NESS Super

Income Protection Cover

For Self-Employed Members

NESS Super now offers an Income Protection product for Self-Employed Members. We have recognised the need to protect income in the event that a member suffers an illness or injury.

Under this new arrangement Self-Employed Members can nominate an annual income to protect in the event of injury or illness. The minimum of $50,000 sum insured applies and premiums are paid from your super in monthly instalments.

To determine the level of cover you need, you should look at the average income your business generated over the last two (2) financial years (based on your tax returns) or such shorter period that you have been Self-Employed (if no tax returns have been filed your sum insured will be limited to $50,000):

  1. For Self-Employed Members who do not have a retail store or shop location and their occupation is a Self-Employed licensed electrician, plumber, electrical engineer, air-conditioning technician, communication or cable technician within the electrotechnology industry, deduct 35% as your business expenses which will give you an estimated amount to nominate as your sum insured.

  2. For all other Self-Employed Members, you should consider your average net income (business income less business expenses) which will give you an estimated amount to nominate as your sum insured.

If you don’t own all of the business, you should average your calculation based on your percentage of the last annual share of that income.

The below table displays an example of the Self-Employed rates for the various business income levels, the sum insured and premiums.

You can refer to the NESS Super – Personal Division Insurance Guide Opens in new window for further details about Cover and Premiums for Income Protection.

Self-Employed rates

(Average Business Income – Refers to Option 1 only)
Average Business Income Sum Insured Annual Premium Monthly Premium
$76,923.08 $50,000 $381.15 $31.76
$123,076.92 $80,000 $609.84 $50.82
$153,846.15 $100,000 $762.30 $63.53
$200,000.00 $130,000 $990.99 $82.58
$230,769,23 $150,000 $1,143.45 $95.29
$307,692.31 $200,000 $1,524.60 $127.05
$384,615.38 $250,000 $1,905.75 $158.81
$461,538.46 $300,000 $2,286.90 $190.58

Cost per $100 of sum insured per annum $0.7623