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Income Protection Insurance Payments

Did you know that you don’t have to stop from work to be eligible for income protection benefits under top quality Income Protection Insurance policies.

Top of the range Income Protection Insurance policies usually have in built features and benefits called Crisis Protection and Specific injuries benefits that will provide benefits paid up front if a certain defined event occurs.

There is a misconception that you must stop work before a Income Protection Insurance policies pays out a benefit, with a top of the range Income Protection Insurance policy you can be paid out for having your arm in a plaster cast.

In fact one client who I was visiting on another issue I discovered he could make a Income Protection Insurance claim and was totally unaware as he never took a day off work. He broke his arm as he slipped, saw a doctor who placed his arm in a plaster cast. This event under most quality income Protection Insurance Polices pays out 2 times your monthly benefit.

So fortunately for my visit this client now received 2 months income protection insurance benefit.

Other specific injury benefits that are common in quality polices are as follows:

  • Paraplegia and Quadriplegia 60 months
  • Loss of Hand or foot or sight in one eye of 12 months to 24 months
  • Thumb or Index Finger 6 months

Fracture requiring a plaster cast or other immobilizing device of the following:

  • Thigh 3 months
  • Pelvis 3 months
  • Skull 2 months
  • Arm 2months
  • Shoulder Blade 2 months
  • Leg 2 months
  • Kneecap 2 months
  • Elbow 2 months
  • Forearm 1.5 months

Of course if the client still cannot work after these periods then the normal income protection insurance benefit will pay a benefit till the end of the benefit period.

Trauma or Crisis Benefits

A quality Trauma / Crisis pays a benefit of six times the monthly benefit and is paid as a lump sum to

clients who satisfy one of the defined conditions although most Life Insurance companies generally specify your Income protection Insurance policy must have a waiting period of 90 days or less.

Most Insures have up to 17 in built definitions, although if you are seeking a quality Trauma benefit we recommended you purchase a separate Trauma Policy. The main definitions we see that are claimed are Heart Attack and Cancer.


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