What is it?
Optional Involuntary Unemployment Cover pays a monthly benefit for up to 3 months to help you while you're actively seeking work if you've been made involuntarily redundant or, if self-employed, your business is declared insolvent. The maximum cover is up to 85% of your income, up to $3,000 per month.
Who is it for?
For self-employed or permanent employees working for a minimum of 30 hours per week and are aged between18–60. Involuntary Unemployment Cover continues until the anniversary after your 65th birthday or until your policy is cancelled by you or the insurer.
How does it work?
After your cover has been in force for 6 months you are covered if you are made involuntarily redundant and are out of work for longer than 28 days. You need to have been continuously employed for the 6 months prior to your unemployment and if you are self-employed the benefit covers business insolvency that has not been apparent in the 6 months prior to or after policy commencement.
When is the benefit not paid?
Unemployment caused by Sickness or Injury, poor job performance, loss of qualification or licence, seasonal employment or a contract ending or being terminated, is not covered. Those not working on a permanent basis or working less than 30 hours a week are not covered. Refer to the Product Disclosure Statement for more information. You’re also not covered if you became aware of, or were notified of redundancy within the 6 months prior to and immediately following the commencement of your cover, including where your employer has made media announcements about pending redundancies or, if you’re self-employed, it became apparent that your business was or may become insolvent. There are additional circumstances where benefits will not be paid. See the PDS for full details.