Life is unpredictable and has many ups and downs. Unfortunately, Illness or injury might cripple your life leading to disaster. Hence, life protection is mandatory during your tough times in your life. The income protection insurance, a long-term insurance policy protects you in your sick period by an income even you are unable to work due to injury or sickness. The status of incapacitated is well defined in the policy and hence the individual who is incapacitated should fit into the definitions of the policy. This insurance policy, which is available in Australia, is also called as permanent health insurance, ensures constant income to the policyholder until he retires or returns to work.
The income protection insurance varies accordingly from person to person. The factors are age, job, range of illness, smoking or nonsmoking, waiting period before the policy pays out, income amount, and present health status of an individual. The nativity of the policyholder is another main eligibility of this policy since the person should be a permanent citizen of Australia. The major benefit of the income protection policy is that the policyholder is paid regularly without stop and free of tax as per norms. The various options available for a policyholder to receive claim payments are well defined in an application at the time of applying for the insurance. The premium payment varies according to options taken by the policyholder. The waiting period and benefit period of the policy are the major features for the disabled person and have different options. If you are looking for income protection insurance broker, we recommend I-Select.
The insurance policy claim amount varies according to the occupation status of an individual viz salaried, self-employment. The claim payout of an injured person is seriously examined by the concerned officer of the insurance company. The claim requires proper sick notes from a recognized doctor for disbursing claim amount, which normally requires 2 -3 months. However, death is not considered under this policy and it is catered under a separate insurance policy.