Income protection insurance claims

Income protection (IP) benefits are designed to pay a percentage of your income, either for a set period of time or until retirement age, if you are unable to work due to injury or illness. It is also sometimes referred to as salary continuance insurance.

Unlike TPD benefits, which are often a default insurance in your super, income protection benefits are often (but not always) an ‘opt-in’ benefit.

How much will the benefit be?

The percentage that you are paid is dependent on your individual policy. There is often a default percentage payable or an option to purchase a higher level of cover.

There is generally a two-month waiting period before benefits are paid but this could also be 90 days or, in some instances, longer. Your policy will outline what your waiting period is.

Likewise, the duration of payments will be dependent on your policy. You could be paid for up to 2 years, or 5 years or, with some policies, through to retirement age.

Income protection payments may affect your WorkCover, TAC or Centrelink benefits

As income protection claims are considered to be “income” if you are on WorkCover, TAC benefits and/or Centrelink, it is crucial that you seek advice from Guardian Injury Law before you make a claim, to ensure that your claim will result in a benefit to you.

How can Guardian Injury Law help?

Guardian Injury Law is experienced in lodging IP claims and challenging claims that are rejected or terminated by super funds. Speak to Guardian Injury Law for clear, plain English advice to find out where you stand.