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Frequently asked questions
Do I Qualify |
Q. Do I have to submit to a medical examination?
A. In most cases you will not have to, but if you have had a history of illness and dehabilitation you will more than likely have to go and see your G.P
Q. How long is the waiting period until I can make a claim?
A. Depending on the cover you are looking for it varies, but generally speaking most people opt for cover where they are required to wait up to 6 months before that can make a claim. But if you are concerned about waiting periods, feel free to contact us.
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How can it help me |
Q. Why should I take out Income Protection when I have Total Permanent Disability Cover with my superannuation?
A. Because TPD will only be accessible if you are injured to the point where you will be unable to return to the field of work you were in when the injury occured. Income Protection can cover you when you have an accident, and all that is required is rest to recover.
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Is it expensive ? |
Q. Wouldn't it be better if I saved the money I would have spent on Income Protection and put it into a bank. Then withdraw it when I need it?
A. No at all, the very basis of Income Protection and it's associated cover is it will be available for you when you need it. If you were to go ahead with your plan, would you be able to fund a 6 month stay in hospital if you were injured in 9 months time. Most people who have private medical insurance would not even be able to pay for this at all, but if you had Income Protection you could still access your private health cover, and also be paid up to 75% of your salary.
Q. Would I be safe on the lowest cover?
A. In most cases not at all. You see Income Protection is something which people can never have too much of, it is a fact that we do expect the unexpected. But when it happens, we are grossly underprepared. The same things applys to Income Protection, as a general rule you should spend as much as possible on Income Protection cover, but not too much where it effects your lifestyle.
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What am I covered for? |
Q. Doesn't Worker's Compensation cover me if I am unable to work?
A. It will if you are injured at work, and Worker's Compensation can take months before you see any money for you inconveinience. With Income Protection you can receive benefits as early as 14 days after a claim. With Worker's Compensation you are paid a lump sum if it is approved, with Income Protection you can be paid upto 75% of your salary in monthly instalments and the payments keep coming until you can return to work again!
Q. What about accidental injury when i'm at home?
A. You are still covered by Income Protection. It is one of the only insurance packages available where it will look after you wherever you go!
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What is Income Protection |
Q. Why should I get Income Protection cover?
A. A popular saying is your house is your most expensive asset, however you would not have a house if you did not work and paid the bills. So it is in fact yourself who is the most important asset! You insure your house, car, and valuables, but what about the thing that made it all possible, yourself?
Q. Can I increase my cover later?
A. Yes you can, if you would like to discuss increasing your cover please contact us and we will endeavour to help you as much as possible.
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Making a claim |
Q. How quickly will benefits be paid if I were to make a claim?
A. The amount of time you wait for a claim to be settled can vary based on the policy, but you can opt for a 14 day settlement period, or you could even opt for a 2 year settlement period. Obviously the longer the settlement period the lower the premiums, but you do have that flexibility if you so need it.
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How is it paid to me? |
Q. Do I have to be paid in a pension, or can I opt for a lumpsum?
A. You do have the option of lumpsum or pension when you are claiming trauma cover, with Income Protection is for the duration of your disablilty to work. Generally it is better to take a pension over lumpsum as you will then be able to ration out your benefit as long a possible.
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