Income Protection is intended to temporarily substitute your income when you sustain a personal injury for the period that you are unable to work. This period could be any length of time up to 2 years. You may be eligible for Income Protection through your superannuation fund whether you have a partial disability or a total disability, and your payments will vary depending on your service provider, the nature of your injury and how long you are unable to work.
Income protection is contained in many insurance policies, but just like TPD, is a little known benefit. For many people who find themselves injured and unable to work, income protection provides critical financial support to get them through that difficult period. Income protection amounts are usually capped at 85% of your usual income and the outcome of your claim will be dependent upon the specific wording of your insurance providers policy, as well as the nature of your injury and the medical evidence you have to support it. There may also be a waiting period where you were medically certified as unable to work before you are eligible to make an income protection claim. This period usually includes a period of total disablement followed by a period of being on restricted duties.
Insurance providers aren’t always forthcoming in providing benefits to policy holders. This is part of the reason many people choose to seek legal advice when making a claim for income protection. If you believe you may be eligible to claim income protection under your current superannuation insurance provider, you may wish to attend a free initial consultation with one of our Brisbane Personal Injury Lawyers.
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