Why You Shouldn’t Wait Until You’re Sick or Injured to Get Income Protection Insurance

How much of a heads-up do you get before an illness or injury strikes? That’s why you need Income Protection Insurance for today, not tomorrow. You can’t predict when you need to claim your insurance, but you can be ready for it.

Your Income Protection Insurance is a financial cushion that should be in place before you need to claim it to ensure that you are effectively protected. You may be thinking, Why would I need coverage for something I don’t need to claim yet? The truth is, it is easier to believe that you can protect yourself and consider your options after an unexpected event occurs, but in the event of your illness or injury, it will be the last thing you want to do. We have options for you today, so don’t wait until it’s too late, as this may complicate your Insurance claim for several reasons. 

Too Little, Too Late

Income Protection Insurance acts as a safety net to support you with any unprecedented events that may leave you financially vulnerable. Getting insured before you require the support means you will have access to lower-cost premiums and be eligible for wider cover. Pre-existing health conditions are subject to higher costs and may be excluded from your insurance coverage. Therefore, applying once you’re already ill or injured may affect the financial support that you’re eligible for. You may be risking having less of your income covered, which is the last thing you need when you’re trying to recover.

An estimated 31% of Australians currently have Income Protection Insurance, meaning that it is all too common for individuals to find themselves seeking cover after the fact. Our team of dedicated professionals at Morgan Insurance Brokers can tailor your coverage to your needs and provide you with professional advice to ensure you make the right decision for the safety of your livelihood. 

Don’t Fall Behind on Payments

If you already have Income Protection Insurance in place, it is easier and quicker to claim. Getting protected beforehand means you have the appropriate time and capability to choose the most suitable waiting period. Waiting periods can be 30, 60 or 90 days and refer to the time required to wait until you can receive your insurance benefits. 

Income Protection Insurance claims are generally approved within two months of the insurer receiving all the relevant information required to raise the case (if there are no further delays). After its approval, your waiting period terms will help you to understand when you can receive the first payment. By waiting until you ‘need’ your Income Protection Insurance to get covered, you are delaying this timeline further.

Whilst you are absent from work with your illness or injury, you may need to cover rent, utility bills or groceries. Getting insured earlier means that your repayments can be made to you after approval is made and your waiting period has been covered. Don’t fall behind on your payments; get insured before it’s too late.

Focus on Recovery

One of the most important factors to consider is your peace of mind. By having your Income Protection Insurance cover in place before you are in a position to claim it, you ensure your financial stability. There is nothing worse than falling ill or getting injured, and having to worry about how life will go on whilst you recover. Take this pressure off your shoulders by taking the necessary measures today.

The best thing you can do for yourself is focus on recovery. With Income Protection Insurance, you can rest assured that should you need to be absent from work and qualify to claim your cover, you will be financially protected. 

Speak to our team today to understand how you can be confident that if life happens, you can afford the privilege of treatment and recovery.

Get Started with Morgan Insurance Brokers

If you’re not sure where to start or what coverage you need, you’ve come to the right place. You can get a quote from us today. Our team of expert professionals can advise you on the ideal coverage for your circumstances and ensure you understand how you will be protected.

We’re dedicated to ensuring your financial safety and stability. Start with us today.