How to get the most out of your income protection claim

Are you ready to make your income protection claim? The team at Masselos & Co have extensive experience handling income protection claims. Find out more.

In the unfortunate event that you are unable to work due to an illness or injury, income protection insurance is there to provide financial assistance. You may be able to claim part of your lost income to help pay the bills while you focus on your recovery.

Am I eligible to make an income protection claim?

To be eligible to make an income protection claim, you must first have an active income protection policy. If you are still deciding on whether or not to get cover, you can find out more about income protection policies here.

If you have an income protection policy in place, you can then look at gathering the evidence required to make the claim. For instance, for any income protection claim, you will need to have sustained an injury or illness that prevents you from performing your role at your regular employment.

The injury or illness does not have to be work-related and is not limited to physical disabilities. In fact, in some cases (e.g., if you are receiving workers compensation benefits) you may or may not be able to access income protection benefits under your policy. This would be an issue your lawyer can assist you with.

It’s important to note, an income protection claim does not cover you in the event of redundancy or termination. When assessing your application, any pre-existing medical conditions will also be taken into account. 

There are time limitations so it’s best to make the claim as soon as possible.

How to make a successful income protection claim

To make a successful income protection claim, you will need to provide supporting information to the insurance company responsible for your income protection insurance policy. The information you need to provide will depend on the injury or illness you have sustained. 

Some examples of supporting documents include:

• Medical reports including test results
• Description of your employment duties
• Number of hours you work per week
• Payslips 
• Tax returns

Your insurance company may decide to engage an independent medical practitioner to assess your injuries. It can take up to six months for claims to be approved. There may also be an initial preclusion period after your injury or illness during which time you will not be eligible for income protection payments.

If you are unsure about how to lodge your claim or you would like to ensure you are fairly compensated, speak to a personal injury specialist. The lawyers at Masselos & Co are specialists and have extensive experience with income protection claims. 

You may not realise that you have income protection as it may be included as part of your superannuation policy. It is important that you check your superannuation Annual Statement or policy document to see if you have this additional coverage. Furthermore, some unions have negotiated income protection policies direct with some employers so you may wish to check this if you are a member of a union.

What to expect when your income protection claim is approved

Generally speaking, income protection insurance will pay up to 85% of your income prior to the injury or illness. However, each insurer has its own income protection calculator so you will need to carefully read the product disclosure statement. To determine the benefit payable.

If you have an injury or illness precluding you from returning to your job, you should consider making a claim as it will help reduce your financial burden.

An income protection claim can help to: 

• Maintain your quality of life
• Enable you to focus on your recovery
• Keep you up to date with your medical and everyday bills

When your insurer assesses your claim to calculate your income protection benefit, a number of factors will be taken into consideration. 

For instance:

• Whether you’ve returned to work at a reduced capacity
• Are you receiving any other income in replacement of your original salary
• Whether you have reached retirement age

With the many different considerations, it can seem overwhelming for you to lodge your claim. However, making an income protection claim sooner rather than later will ensure you are able to take advantage of this financial assistance as you recover.

Get support with your income protection claim

Lodging an income protection claim can be complicated, especially when you are sick or injured. However, with the right legal assistance your claim will be determined quickly, leaving you in a financially secure position while you recover. Speak to the specialist team at Masselos & Co – we will be there every step of the way. Book your free consultation today.