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Once you have an income protection plan in place, the premiums are tax deductible and monthly payouts are tax assessable. After the waiting period has expired, and you make a claim against your policy, you will receive a payout a month in arrears. For example if your waiting period is ninety days, you will have to wait out this ninety days and only after the waiting period will you receive payments each month until the payment period expires or until you are able to go back to work. You can chose from three types of income protection plans which include accident only, illness only or illness and accident. The disclosure statements will determine in detail what the policy covers and what it does not cover in terms of illness and injuries. There are incidences whereby an insurance company will not pay out when a claim is lodged resulting from alcohol illness and injuries, unless the insured was tested below the blood alcohol limit for driving in Australia. Insurance companies will not pay out for drug related illnesses and injuries if the drugs were not prescribed by a medical practitioner, and if prescribed medications were not taken according to the doctors order, income protection insurance Australia claims do not self inflicted injuries, war injuries or acts of war illnesses or injuries. This insurance plan does not cover maternity, unless the person becomes ill or injured and is unable to resume work for a period of 3 months post delivery. Benefit payouts will not be made if a claim is submitted for depression or stress, chronic fatigue, emotional or behavioural disorders, eating disorders, alcohol or drug abuse, psychosomatic illnesses or complication that have resulted from any treatments. When travelling outside of Australia, income protection does not cover activities such as terrorism or unrest of which the Australian government has advised people against travelling to certain countries. If there were any specific exclusion agreed upon when purchasing income protection, no claims can be made against those exclusions. Your employment, medical and financial records will be checked by the insurance company once you lodge a claim. If all the information revealed was not accurate or honest, there is a possibility that the claim will be declined. When applying for income protection cover, you must supply the insurance company with all the relevant information required in full honesty especially if you have a family to protect and support. Answer all the questions on the application forms in full. Should your claim be declined due to dishonesty, you and your family could experience serious financial difficulties, especially after a serious accident or illness.
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