Recovering from an accident sustained in your workplace? First things first, look at your Income Protection Insurance. You’ll need to open your claim to start receiving your payouts. You may be unsure of what happens next or how to manage your Income Protection Insurance payouts as your temporary income. 

Let’s take a look at what you can do to ensure you benefit from your Insurance and focus on recovery. 

Where do I start?

If you’ve suffered from an illness or injury that has meant you’re out of work, you’ll want to start by claiming your Income Protection Insurance. You’ll need to review your policy first to determine the terms and conditions and if they apply to you. Of course, you don’t need to do this alone. You can reach out to a trusted Insurance Broker, like Morgan Insurance Brokers, who will be able to advise you on the details of your cover and what you can do next. We can take it from here for you. You should expect that we’ll request documents to assist with the submission of your claim. Documents required may include: 

• Medical certificates and reports
• Proof of income
• Identification
• Employer reports

After this process is complete, you will need to fill out your claim form, attach all the relevant documentation and submit it. It will be reviewed, or additional information will be requested if necessary, and then your claim will be approved as per your policy terms. 

Budget, Budget, Budget

Now that your claim has been approved, your payouts will begin according to your waiting period. So, how do you manage this as a form of income? 

You would have considered multiple factors when choosing an Income Protection Insurance that works for you, where you should be clear on the essentials you’ll need to cover with your payout amount (rent, groceries and bills) and any amount you may have leftover to fund your lifestyle. It is important to remember that Income Protection Insurance usually covers 70-90% of your usual income, so you’ll already be on a reduced amount. To protect your livelihood and ensure you aren’t dipping into your hard-earned savings, you should budget where you can once your essentials are covered. 

Where possible, you may also want to consider other ways you can access financial support so that you aren’t relying entirely on your Income Protection Insurance. For instance, superannuation funds, if applicable. This will supplement your payouts with other forms of income and allow you to fund your lifestyle.

Consider Other Benefits

To enhance what you get from your Income Protection Insurance, take another read at your policy to understand other hidden benefits. Partnering with Morgan Insurance Brokers is a good way to ensure that your policy is beneficial to you and land a deal that is customised to your needs.

Examples of hidden benefits that may apply to your policy include:

• Rehabilitation benefits: If you’re receiving payouts from your claim, you may be entitled to rehabilitation services and programs, which means you don’t need to cover this out of your pocket. Get back on your feet quicker by accessing your perks.
• Partial Disability benefits: If your illness or injury means you can return to work but at a reduced rate, some policies will continue to fund you partially. This helps provide a safety net whilst you get back up to speed. 

So, to successfully supplement your income whilst you’re recovering, you should consider the benefits of your policy to maximise your recovery time and your out-of-pocket costs.

Plan Ahead

As your payouts come to an end, if you return to work full-time, you will want to assess your health status to begin managing your income. The best way to manage these payouts is by navigating the length of time you are expected to receive them. Don’t be caught off guard if you return to work and stop receiving support. 

It is also important to keep your insurer informed of your progress as it becomes likely that your treatment is coming to an end, and you’re ready to return to full-time employment. 

Your Financial Health with Morgan Insurance Brokers

With us, you don’t need to navigate this alone. We can help you from the start in answering any questions you have around Income Insurance Protection, up until you have claimed and are ready to go back to work. 

Your financial health is our priority; we won’t let you get off track. Contact us today, and our team of professionals will help you get started