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.
1.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 dont 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.
2.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.
3.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
4.Have your doctor put something down in writing
Verbal reports arent usually accepted for income protection insurance claims - everything must be in writing.
5.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.
6.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.
7.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.
by: Life Insurance
A Guide To Life Insurance By Age Top 10 Most Important Factors Affecting Your Life Insurance Rates Life Insurance For Children: Buy Smart While Listening To Your Heart Purchasing Nj Home Insurance Insurance Is Not Something To Be Taken Lightly Over 50 Life Insurance Plans Why You Should Buy Insurance Printer Toner Affordable term life insurance - What about a low cost term life insurance policy Affordable Life Insurance available! Use tax refund for your life insurance policy to pay every year How much life insurance do I need? Affordable term life insurance - Tips for choosing life insurance Error Omission Insurance-3 Frequently Asked Questions