If you have a life insurance policy or income protection, you probably know exactly what it is for and that you can make a claim should you be injured or otherwise unable to work.
Some people may have income protection or life insurance without even realising it. Limited life insurance and income protection benefits are sometimes provided by banks as part of a credit card bundle.
Some life insurance policies even have mortgage protection insurance which can be invaluable in the event that you cannot work. Mortgage protection insurance is a type of personal insurance designed to cover your home loan repayments in the event you are unable to work due to injury or illness – or help your family cover the monthly payments in the event of death and thus protecting your home from a forced sale.
You may be able to apply for a lump sum for any trauma you may have suffered, whether you continue working or not.
Further, life insurance and income protection (sometimes known as Salary Continuation Insurance) can form part of your insurance package under your superannuation fund. Some people are not even aware that the superannuation fund that they’re part of has these benefits available.
To claim life insurance or income protection benefits, you do not have to prove that your injury or incapacity was anyone else’s fault.
Frequently Asked Questions
Do I have a claim for compensation?
This depends upon your particular circumstances, degree of injury or illness and what type of life insurance cover you have. Your life insurance or income protection insurance policy should contain details of any total or temporary disability cover. We can advise you on this as we understand that reading insurance policies can be extremely confusing.
Who can I bring the claim against?
You can bring a claim against the insurer.
What can I claim compensation for?
Whatever the superannuation or insurance policy allows you to claim for.
What has to be proven for my claim to be successful?
The requirements for making a claim differ depending on the type of claim you are making and differ from policy to policy.
Claims for total and permanent disablement do not require that you prove fault.
However, you will need to show that you have suffered a work injury or illness and as a consequence:
- you can’t do your current job;
- you can’t do any other jobs you may have qualifications for; and
- you have not been able to work for 3 months or more.
Are there any important time limits to bring a claim?
Generally the answer is no. However, if your claim is rejected and court proceedings have to be filed, then you have six (6) years from the date of rejection to do so.
Who pays me the compensation?
How much compensation can I claim?
This depends upon your particular circumstances and the terms of the superannuation or other insurance policies you may have.
How long does a claim for compensation take?
This depends on the insurer and the circumstances of your claim. Please note that it can take from 1-2 years.