97% of claims accepted and $112m paid to customers from
1/7/23 - 31/6/24
What is Workability Insurance?
Workability Insurance is designed to help restore your ability to work, supporting you with monthly payments if you’re not eligible for ACC payments. It can also provide assistance with rehabilitation and retraining.
Workability Insurance benefits
Rehabilitation and retraining support
We’ll help you get a plan in place for your recovery and reimburse you for your approved rehabilitation, retraining or support costs subject to policy limits
Short term support
Pays a lump sum if you are diagnosed with a terminal illness. You can use the money for your immediate care and help to plan a secure future for your family
Long term support
Pays you a monthly benefit once your short-term support benefit has expired and your disability means you’re unable to earn at least 75% of your pre-disability income in a role based on your existing education, training and experience
Transition support
If you need to change jobs because of your disability we’ll reimburse you up to $2,000 for costs that come with you securing the new role, for example new work clothes, equipment or tools
ACC continuation
If ACC declines your claim, or stops paying your weekly compensation we’ll assess your claim under our criteria
Premium waiver
We’ll waive your premiums if you’re disabled and you’re receiving a Short-term or Long-term support benefit
Inflation adjustment
Each year your sum insured can be increased without the need for further medical or financial underwriting
Income update
If you’re younger than 55 years, you’re not currently receiving a benefit under this policy and premiums aren’t being waived, then you can increase your monthly benefit each policy anniversary by up to 10%. This can come in handy if you’ve had a pay increase at work
Premium and cover suspension
We can suspend your cover and premiums for a minimum of 3 months and a maximum of 12 months if you meet the criteria
Optional benefits you can choose to include:
While receiving your monthly benefit, the amount will increase at every policy anniversary in line with inflation.
Lets you cover your kids too.
Lump Sum Support when you need it. Receive this benefit if you suffer any of 29 specified injuries (ranging from broken bones to paralysis). The benefit is payable even if you are still able to continue working. Check the policy document for the full list of injuries and payment periods.
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Frequently asked questions
If I’m receiving weekly compensation payments from ACC will I also be eligible to receive the Workability Insurance monthly benefit?
No, Workability Insurance only offers you income replacement support when ACC doesn’t. It’s good to know that ACC only provides support for accidental injuries.
If my ACC payments stop but I’m still unable to work, will Workability Insurance pay me a monthly benefit?
As long as you meet our benefit criteria, we’ll pay you a monthly benefit if you’re not receiving regular payments from ACC.
What is the difference between Workability Cover and Income Protection Cover?
Workability Insurance is more affordable income protection insurance. It doesn’t include the bells and whistles that come with our premium Income Protection Insurance. Your adviser can help you figure out if Workability Insurance is right for you. If you don’t have an adviser, we can help you find one.
Disclaimer: The information provided above is for general information only, it is not financial advice or personalised to your situation. If you would like advice that takes account of your particular situation, please contact your financial adviser. Full details of policy terms and conditions are available from Asteron Life Limited or your financial adviser. Terms, conditions, exclusions and limits apply. If there are differences between the information provided here and the policy document, then the policy document will prevail. Asteron Life Limited and its related companies do not accept any liability in connection with the information provided.