What is NIB Bill Relief?
NIB Bill Relief is a type of living insurance policy that is designed to provide replacement funds should you be unable to earn an income due to an illness or injury, even redundancy. If you are thinking that government welfare will be enough to sustain you and your family, you should evaluate what you really stand to receive. Government welfare is not designed to maintain your family’s usual living standard should something go wrong. It is simply a safety net to keep you afloat, so that you are able to meet some basic needs, such as food and bills. NIB Bill relief can help by not only providing the means to maintain your current way of life, but by also arranging a replacement income in the form of a monthly benefit so you can keep on top of your daily living expenses, such as mortgage or rent, education expenses, food, utilities and paying your debts.
NIB Bill Relief Offers Protection Against Unemployment
One feature that you can benefit from having NIB Bill Relief is its protection against redundancy. Given that you have included this option onto your policy and have held NIB Bill Relief cover for 6 months, you will be automatically covered against involuntary unemployment if you have been out of work for more than 28 days. To be eligible for this benefit, you must have been working for a minimum of 20 hours a week and have been in continuous employment for at least six months before making the claim. If your claim for unemployment cover is successful, you will receive the benefit for up to three months while you are looking to find other employment. Involuntary unemployment means you have to be fully without gainful employment, are actively seeking other employment and:
- If you have been an employee and have been dismissed from employment through no fault of your own but have been made redundant because your former employer had unexpectedly terminated your services.
- If you have been self-employed and the business previously managed by you has been placed into administration because of insolvency.
Sickness and Injury Cover from NIB Bill Relief
You will be entitled to make a claim under the provision of NIB Bill relief policy, when you have been advised by your doctor that your injury or illness has prevented you from:
- Working in your primary occupation, or
- Being able to perform your normal household duties.
When your claim is approved, your monthly benefits of up to $3,000 will be paid after the waiting period of 28 days has expired. The benefit payments will continue each month while you remain under medical treatment and unable to work, until the agreed period of cover expires. This can be for a period of two years, one year or six months.
Other Benefits and Features of NIB Bill Relief
- Express Payouts: If you are suffering from certain events such as heart attack; stroke; cancer; 2nd and 3rd degree burns; tendon injuries; ligament sprains; fractures; loss of limbs and serious impairment, you will be eligible for fast track benefit payouts, with no waiting period.
- Double Holiday Injury Benefit: This option doubles the amount of benefit paid for the first month, if the accidental injury happened during a state school or public holiday, or at any time while you were 200 km or more from your home.
- Kids Injury Cover Option: assists you with the costs for when your child becomes ill or injured. This option also compensates you for the time off work to care for your child under these circumstances. Benefits paid will vary according to the seriousness of the injury or illness. Most fractures will attract a benefit of between $1,000 and $2,500. A benefit of up to $50,000 will be payable if your child suffers from 2nd degree burns, major head injuries or paralysis.
- 28 days waiting period: A waiting period is the time involved between the time when a claim was made to when the first benefit payment commences. For NIB Bill Relief, the waiting period is 28 days, unless the injury or illness that is eligible for Express Payout Benefit, in which case no waiting period will be imposed.
- Agreed value policy structure: You get to choose the amount of benefit you want to receive with NIB Bill Relief, up to a maximum of $3,000 a month. No proof of income is needed as cover will be provided whether you work or not.
- Discounts on premiums: You will be eligible for a discount of 5% on your premiums for joint policies and if you choose to pay for your premiums annually, you will receive one month free.
- Tax-deductible premiums: The current taxation laws in Australia allow you to claim tax deduction on the premiums you pay for NIB Bill Relief.
Who can Apply for NIB Bill Relief?
Anybody can apply for NIB Bill Relief, as long as you are an Australian resident and between the ages of 18 and 60. You don't even have to be working full time as you can still receive cover should you be a student, homemaker or self-employed. You also get a 30 day money back guarantee from NIB when you purchased Bill Relief cover. This means if you change your mind and/or feel that the cover no longer suits your needs, you can cancel the policy within 30 days and you will get your premiums refunded, provided no claim has been made.