What is an income protection claim?
If you have suffered an illness or injury which has caused you to have time off work, you may be eligible for an Income Protection claim.
Income Protection is an insurance benefit, usually paid on a monthly basis, which is intended to compensate you for loss of income sustained as a result of illness or injury. Income Protection benefits are usually provided through your superannuation fund and are sometimes known as Total and Temporary Disability or Salary Continuance benefits.
To find out whether you have Income Protection insurance, you can simply contact your super fund to enquire or check your annual superannuation statements. You may also be covered for Income Protection through a private policy obtained directly from an insurer, or through a broker or financial advisor.
Once you confirm that you are covered by Income Protection insurance, to successfully make a claim you will need to show that your illness or injury has caused a loss of income, and support this with medical evidence.
Generally, if your Income Protection claim is successful, you can be paid up to 75% of the income you were receiving prior to falling ill or becoming injured. If you are able to work in a limited capacity, you may still be able to receive a partial payment to ‘top-up’ any income you have lost.
There are factors which can impact the amount of the monthly benefit payable to you, including whether you are also receiving workers compensation or Centrelink benefits.
It can be difficult to navigate the insurance claims process, communicating with insurers, understanding the requirements of your policy of insurance and obtaining the relevant medical evidence. Brydens Lawyers can assist in making this process easier for you.
To enquire about any income protection claim contact Brydens Lawyers without delay. At Brydens Lawyers – #WEDO income protection claims.