BankVic’s new VAU Income Protection Insurance product is designed specifically for members of the Victorian Ambulance Union. It provides cover in the event you are unable to work due to a serious injury or illness.
New product has simple pricing across all age ranges, including up to 75 years and beyond, and provides VAU members with improved coverage, features and benefits.
New product also includes new cover for:
||Rate as a % of income
|16 - 40
|41 - 70
|71 - 75
Things to note
The Victorian Ambulance Union Inc. (VAU) is the policy owner for the BankVic Income Protection product. It is a ‘Group’ Policy where all scheme members receive the same cover especially tailored to Ambulance Victoria and VAU members. Our service partner, Point Underwriting Agency (Point), will carry out the insurance fulfilment, member administration and claims management functions for members.
The above information is only a brief summary of some of the policy benefits and terms and conditions. You should read the VAU Product Disclosure Statement (PDF) to understand the policy and ensure it is appropriate for your needs.
For more information, please contact Point Insurance on 1300 362 766 or firstname.lastname@example.org
* Ambulance Victoria employees only
What is the VAU Income Protection Insurance Scheme product?
BankVic and the Victorian Ambulance Union (VAU) are launching a new product January 29th 2020 for VAU members.
What does the product do?
Product provides cover to scheme members in the event they suffer a serious injury or illness and are unable to work for an extended period. It is a ‘Group’ Policy where all scheme members receive the same cover/product.
Who can have the new product?
New product is available to VAU members employed in the ambulance industry including Ambulance Victoria, ESTA and private sector.
What happens to existing members on the existing VAU product?
VAU members who already hold Income Protection cover will be automatically transferred to the new product in late February/early March. These members will be notified in the coming weeks of next steps.
Who is Point Insurance?
Point Underwriting Agency (Point) are the new insurer selected by BankVic and VAU to provide the insurance fulfilment, member administration and claims management for members.
Why is the product changing?
New product is far superior with better coverage, features and pricing to ensure we continue to evolve for our members. BankVic and VAU collaborated with Point to deliver a tailored product for VAU members.
How do VAU members join the scheme?
See 'Apply Now' section above for the VAU application form.
How do I make a claim?
See ’How to claim’ section above or contact Point Insurance on 1300 362 766 or email@example.com
How does the change impact members who are currently on claim?
Members will continue to be on claim under their existing Scheme.
If I make a claim in the near future, will it fall under the new or old Scheme?
For existing Income Protection members, it will depend on the time period the claim relates to and therefore which Scheme will fund the claim. Point will assist members with this. Please contact Point on 1300 362 766 or firstname.lastname@example.org
Are there any pre-existing conditions in the new policy?
A 2 year pre-existing condition restriction applies. However, Point has agreed to extend the offer window to 31st March for new VAU members joining the Scheme and waive the pre-existing condition.
For example, a member may have joined VAU in October 2019 and now wants the new product. They can join by 31st March and Point will waive the 2 year pre-existing condition. Members don’t need to request it or do anything extra. Point will see the Scheme join date as prior to 31st March 2020 and the member will be automatically accepted.
Existing scheme members will be auto-transferred shortly to the new product, and will have the waiver carry over from their previous policy.
Please refer to the VAU Product Disclosure Statement (PDF) for further information regarding the Scheme.
If you are looking for information on the product sold prior to 29th January 2020, please see VAU Product Disclosure Statement (PDF) or call (03) 9268 9313.
We recommend you read the Financial Services Guide which tells you about the services we offer.
BankVic coordinates this insurance product which is underwritten by Lloyds of London. This information is of a general nature and has been prepared without consideration of your objectives, financial situation or needs. Before acting on this information, you should consider whether this information is appropriate for you. Before you make any decision to acquire any financial planning or personal risk (life) insurance product or service, you should obtain and consider the relevant Product Disclosure Statement. We recommend you read the Financial Services Guide which tells you about the services we offer.