Income Protection Insurance claims are a significant part of the annual payout by insurers. A successful claim comforts the insured and their dependants. Regular receipt of the benefit payment is reassuring for them. Insured clients receive payments for the term of the incapacity. The term of the claim scheduled in the policy issued.
Consider Ashley’s Story
Ashley’s employment is in a senior professional services role. We met him soon after he accepted this position.
Ashley and his partner hold a mortgage debt over an investment property. He consulted a Continuum Financial Planners Pty Ltd adviser. Together, they agreed that any interruption to his earning ability would prove difficult both –
- for the payment of his mortgage obligations; and
- for his family’s lifestyle.
Ashley acquired an Income Protection Policy that would provide him with an income in the event of a ‘qualifying event’.
Two years later, Ashley suffered a stroke whilst exercising. That stroke left him incapacitated to an extent that he couldn’t speedily return to work. Ashley had minimal leave entitlements available at the time of this event.
Ashley’s policy benefits are payable through to his 65th birthday, after a 30-day ‘waiting period’. (Contracts made after October 2021 provide shorter terms of cover.)
Ashley’s partner continues to earn a living income. The monthly income received under the income protection policy relieves their financial situation. Ashley can concentrate on making a sufficient recovery to be able to become less financially dependant on his insurance payments. In the meantime –
- their mortgage payments are current,
- his partner can work effectively with the peace of mind that they are financially OK; and
- their rental income continues uninterrupted.
Income Protection Insurance claim assistance
The team at Continuum Financial Planners has experience dealing with Income Protection Insurance claims. We deal with situations where the cover is held, either –
- within superannuation as well as
- where ownership is outside of super.
To ensure that you are –
- adequately covered with Income Protection Insurance; and
- promptly receiving the claim benefits when the qualifying situation arises,
arrange to meet with one of our advisers:
- phone our office – at 07-3421 3456; or
- at your convenience, use our linked Book A Meeting facility.
(This article was originally posted by us in September 2010. It has occasionally been updated/ refreshed, most recently in January 2025.)
