Income Protection Insurance: Key Facts

Understanding TPD Insurance in Superannuation

Managing finances can become a significant challenge when health issues prevent you from working. This is where Income Protection (IP) insurance plays a crucial role. It's designed to provide a part of your regular income, offering financial stability during tough times. Whether you have this insurance independently, through your employer, a bank, or included in your super fund, Claimsplus Lawyers is here to guide you.

What is Income Protection in Superannuation?

IP insurance is your financial backup plan. If health problems keep you from working, it can offer monthly payments covering up to 75% of your usual income. The specifics of how it operates depend on your individual policy.

Qualifying for an IP Claim: Key Requirements

• Employment Status: You must have been working when you became ill or injured.
• Waiting Period: Typically, there's a waiting period of 14 to 30 days before your IP insurance starts paying out.
• Medical Validation: It's essential to prove that your health condition prevents you from working.
• Policy Adherence: Your claim must align with the terms outlined in your insurance policy.

Real-Life Scenario:

Consider Jake, a teacher who developed a severe respiratory condition, rendering him unable to continue his profession for over 12 months. His IP insurance compensated a portion of his income, aiding him with ongoing expenses and medical costs until he recovered.

Claimsplus Lawyers: Navigating the Complexities of IP Insurance

Understanding and managing IP insurance claims can be intricate, with numerous rules and fine details. At Claimsplus Lawyers, we specialise in IP claims, streamlining the process for you.

The Benefits of Claiming IP

Claiming IP insurance isn't just about financial relief. It's about:

• Easing Bill Payments: Reducing the stress of financial obligations.
• Maintaining Normalcy: Helping provide for you and your family’s daily needs.
• Providing Security: Knowing there's a steady income during difficult times.
• Handling Major Expenses: Such as mortgage payments. Also, it's possible to combine an IP claim with other types of claims, like TPD.

Confused?

Feel free to contact us for more information or assistance with your IP claim. 

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