You only need to spend the morning home on sick leave watching day time television to realise that income protection insurance is a billion dollar industry.
We are faced with multiple advertisements promising us automatic cover, no medical checks and cover from as little as $1 per day all done completely online!
Life insurance and particularly income protection insurance are brilliant products that can offer you and your family protection when tragedy strikes. However, it is important to remember that insurance companies arguably spend just as much effort in enticing you to take out insurance as they do in attempting to deny your insurance when the time comes to make a claim.
Often, insurance companies will attempt to deny your claim for income protection on the basis that the injury or illness preventing you from working is pre-existing, or that you didn’t disclose it when taking the policy out at first instance. More commonly, insurance companies will then deny your income protection claim on the basis of alleged fraud or non-disclosure issues.
When considering purchasing income protection, there are a number of key points you need to consider to protect your future rights to claim:
- Make sure you answer all the questions about your medical history honestly and truthfully;
- If possible, purchase your product through a broker or over the phone with an insurance company. This is because your conversation will often be recorded and can be used to verify that you did tell the sales consultant your accurate medical history;
- If you disclose a medical condition and you are told “ not to worry about that on your application” ask for that to be confirmed in writing;
- Ask if there are any types of injuries, illnesses or conditions that are specifically excluded under the policy of insurance.
If you are unable to work and your insurance company has denied your right to claim income protection, contact Shine Lawyers’ Income Protection Claim experts to ensure you get the justice you deserve.
Written by Will Barsby
Written by Shine Lawyers. Last modified: September 26, 2018.