Living Expenses Cover

Living Expenses Cover provides a monthly benefit if you become significantly disabled as a result of a sickness or accident and you remain continuously disabled during and after your waiting period.

It is mostly suited for people who are unable take out a normal income protection policy.

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Why would I consider Living Expenses Cover?

Living Expenses Cover is most suited people who are not able take out an income protection policy. This may include:

  • Stay at home parents
  • Homemakers
  • Retirees
  • People who work on a casual or part time basis

If you still wish to maintain some level of protection on your income, ensure that any day day living expenses you have are still covered, Living Expenses can allow you do this.

Level Premiums:

  • 19 – 75 (2 Year Benefit Period)
  • 19 – 60 (To Age 65 Benefit Period)
  • 19 – 75 (To Age 80 Benefit Period

Stepped Premiums:

  • 19 – 60 (2 Year Benefit Period)
  • 19 – 60 (To Age 65 Benefit Period)
  • 19 – 60 (To Age 80 Benefit Period)

Level Premiums

  • 65* (2 Year Benefit Period)
  • 65 (To Age 65 Benefit Period)
  • 65* (To Age 80 Benefit Period)

*Policy converts from Level Stepped Premiums at Age 65

Stepped Premiums

  • 80 (2 Year Benefit Period)
  • 65 (To Age 65 Benefit Period)
  • 80 (To Age 80 Benefit Period)
  • Minimum Monthly Benefit: $1,250
  • Maximum Monthly Benefit: $5,000
  • 30 Days
  • 90 Days
  • 1 Year
  • 2 Years
  • 2 Years
  • To Age 65
  • To Age 80

What is a ‘Significant Disability’?

A Significant Disability generally means that due to sickness or an accident, you are unable perform at least two of the activities of daily living without assistance:

Activity of Daily Living:

  • Bathing and showering
  • Dressing and undressing
  • Eating and drinking
  • Using the toilet
  • Getting in and out of a bed, chair or wheelchair or moving around by walking,
    wheelchair or with the assistance of a walking aid.

You may also be considered Significantly Disabled if you are suffering from a deterioration or loss of your intellectual capacity and you are under continuous care and supervision.

Built-in benefits of Living Expenses Cover:

Death benefit
The Death Benefit pays a maximum benefit of 3 times your monthly benefit if you die or are diagnosed with a terminal illness. You do not need be on claim to receive this benefit.

Specific Injury benefit
The Specific Injury Benefit pays your monthly benefit for a specific period of time if you suffer from one of the below conditions. The payment can be paid monthly or in a lump sum.

  • Paralysis – Six month benefit period
  • Loss of limbs – Three month benefit period
  • Loss of sight – Three month benefit period.

The benefit is payable regardless of whether or not you are significantly disabled or if you are receiving medical treatment. You will also still receive this benefit if you are working.

Waiver of Premium
If you go on a Living Expenses claim, you will not be required to pay your premiums.

Indexation or Inflation protection keeps your policy up to date with increased cost of living by increasing your level of cover by the CPI each year. As this is an optional increase, you can choose to decline the increase if you wish. Your premiums will increase to reflect the increased level of cover.

Published: November 20, 2015
  • General Cover Income Protection

    Are you retired or no longer working full time? General Cover provides an alternative to Income Protection with entry Ages up to 69 and expiry ages up to 80!

  • Alternatives to Income Protection

    Alternatives for over 50’s include Living Expenses Insurance and General Cover Income Protection! Can provide a monthly benefit even if you no longer work

Ask an Expert?


  • Balki |

    I want a comparison between OnePath’s Living Expenses Cover and one another insurer who offers a similar product.

      Russell |

      Thank you for your question Balki, I have tracked down another policy that offers similar benefits however please note these polices are not exactly the same and you should consider the PDS of the relevant policy in light of your own needs and circumstances before making any decisions.

      BT’s General Income Protection would be similar type of policy which also pays a monthly benefit if the life insured is severely disabled.

      If you would like to compare the, eligibility criteria, maximum monthly benefit or the entry age requirement or expiry ages please refer to relevant PDS.

      For a detailed premium comparison or for further assistance in understanding the fine print please contact our office & we would gladly be able to assist you.

  • Jonathan Pickburn |

    Hi I am 68 and would like to obtain a quote for the Living Expenses Cover.
    How do I arrange it?
    Regards Jonathan.

      Russell |

      Hi Jonathan

      Please either call us on 1300135205 or email us to admin[at] with your best contact number and preferred time for a call and one of the team members will give you a call to prepare your Living Expenses Cover Quote for you.