If you are unable to work due to a medical condition, you may qualify for income cover under an income replacement insurance policy. Also known as income protection insurance, this financial safety net is important for all workers who rely on their income for maintaining quality of life. Income replacement insurance provides peace of mind, allowing workers and their families to function as usual, without financial distractions or hardship during recovery from injury or other medical condition.
Most workers in NSW have some type of income protection insurance as part of their superannuation, or as a separate insurance through their employer, union or another organisation. Unfortunately, income protection insurance is often overlooked or misunderstood by employers and employees when it’s needed most. Insurance is much more than an employer obligation or workplace legislation – it’s the assurance that life can go on as normal no matter what happens.
This area of law can be complex and difficult to understand, while some employers and insurers are reluctant to assist with claims. Without appropriate documentation and evidence, the claim process will stall, and probably fail, but Taylor & Scott are here to help.
Our expert team is led by Ray McClenahan (Partner & Accredited Specialist) and Michelle Meigan (Associate of the Firm). Combined they have over 40 years of experience acting for injured workers. Our representation on your behalf includes:
Undertaking complex legal procedures can get frustrating and just a little bewildering. There is a lot of paperwork involved, especially if injuries or ailments require surgical intervention or ongoing treatment. All medical evidence should be retained and presented along with other claim documentation for an accurate claim outcome. Injuries can be relatively minor or result in partial or total disability, with claim assessments reflecting the severity of symptoms and expected degree of recovery.
In addition, ongoing medical examinations will determine eligibility for continued payments. In most policies the income protection stream is paid monthly, covering up to 75% of regular salary. Payments can continue for a number of years, making income protection insurance a viable alternative to life insurance for people who believe they still have a lot of living to do.
Compensation law is a specialist field designed to protect all Australians. Although workplace and car accident compensation scenarios are familiar to most people, other compensation streams include negligence claims, public liability injuries, dog attacks, holiday accidents, medical negligence and more. Taylor & Scott are dedicated compensation law specialists, fully experienced in the art of winning difficult cases.
Insurance legislation is complex but consistent, and with the right assistance, your compensation claim can become a persuasive legal document. Insurance assessors perform a close inspection of all documents, as financial remuneration is based on standard calculations rather than the whim of a judge, and payouts are made according to the rule of law. It’s worth keeping claim expectations realistic, as ludicrously large payouts are uncommon.
As an additional incentive, compensation lawyers at Taylor & Scott work on a no-win/no-fee basis, providing you with the certainty to make a claim free from financial obligation. Making an income replacement claim can be humbling for those used to hard work for a fair day’s pay, but when life’s essentials and family comforts are compromised, it’s worth sacrificing pride, contacting Taylor & Scott compensation lawyers, and getting recovery back on track.
No matter where you live in NSW, contact us on 1800 600 664 or complete the Contact Form on this page.
This will depend on your type of employment. If you are self-employed or starting up a small business, income protection insurance, life insurance and other cover is highly recommended. However, if you are an employee of a larger company or organisation your employer should already have workers compensation insurance cover in place for anyone in the workplace who suffers a serious accident or injury.
In either case, insurance payout amounts are determined by real evidence that includes treating doctor’s reports, witness statements, expert analysis and more. Ask your employer about the insurance they have in place or speak to your insurer if you are self-employed and requiring a financial safety net. In the event an insurer is reluctant to participate in fair dealings, you require law firm expertise, and a Taylor & Scott Compensation Lawyer will intervene on your behalf to get the outcome you deserve.
Every income protection benefit policy comes with particular definitions of disability, available benefits and time limits for making a claim. Most policies cover up to 75% of a person’s gross wages for a set period of time (e.g. 2 years or to age 60). The type of cover you choose will affect waiting times for making a claim, although most claims can be made within 30 to 90 days.
Income protection is invaluable for assisting people through difficult times, and Taylor & Scott Lawyers will guide you through the process whenever required. Compensation claims can take months to sort out, so take your leave balances for sickness, long service and annual leave into account so you can make a comfortable and cost-effective transition during rehabilitation or recuperation. Our ‘no-win no-fee’ basis means we cover claim disbursements and other costs on your behalf and you don’t pay us until your case is complete.
Many Australian super funds offer income protection. Conditions vary among competing organisations, so contact your super fund for more information. You can pay or top up income protection insurance from super to get maximum cover, making it a flexible solution for keeping finances in order. Superannuation and insurance can both work together to ensure your finances aren’t unnecessarily stretched in times of need.
You will need to inform your personal injury insurer of anything that could impact their decision to insure you, and also adapt the policy over time to conform with changes to your work and finances. You may need to provide your medical history and other information related to your policy.
Income protection insurance is straight-forward, but compensation law is complex, and an insurer can delay the process or even dismiss your claim entirely if the claim is incomplete. Taylor & Scott Compensation Lawyers will save you time, money and heartache, plus maximise potential claim outcomes if you are claiming income protection compensation.