INCOME PROTECTION ENHANCEMENT OPTIONS

We are pleased to present two additional Income Protection products that will enhance your existing Income Protection coverage through Energy Queensland and WIP.

OPTION 1 - IP EXTEND

With this product, if you need to make a claim, you can receive income benefits for up to an additional 3 years at the end of your Energy Queensland Income Protection Policy, which has a 2 year Benefit Period.

Key Benefits:

  • Extended Benefit Period: Increase your coverage from 2 to 5 years.

  • Receive 85% of your weekly income for 3 years.

  • Up to $5,000 per week

  • Entire Premium is 100% tax deductible

OPTION 2 - IP BOOST - WAITING PERIOD COVER

Enhance your protection by receiving a benefit for up to 45 days, covering you during the waiting period of your Energy Queensland Income Protection Policy.

Key Benefits:

  • Receive a benefit during the 45 day waiting period.

  • Optional coverage length.

  • Up to $5,000 per week based on your weekly income.

  • Entire Premium is 100% tax deductible

PDS Policy Wording IP Extend & TMD IP Extend

PDS Policy Wording IP Boost & TMD IP Boost & Financial Services Guide & Important Information

Always read the Product Disclosure Statement and applicable documents, and seek financial advice if required, before purchasing these products. Please note these products are purchased by you the individual and are separate policies not linked to any other policy including employer provided coverage. Any Canopy purchased products must be disclosed in the event of a claim.

  • Canopy Insurance, a wholly owned subsidiary of the WIP Group - Energy Queensland’s income protection provider - leverages the group’s buying power and expertise to offer additional enhancement products at a retail level.

    While WIP provides comprehensive Income Protection insurance to all Energy Queensland employees, Canopy Insurance delivers the same level of security and service to individuals, ensuring enhanced protection and peace of mind.

  • Increasing your income protection benefit period from 2 years to 5 years provides greater financial security and peace of mind.

    In the event of a prolonged illness or injury, this extended coverage ensures that you continue to receive your income for up to five years, reducing the financial stress on you and your families during recovery, allowing you to focus on your health and well-being without the added worry of how to manage your financial obligations over a longer period.

  • Boosting your insurance to cover your waiting period means that you can start receiving income protection benefits sooner, alleviating the immediate financial pressure of being unable to work. This is particularly beneficial for those who have limited savings or having to use your leave entitlements during your recovery period.

    Choose a waiting period of 14, 21, or 28 days to enhance your financial protection during your Income Protection's 45 days Waiting Period, providing quicker access to income support during times of illness or injury.

  • Your income protection premiums are 100% tax-deductible in Australia.

    This means that you may be able to claim the cost of your premiums as a tax deduction, helping to ease the financial burden and provide additional support during difficult times.

    It's important to speak with a qualified financial advisor or accountant to determine your eligibility for tax deductions, but we're here to support you every step of the way in protecting your financial well-being.

  • WIP Group's in house claims team - n2n Claims Solutions, known for its exceptional service boasting a 95% approval rating on all claims, ensure that you receive the support you need when it matters most.

    By purchasing these enhancement products, Energy Queensland employees benefit from seamless continuity with their existing income protection policy, as everything is managed under one roof. This means that any claims made under these enhancement products are handled by the same trusted team, ensuring a consistent, high-quality experience.

    With Canopy Insurance and WIP, you’re not only getting top-tier coverage but also the reassurance of knowing that your claims are managed by the same dedicated team committed to delivering excellent service every step of the way.

  • WIP is unable to provide income protection coverage up to the age of 65 due to regulatory restrictions, as we are not classified as a life insurer. For additional coverage extending to 65 years of age, we suggest consulting with your financial advisor.

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