Income Protection Insurance Pre-Claim Checklist
Income Protection Insurance Pre-Claim Checklist
Income protection insurance is one of the 'gold standards' in insurance, offering every ordinary working person the safety net that many of us end up needing when we can't work for a period. However, income protection insurance is not always a straightforward policy, and the claims process can be quite involved. Today we give you a handy pre-claim checklist if you're ready to call on the safety net of income protection insurance.
Check your income protection policy
Income protection insurance is often the sort of bill that we maintain for many years without thinking about. If it has been a while since you instituted your policy, go back to it and check the terms and conditions against your current circumstances.
However, if you're in doubt about any aspect of it don't simply assume that you can't claim. Get in touch with your insurance adviser and make sure - there may have been updates that you weren't aware of.
Know your waiting period
Go back to your policy and check on the waiting period that you initially chose. However, even if you have a two-month waiting period, you should contact your insurance adviser as soon as practicable after all of your immediate medical needs have been attended to.
Document everything
For ease of reference later on as well as verification of any information you receive, document everything you do regarding your claim. Keep a journal noting:
- Date, times, person spoken to and advice received for every phone call
- Any receipt numbers you receive for phone calls
- Outcomes of doctor's visits
- Outcomes of workplace visits
- Details of Centrelink visits, or any payments
Have your doctor put something down in writing
Verbal reports aren't usually accepted for income protection insurance claims - everything must be in writing.
Register any posted documentation
Murphy's Law tells us that if there is any time that the postal service will fail, it will be when you're sending an original copy of a non-replaceable document related to your income protection insurance claim. Make sure you register everything you need to mail to the insurance company.
Start gathering your income verification documentation
Ask the insurance company what sort of proof they require of your income, and start gathering this documentation to speed your claim.
Know your ongoing verification requirements
Most income protection insurance companies will require regular proof that you are still eligible for benefits. With the ordinary waiting times for GP visits (and especially for specialist appointments), it is wise to know these in advance so that you aren't left without proof at the necessary time.
Income protection insurance claims are relatively detailed. It is best to prepare yourself with as much information as possible and work with your adviser to make the process as smooth as possible.
What Services Are Covered By A Burial Insurance Policy? Risk Assessment For Insurance Companies Error Omission Insurance-3 Frequently Asked Questions Business Insurance And The Credit Crunch Why It Is Essential To Have Appropriate Commercial Insurance Business Insurance Protects Your Assets Do You Need More Than The Minimum Business Insurance Required By Law? How Do I Know If I Have Enough Business Insurance On Business Assets? Manage Risks With The Proper Business Insurance And Practical Planning Getting The Proper Business Insurance Is Crucial The Risks Of Inadequate Business Insurance How Do I Know I Have Enough Business Insurance? Make Sure You Have Proper Business Insurance For Adequate Protection