At GMP Law, we have extensive experience in class action lawsuits, amplifying the voices of individuals who have experienced similar harms or losses.
Gerard Malouf & Partners Manage Cases For Clients Across All Areas Of Personal Injury Law, Inheritance Disputes And Superannuation Disputes.
Gerard Malouf & Partners Have Provided Friendly, Experienced Legal Advice To Communities Across Australia For Over 35 Years. Our Personal Injury Lawyers Have Taken On Ten’s Of Thousands Of Cases And We Are Proud To Have Won Billions Of Dollars For Our Clients.
Read Our Latest Articles, Case Studies Or Commonly Asked Questions Concerning Your Legal Claims And Compensation Law.
Income protection insurance provides financial coverage for those who are unable to work due to an illness or injury — whether physical or psychological.
GMP Law is home to a team of expert income protection insurance claims lawyers who work diligently to uphold the rights of their clients. Following our ‘three c’ philosophy of providing competent, compassionate and committed legal representation, we not only ensure that you get the payout you deserve, but also that the legal process is as stress-free as possible.
And, through our no-win, no-fee policy, we take on all legal costs and only get paid if we win your case. This means that you can gain access to expert financial services without taking on any personal financial burden.
If you need to file an income protection insurance claim, contact our team today for a free consultation, or call us at 1800 004 878.
Winning Legal Claims
That translates to billions of dollars for our clients.
The main function of income protection insurance is to offer financial support in the instance of an illness or injury that prevents the person from working. These health concerns can either be of a physical or psychological nature, provided that they’re formally diagnosable.
Income protection insurance claims are how insurance policyholders can receive compensation, and they come in two main types:
Both types of claims are further broken down into two categories: indemnity value policies and agreed value policies. Indemnity value policies compensate up to 90% of the claimant’s pre-tax income for the first six months, and up to 70% for a designated period of time beyond that initial six-month period. Agreed value policies, on the other hand, compensate claimants based on a predetermined, agreed-upon number — one that doesn’t fluctuate depending on whether their income rises or falls.
With that said, there are two caveats: Firstly, agreed value policies became unavailable from 31 March 2020, yet there are those who had previously opted for this policy and have held it to this day (for whom the policy still applies despite its discontinuation). Secondly, a TPD claim may be compensated by a lump sum payment rather than by periodic instalments, as assessed on a case-by-case basis.
All income protection insurance policies involve both a benefits and waiting period, each affecting the compensation timeline in their own distinct ways: The benefits period is the length of time during which the claimant receives monthly payments based on the agreements of their income protection policy; the waiting period is the time the claimant must wait before becoming eligible to receive compensation following their injury or illness.
Policies with a shorter waiting period — two weeks, for example, are on the lower end of the spectrum — are generally more expensive than their counterparts, with cheaper policies coming with waiting periods that may extend across several years.
Price may also be affected by the source of income protection insurance, whether it’s from a private insurer, a union membership or — most commonly — through a superannuation fund; generally under the life insurance umbrella. As many as 70% of Australians receive their insurance through their super, with income protection insurance more often than not part of the default package.
The first thing you have to do when you make a claim is to make sure the injury or illness you are suffering from is included in the terms of your coverage policy. Our team at GMP Law can assist you in this by reviewing your policy in detail and facilitating communication with your provider.
There are a handful of factors that may influence the amount of compensation you’re eligible for, including:
While these factors are holistically considered and accounted for by your insurance provider, either at the time of the initial policy agreement or during policy renewals, the income protection claim process still requires significant documentation to support your case, regardless of what may have been previously established.
Our team can help you to understand where you stand with your insurance policy, what your compensation entitlements are and assist you in gathering and submitting all the necessary documents for your claim. To get started, book a free consultation with one of our income protection insurance claims lawyers.
While the specific documents required vary depending on the case, they typically include insurance-related forms and medical records related to your injury or illness. You’ll also likely be asked to provide evidence of employment and past income — either in the form of payslips or tax returns.
Your insurance company will consider the evidence and assess your claim accordingly. If you disagree with the outcome of your claim, you have several options, including:
In any case, your GMP solicitor will give you the necessary legal advice to determine which dispute path is most suitable for you during your initial free consultation.
To maximise your chances of receiving a fair and speedy payment on your insurance claim, you should have legal representation. Having an expert in your corner gives you access to advice about what you are truly owed, whether the insurance company’s offer is fair and whether your claim has a chance of being honoured.
There are a great deal of policies and procedures involved with insurance claims. These can slow down the process of receiving payments, potentially causing claimants unsustainable financial losses. Having a solicitor on your side can help you make your voice heard if the insurer is too slow to pay or unfairly rejects your claim.
GMP Law’s lawyers have the experience and expertise to get you the compensation you’re owed, making the legal process seamless in doing so. And with our no-win, no-fee policy, we only get paid if we win your case. Book a free, confidential appointment with one of our lawyers today.
Contact us for no-obligation legal advice about your claim.
Download your guide today and check your eligibility to make Superannuation & Total Permanent Disability compensation claims
Explore more superannuation & TPD claims services that Gerard Malouf & Partners offer.
Here are a few commonly asked questions about income protection insurance claims. For personalised answers, reach out to our team.
It’s possible, but it hinges on your specific policy agreement. Depending on your insurer, you may be able to gain insurance cover for pre-existing conditions, but such coverage may come with caveats, such as extended waiting periods, increased insurance premium payments and/or limitations on compensation amounts.
In other instances, pre-existing conditions may simply be excluded from your coverage, with each condition considered on a case-by-case basis.
Yes, if a diagnosable psychological condition prevents the claimant from working, this is covered by income protection insurance.
Compensation rates range significantly depending on the nature of the case, yet are generally capped at $250,000. Your income protection lawyer will assess the finer details of your case and advise you accordingly on what you may be owed.
Meet some of the diverse and dynamic compensation lawyers that support our clients with their Superannuation and Total Permanent Disability claims.
Call us now on 1800 004 878 to book a free appointment with one of our compensation experts, or make an enquiry online now.
Your location is currently:
Please wait while you are redirected to the right page...