Usually income protection insurance provides an income stream for you should you become unable to work due to an injury or illness. However even if you are still able to work benefits can be paid to you under the crisis benefits option.
Not all insurance companies have this type of policy and it is only available through a selected number of insurance companies.
Some insurance policies will pay a benefit of six times the monthly benefit as a lump sum, whether or not you are capable of returning to work, if you suffer one of the specified medical conditions. Such as:
However you need to understand that each of these conditions has a specific medical definition and no claim will be accepted unless that specific definition is met. Please read product disclosure statements carefully.
The Heart Research Centre has proven that most patients who do not do manual labour will return to work 4-8 weeks after having a heart attack, and those who do engage in manual labour will return to work 8-12 weeks after a heart attack.
Statistics from the Cancer Council in Western Australia has revealed that almost 67% of cancer patients have continued to work. Therefore by having a policy that has no waiting period and that will pay a benefit regardless if you are able to work can be of great benefit.
Some rules of a typical crisis benefits are:
Please be aware that each Insurance Company has different benefits, terms and conditions so you need to be fully aware of the conditions as stated in the product disclosure statement. Please contact our friendly adviser if you need more help with crisis benefits option for your income protection insurance.