Suffering from a long term illness is not only taxing on your physical and mental health, it is also hard on your wallet. Insurance cover is there to ensure that you and your family have the financial support you need to alleviate some of this pressure. Unfortunately making an insurance claim for a long term illness can be an incredibly difficult, stressful and time consuming experience. At Life Matters Claims it is our goal to do everything we can to help you through this process so you can focus on what really matters, enjoying life and spending time with the people you love. In this article we’ll answer some questions we are regularly asked about making an insurance claim for a long term illness.
How does long term illness insurance work?
When it comes to making an insurance claim for a long term illness, how the insurance works will depend on the coverage you have.
If your illness affects your ability to perform your job, you may be able to make an Income Protection Claim. An Income Protection Claim is a request to receive a monthly benefit payment when you are unable to work due to your illness. The payment period for an Income Protection Claim will depend on your coverage and can range from 2 years, up to the age of 65.
Those affected by a long term illness may also be eligible to receive a Total and Permanent Disability Insurance (TPD) payout. A TPD Claim provides financial support by way of a lump sum to an individual that is unable to work in their own occupation due to sickness or injury. In Australia, the vast majority of TPD payouts will be paid from a superannuation account.
Am I eligible for long term illness insurance coverage?
Whether you are eligible for long term illness insurance will once again depend on the coverage of your insurance and the specifics of your situation. However, if your long term illness is preventing you from being able to perform in your line of work there is a good chance you are eligible to make an insurance claim. If you don’t have income protection coverage or TPD coverage with a specialised insurer, don’t lose hope. A very high percentage of Australians have TPD insurance as part of their super without realising it.
How do I make a claim for long term insurance coverage?
Your eligibility to make a TPD claim will depend on the requirements laid out in your specific policy, which is why we’re here to help you identify your entitlements. Over 15 years of experience in the insurance industry has provided us with the expertise needed to get your claim processed quickly and easily.
If you are suffering from a long term illness, the last thing you need is extra stress. Life Matters Claims is here so you don’t have to go through the claims process alone. Speak to us today about your options for long term illness insurance coverage.