As your lifestyle changes, the world around you changes as well. You may be looking at a future where you struggle to find work that can support your family’s standards. Many people are concerned about their present and financial futures, which is why Income Protection Claims allow them to make a claim when they suffer injury or illness. In most cases, this enables the claimant to retain their current standard of living until they have recovered from the accident or illness. Life Matters Claims is here to help people like you achieve the best possible outcome in the Income Protection Insurance Claim they may be considering.
What is The Purpose of an Income Protection Insurance Claim?
Income Protection Insurance (IPI) aims to help people unable to work due to an accident, illness or other unexpected events. It provides financial support if the insured person is unable to work due to an accident or illness unrelated to their occupation. In most cases, the policy will pay a specific monthly amount for a specified period.
You Can Make An Income Protection Claim if?
Any accident or illness can cause a person to be unable to work. Generally, four broad categories are covered by Income Protection Insurance claims injury, disability, maternity/paternity, and critical illness/cancer. The specific pre-conditions and requirements vary from policy to policy. Some of the most common ones are as follows:
– Accident or illness conditions unrelated to the person’s occupation. For example, Income Protection Insurance Claim can be made following an accident unrelated to the person’s occupation.
– Injury to a body part, arm, or leg that requires a medical operation and will not be cured in two days.
– Loss of more than 12 months of earnings due to injury or illness. In this situation, it is generally necessary for the Claim to be made within two years of being injured or ill.
– Loss of earnings for more than 6 months due to pregnancy or childbirth.
– Claim has been made within 12 months from the child’s birth date.
How Much Can You Receive?
The amount that you receive through Income Protection Insurance Claim will depend on some factors, namely:
– A medical condition that is related to the insured person’s occupation. Medical conditions are generally divided into three broad categories: pre-existing, congenital, and acquired.
– Age of the claimant. Claims made by people under the age of 30 are generally less likely to be approved.
– Uninsured income. Uninsured income is usually considered when determining how much you will receive. That can make a significant difference in your overall Income Protection Claim settlement amount
– Number of claims recommended for payment. Most policies restrict the number of claims paid out each year. It also applies to premium increases.
How Does It Work?
Income Protection Insurance Claims use monthly pension payments to provide you with financial support during a potentially lengthy recovery period. When you apply for your policy, the insurance agent will ask various questions about your health and lifestyle. Once this information is verified, calculate a premium based on the estimated amount you will receive over the policy’s life. You will pay this monthly premium out of every paycheck until your Claim has been paid in full. The claim payment will be used each month to pay your monthly premium. Once you cannot work due to an accident or illness, your monthly pension payments will continue through the policy’s life.
The Claim Will Be Processed By:
The process for Income Protection Claims is generally very straightforward. The insurance company will ask you to submit a formal claim that outlines your injury or illness and lists the details of your medical condition. In most cases, there is no need for medical records to make a claim. It is not a type of insurance where the insurance company will review your medical records before making a decision. In most cases, we will process the Claim within 30 days.
Generally, all major companies have clearly defined procedures for Income Protection Claims accidents or illnesses. This process can vary from one company to another. Making sure you understand your policy’s details is essential if you want to get the most out of your TPD claim rejected. Life Matters Claims will ensure you know the ins and outs of your policy and how to make a claim.
To get your Claim approved, connect with us at tel: 1300 784 108.
