What is Income Protection Insurance?
Income protection insurance is designed to help cover your lost wages when an illness or injury forces you to stop work.
Income insurance can help in cases where you are off work temporarily or permanently.
If you are unable to get back to work permanently, you can claim income protection and your total & permanent disability (TPD payout) at the same time.
Income Protection in Superannuation
If you’re over 25, you probably have an income protection insurance policy in your superannuation.
Prior to 25, you need to opt-in to insurance in your super policy.
Statistically speaking most young Australians won’t need the insurance but people who have more dangerous jobs or hobbies should consider if it makes sense for their situation.
Waiting Period
Each insurance policy will specify a waiting period. Two weeks is a common period but it can be longer so it’s important to check your policy.
To claim your insurance, you need to still be unable to work at the end of the waiting period.
It’s possible to gather evidence to support your claim during the waiting period so that you get your payments coming asap.
Benefit Period
Your benefit period is the amount of time that you can receive payments to cover lost wages.
Benefit periods typically range from 2-5 years. Some policies also have an age limit such as 65.
It’s important to check the specific policy for your super account to understand what insurance you’ve earned.
Claiming Income Insurance Protection
Each super company has a set of steps to claim income protection through their insurance provider.
It’s helpful to gather the medical evidence and documentation as soon as you are able. This can minimise your financial burden while off work. That way you can be ready to submit your claim as soon as the waiting period has passed.
If you’re unsure how to claim your insurance it’s common to get help.
Had your Insurance Claim Rejected?
Too many Australians have their income insurance claims rejected despite very real health issues.
It’s possible to resubmit an application with more evidence so you don’t miss out on the insurance protection for your lost wages.
If you’d like help resubmitting the claim we can help you with income protection and all types of superannuation claims.