If you’re not sure whether or not you have income protection insurance, we are here to help. We receive income protection questions daily and one of the most common is about how to check income insurance in Australia.
Despite most superannuation funds providing automatic insurance cover, many of our clients still don’t realise the benefits that they are entitled to when times get tough with unexpected illness or injury.
Keep reading to learn more about income protection insurance, its connection to your superannuation fund, and how you can claim it.
What does income protection cover?
If you are unable to work to your full capacity due to an injury or illness in Australia, you may be entitled to Income Protection insurance benefits through your superannuation or a specialised Insurer of your choice.
While other forms of life insurance are designed to deliver a lump sum payment, income protection insurance is paid out on an ongoing basis and is received by an individual in a similar fashion to how they would receive a regular income.
Simply put, income protection insurance in Australia entitles you to:
- An ongoing monthly benefit of up to 75% (in some cases 85%) of your pre-tax income until you return to work.
- Funds to cover your debts and expenses in times when you are unable to work due to injury or illness.
- Financial protection for you and your family.
How do I check if I have income protection insurance?
According to MoneySmart, ASIC’s website for consumers and investors, most super funds offer life insurance for their members. The trouble is, many Australians do not know whether or not their particular fund provides the kind of cover they may require, if any at all.
If you don’t know where you stand when it comes to income protection insurance don’t panic. At Life Matters Claims we can easily and quickly check and find out your insurance coverage.
If you’re not signed with a specific insurance agency, you might be able to access automatic insurance through your superannuation.
Generally, the process of finding out the details of your income protection insurance involves either calling your super fund, checking your annual super statement, or accessing your super account online to check the details of your cover. The trouble is, this process can often drag you down an endless trail of online links that lead to nowhere, or have you sitting at home on hold for hours.
At Life Matters Claims you deal directly with a friendly professional, not an automated response. We’re here to help you figure things out.
We can help you answer the following questions:
- What type of insurance cover do I have?
- How much cover do I have?
- How much am I paying for the cover?
Why does working with Life Matters Claims help to find my insurance faster?
Kate Lane, the founder of Life Matters Claims, knows the insurance industry like the back of her hand. She is driven by a desire to help her clients no matter what their insurance situation. With over 15 years’ of experience, Kate knows what to ask, where to look, and how to dig deeper when it comes to getting to the bottom of your income protection questions.
Many Australian’s miss their opportunity to claim an income when injured or ill, or lose a significant amount of their insurance payment due to the involvement of solicitors. We want to make sure that does not happen to you.
Need to know where you stand when it comes to your income protection insurance? Contact us today.