waiting period
  • 1 year benefit age 66 to 70 years
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

  • The Premium Rates specified in the following tables are applicable from 1 January 2017.
  • 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 $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

Are you looking for expert risk advice and great value cover for your business? Call us to speak to a Coverforce insurance broker today.

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