CLAIMING BENEFIT
Income Protection, a claim!
You didn’t think it could happen to you, but in case it did, you took out the insurance and now it has!
It may be some time ago since you took out the cover, maybe through your financial adviser, your employer or direct with the insurer. Included amongst your papers should be a policy, or a membership certificate with correspondence or perhaps a key facts document that should help to bring the original transaction to mind.
You may well not be feeling 100% at the moment but studying these papers should help you to determine who first to turn to for help in your particular situation.
Here are some of the important matters to take on board at this time:
- Your insurer must be informed within a reasonable period of the onset of your incapacity (this should be defined in your papers) to allow for timely enquiries to be made. The resulting claim form for you to fully describe your situation will include your authority for relevant enquiries to be put in hand.
- Does your incapacity arise from something that appears to be either a general exclusion under the policy, or an individual one applying to you?
(This should not prevent you from raising the matter, merely that you should be aware of this and be prepared to provide a very full account of your situation to ensure that a comprehensive and reasoned decision can be expected).
Insurers recognise that they must treat customers fairly and treat them in accordance with the conditions of the particular insurance and that this is in their own best interests.
It is, however, no secret that, regrettably, fraud is common out there and needs to be rigorously investigated where it is suspected. In the long term, this is in everyone’s interest, as fraud increases the cost of insurance to honest people.
You can do your part by providing comprehensive and unambiguous information relating to your claim promptly, thus contributing to a decision as early as possible.
OTHER ASPECTS OF CLAIMS
Over the last few years, income protection providers have invested heavily in developing a deep understanding of the issues facing people who are unable to work through illness or injury, recognising that it is good for customers and for themselves if the process of making a claim runs smoothly for all parties.
In addition to the financial support that income protection policies provide, many companies have added services aimed at helping customers to get back to a productive life as soon as medical advice allows.
Services vary from company to company but typical examples include:
- Support for a gradual return to work if a full return isn’t possible
- Support for those who have returned to work but suffer a relapse
- Access to skilled rehabilitation professionals such as occupational therapists, vocational specialists, etc.
In partnership with these professionals, you can work out a plan of action that will help you to make the most of the abilities you have retained after your illness. It is expected that you will discuss any rehabilitation options with your doctor or specialist to make sure that they are appropriate and safe for you to participate in.
While your claim is being paid, you don’t have to pay premiums. When the claim ceases, for example because you have recovered and gone back to work, you start paying premiums again.
Unlike many other forms of insurance that you may be familiar with, your premiums will not go up simply because you have made a claim. If you are unlucky enough to suffer any illness or injury that stops you from working in the future, your cover is in place and ready to support you again.
Here we have just touched on some of the flexibility that income protection policies offer.
There may be other options available to match the many and varied needs that people may have after illness or injury.
Your insurer would welcome the chance to discuss your personal circumstances in a helpful and confidential environment. Check out their website or give them a call to find out more.