Income Protection Claim
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Income Stream to Keep you Covered
Your Income Protection policy is designed to keep an income stream coming to you to cover normal living expenses.
If you become totally disabled due to an injury or illness, after serving a Waiting Period (normally 1 month), you may be entitled to be paid a Monthly Benefit subject to you
- Working in your occupation at the time of claim
- Earning an income/wages,
- Are under the regular care and following the advice of a medical practitioner.
Monthly Benefits Are
- Payable in arrears i.e. after serving the 1 month Waiting Period, your first benefit is not paid until the end of the following month. This helps with eliminating short term claims and keeps the premium at an affordable level.
- Payable for 2 years, 5 years or until age 65, depending on which cover you selected or, as per the prescribed default benefit period as determined by your super fund trustees.
- Treated as assessable income and so must be declared as such in your personal income tax return.
Did You Know?
- INCOME PROTECTION claims can be backdated.
- Income protection can be purchased as a standalone policy or, be a part of your Superannuation.
