What is income protection insurance? How do I know if I am covered?
Income Protection is a form of insurance that can be part of a superannuation plan. Once a claim is made on the policy, income protection benefits are paid on a monthly basis to compensate you for the loss of income arising from illness or injury. You may be entitled to claim Income Protection benefits even if you are only partially disabled for work. In order to recover any benefits however you will need to meet the eligibility requirements as set out in the policy of insurance.
To determine whether you have Income Protection insurance you can contact your superannuation fund trustee or check your annual superannuation statements.
To ensure that you are covered for Income Protection benefits the specific eligibility requirements and exclusion clauses contained in the Fund’s Income Protection insurance policy must be satisfied. This will often depend on your particular circumstances at the time the insurance policy was entered into by the Fund. The factors which are considered in the assessment of a claim for Income Protection benefits will include:
- Whether the employer has made regular superannuation contributions.
- Whether you were actively working.
- Your age.
Any pre-existing medical conditions.
Once you have confirmed that there is Income Protection insurance available, then to successfully make a claim you will need to satisfy the relevant definition as provided for in the policy concerning disablement. Those who are unable to perform the important duties of their occupation as a result of injury or illness and who have consequently suffered a loss of income, will ordinarily be entitled to make a claim.
The eligibility requirements, any reductions, definitions and exclusion clauses contained in an Income Protection insurance policy can be extremely technical and complex. Brydens Lawyers are the experts in the lodgement and prosecution of all claims for Income Protection benefits available under any superannuation policy. To ensure that you are receiving the benefits to which you are entitled, contact Brydens Lawyers today on 1800 848 848 or at brydens.com.au. At Brydens Lawyers – #WE DO Income Protection claims.