It's really easy to claim income protection insurance – you just need to get in touch with your insurer, send in a few forms stating why you're too sick or injured to work and then simply wait to hear back.
You should do this as soon as you fall ill or are injured and can't work. Your insurer will then send you the paperwork you need to submit the claim.
You will need to fill out a salary continuance report with a statement from your GP, a tax file number declaration form, an income replacement employer report, information regarding your leave and pay history for the previous 12 months and certified proof of age, such as your driver's licence, birth certificate or passport.
Send the completed documentation to your insurer by mail or email. Your claim will be assessed once the waiting period you selected when you took out the policy ends (either 30, 60, 90, 120 or 180 days).
In order for an income protection claim to be accepted, you must meet either of the following criteria:
You have a duty of disclosure to be truthful to your insurer both when applying for cover and when lodging an income protection claim. These are the typical questions your insurer will ask you:
If your insurer accepts your claim, you'll be paid a monthly benefit worth up to 75% of your income into your bank account. The payment will be 1 month in arrears from the time your waiting period ends, for example, after 60 days if your waiting period is 30 days.
Your claim will be reviewed monthly to determine your ongoing eligibility. You'll be required to provide:
If your claim is rejected and you don't think it should have been, you can:
We currently don't have that product, but here are others to consider:
How we picked theseIncome Protection is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 12 products and gave each one a score rank out of 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
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Income protection can be a valuable form of cover for Australians when its features are fully understood.
Find out what is and isn't covered by AAMI Income Protection and how to apply.
Income protection for couples ensures your partner isn't hurt financially if you are temporarily unable to work due to illness or injury.
Although income protection and personal accident cover both provide you with income replacement, there are key differences. Read on and compare.
Income protection provides you with income replacement for sickness and illness but not for pregnancy. However, it does offer features to help you out during pregnancy.
Salary continuance and income protection both serve to replace income in the event of injuries and illness. However, there are some key differences to know about.
Life insurance and income protection serve two different purposes but can both offer valuable cover alone and when combined.
What are the key differences between income protection and WorkCover? If you already have WorkCover why would you still consider income protection?
Income protection insurance are generally tax-deductible, so read on to find out when premiums are tax-deductible and how much you can claim.
Find out how much your income protection insurance policy will pay out in the event of a claim. Receive quotes for income protection and apply securely.
