Frequently asked questions about Income Protection Insurance
Yes, you can make changes such as increasing or decreasing your amount of cover or changing your occupation after you have taken out a policy with us.
Yes, you can receive your Income Protection benefit as long as the total amount of income you are receiving from all sources during a claim does not exceed 75% of your monthly income, prior to the claim.
Your policy has a claim waiting period before any payments will begin. Payments are made one month in arrears, after the claim waiting period. You must be continuously disabled for this entire period.
The maximum monthly benefit you can apply for will be calculated based on 75% of your annual earnings and this is up to $10,000 per month for the Sickness and Injury cover
You will need to complete a claim form and provide other documents including your financial documents, medical notes if applicable and a certified proof of your identity and age (birth certificate, drivers licence or passport).
For the Sickness and Injury cover, you can claim the 6, 12, 24 or 60 months claim benefit period per claim and cannot claim again for the same sickness or injury unless you have made a full recovery between claims.
For payments to start, you need to be continuously disabled for the entire waiting period. If you are capable of working part-time or if you are working in any capacity, you would not be considered disabled.
Income Protection is available for up to 75% of your monthly income to provide an affordable level of financial protection in the event of sickness or injury, and to provide enough financial support for you to return to work.
Your policy can be cancelled if you engage in non-disclosure or fraud or don’t pay your premiums.