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.

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 $2,500 per week.
  • Non-Workplace Injury or Sickness: Income Replacement Percentage of 85% for injury and 80% for Sickness, with a Benefit Cap of $2,000 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 $129.30
QLD $128.50
VIC, ACT, WA, NT $131.50
SA $132.00
TAS $129.00

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
  • $2500 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
  • $2500 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 in relation to Total Disability or Partial Disability
  • All Injury or Sickness: Income Replacement Percentage of 85% capped at $2,500 per week.
  • 10% Ssuperannuation 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

  • The Premium Rates specified in the following tables are applicable from 1 January 2020.
  • 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 $179.70
QLD $178.40
VIC, ACT, WA, NT $182.40
SA $184.20
TAS $179.10

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

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

Our Insurance Brokers service clients throughout Australia, with key offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

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