Published: 27/08/2018
Category: Member Benefits
Published: 27/08/2018
Category: Member Benefits

According to the Australian Bureau of Statistics, 1 in 6 men and 1 in 4 women suffer from a disability during their working life that results in them taking more than six months off work.*

One in five families will be impacted by a serious accident or illness that renders a parent unable to work. For a typical family, without insurance, this could result in the loss of more than half their household income.

What is Group Income Protection Insurance?

Group Income Protection insurance is a type of insurance policy usually taken out by a company on behalf of its employees as part of an Enterprise Bargaining Agreement (EBA) or voluntarily by a group of employees.

It protects workers by providing a replacement income in the event they are unable to work due to an accident or illness, enabling them to continue to meet the costs of living without the need to utilise any accumulated sick leave, annual leave, long service leave or savings.

Insurance Inside Superannuation

Most workers will also have some form of insurance provided automatically as part of their superannuation fund membership. The insurance provided within the superannuation fund will generally be:

  • Death Cover which provides a lump sum benefit to the beneficiaries on the death of the member,
  • Total and Permanent Disablement Cover which provides a lump sum benefit to the member in the event they are unlikely ever to work again in any occupation as a result of an injury or illness, and
  • In some cases, Income Protection Cover which provides an income replacement benefit to the member in the event they are temporarily unable to work in their current occupation as a result of an injury or illness.

An Analytical Approach to Insurance

Insurance can be a complicated product, and not all policies are equal.

IFS Insurance Solutions has divisions specialising in:

  • Organising Group Income Protection policies; and
  • Assisting superannuation funds with the development of the death and disablement insurance arrangements that are provided through the fund.

Our people have the expertise and knowledge to develop the most appropriate insurance solution to meet a client’s specific insurance needs and leverage within the various insurance markets to achieve outstanding results.

Contact 03 9923 7171 or visit for more information.

*National Health Survey: Injuries, Australia 2001 ABS Cat No. 43840.0 Australian Bureau of Statistics, 2003 – Based on people aged between 35 and 65

This information has been prepared by IFS Insurance Solutions Pty Ltd ABN 16 070 588 108 AFSL 241506 (IFSIS), a subsidiary of Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514 (IFS).

The information is general information only and does not take into account your personal financial situation or needs.  We recommend that you consult a financial adviser if you require financial advice that takes into account your personal circumstances and read the Product Disclosure Statement before deciding whether to purchase a product.

Protecting a member’s most valuable asset

Protecting a member’s most valuable asset