Income Protection Claims

Monthly payments under income protection policies are typically calculated as a percentage of your regular income before you were unable to work. This percentage can vary, usually ranging from 50% to 75% of your pre-disability income. The exact figure depends on the specifics of your policy, including the level of cover you have chosen. Brydens Lawyers can help you understand your policy's structure and ensure your monthly payments align with your financial needs and policy terms. Simply call us at 1800 848 848 or contact us online to arrange an appointment.

The waiting period in an income protection claim is the duration between when you become unable to work due to illness or injury and when your benefit payments begin. This waiting period varies based on your specific policy terms and can range from 14 days to several months. The length of the waiting period you choose directly impacts the cost of your premiums—shorter waiting periods generally result in higher premiums, while longer waiting periods can reduce your premium costs. Understanding and selecting the appropriate waiting period is important for balancing your financial needs with the cost of the policy. Brydens Lawyers can provide guidance on how to select a waiting period that aligns with your individual circumstances and financial planning, ensuring you receive your benefit payments when you need them most.

Income protection premiums are generally tax deductible. This means you can claim the cost of your premiums as a tax deduction, potentially reducing your taxable income. However, it is important to note that any benefit payments received from the policy are usually considered taxable income. Brydens Lawyers can assist in navigating the tax aspects of income protection, ensuring you understand both the benefits and obligations under your policy.

Group salary continuance insurance is an employee benefit provided by some employers. It functions similarly to individual income protection policies but is taken out on a group basis. The key advantage here is often lower premiums and simplified underwriting processes. Coverage typically includes a portion of your salary paid out monthly if you're unable to work due to illness or injury.

To qualify for a partial disability benefit under an income protection policy, you must usually demonstrate that your ability to work has been reduced due to your disability, but you are not completely unable to work. This often requires medical evidence showing how your condition impacts your capacity to perform your job. The specific criteria can vary between policies. Brydens Lawyers can provide guidance on gathering the necessary documentation and meeting your policy's criteria for a partial disability benefit.