There are several issues that you must be aware of, before purchasing income protection insurance, ANZ. These include:
Of course, you don't want to be turned away just because you aren't eligible for coverage. Therefore, you must be aware of the requirements.
Firstly, you should be aged between 18 and 59 years to apply for coverage (this doesn't apply when lodging a claim, since the oldest claimant in 2013 was aged 84 years, based on data from OnePath - owned by ANZ). You must also possess Australian or New Zealand citizenship. If that isn't the case, an Australian Permanent Residency Visa will suffice.
Just as with many other income protection covers, successful applicants would have to be working a minimum of 20 hours every week, within their main occupation. Moreover, you are required to have been in continuous employment or self-employment during the past 12 months for those living in Australia and a period of 24 months for those residing in New Zealand. Above all, you are required to be residing in Australia at the time of applying for coverage and when receiving the Product Disclosure Statement (PDS).
If you meet such conditions, then you can easily apply for coverage, otherwise you might need to ensure that you satisfy all necessary conditions beforehand.
Consulting A Financial Adviser
Applying for income insurance is a major decision, which will have a great impact on your financial security in times or injury or illness. In order to make the best decision, you need to consult highly-skilled and competent professionals in the form of financial advisors.
Financial advisors will provide solid and reliable information to help you competently weigh up different options, so that you can make well-informed choices.
Obviously, the advice you get will be suited to your specific goals and needs. This will help you in selecting the most suitable types of cover to purchase. Moreover, you'll be better able to gauge the ideal coverage you need. This is important in avoiding excessive premiums for unnecessarily high coverage or inadequate levels of coverage.
Actually, you don't just need a financial advisor only when applying for coverage. This is a professional who will be instrumental in guiding you during the entire period that you maintain your cover.
Conditions That Can Cause The Insurer To Decline Benefit Payment
The main purpose of getting coverage is so that you can get a benefit payment when need arises. Therefore, it's particularly important that you're aware of any conditions that can disrupt this.
You'll need to go through some regulatory aspects since such conditions may hinder payment of benefit claims. The most significant being the fact that your insurer wouldn't reimburse expenses specifically regulated by the National Health Act 1953 and the Private Health Insurance Act 2007.
Direct or indirect claims arising from anything happening to you in war would also not be paid. The same also applies in case you perform an intentional act or omission.
The case of an uncomplicated pregnancy, miscarriage and childbirth has a little bit of flexibility. Although no benefit payment would be made in these situations, the insurer would consider claims based on what happens thereafter. Benefit payments would apply from the end of a three-month period if you experience total disability exceeding three months afterwards.
Kerrie Peacock regularly updates Australians on new products and services within the personal insurance industry. Such aspects are also competently covered in the MeCovered website. For more information on income protection and various other associated policies navigate here.