Income protection
Jodles
Member Posts: 16 ✭
Hi. I was wondering if any of you lovely ladies have had experience during your journey with income protection. I have had a policy in place for the last few years and I’m looking at making a claim seeing as I will be out of action for about 6 months. I contacted my insurance company and they couldn’t give me a straight answer. I’m covered for serious illness which covers breast cancer but it sounds like they won’t pay it to me unless I have the whole breast removed. At this stage I’m not sure what the surgery will be as we are waiting for the core biopsy results to determine the best course of action. I’ll have a chat to my Drs and see if they know anything. I’m just a bit worried that I’m paying all this money and I won’t be entitled to it. Like honestly, is breast cancer not enough let alone the possibility of losing my breast? They have really upset me by not giving me a straight answer. I can’t afford 6 months off without an income 😢 Any advice would be appreciated xxx
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Comments
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Some policies, particularly the older ones, have two different elements:
- Trauma. This is a lump sum payout you are eligible to claim when certain events occur. This is likely to be where the idea you have to have a mastectomy to qualify will have come from as amputations are usually covered. The lump sum varies according to the policy, but the default is usually about $10K most insurance companies are slowly getting rid of these policies or making them prohibitively expensive, so if you still have that cover you are lucky. Check and see if your mortgage insurance has this included as well.
- Income protection. Once again, depending on the policy, you will be able to claim for certain events--such as an illness that incapacitates you to the point you cant work. I would be surprised if you would require a total mastectomy to qualify, but if I remember rightly you do need to be undertaking treatment. IN situ cancers and some melanomas dont count. There is generally a 90 day withholding period so you will be without income for that time. Read the policy carefully--there have been occasions where the companies have discontinued payments because someone has gone back to work for one day or, I believe, accessed sickness benefits for the 3 months between stopping work and being eligible for a claim. That might be an urban myth, but it is worth checking it out.
I seem to remember @sister investigating income protection and a think @melclarity managed to make a successful claim.
Good luck Marg xx
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@Jodles Im so sorry to hear about the extra stress that you are being put under by this! @Zoffiel thank you, is absolutely right. I had income protection, it was through VicSuper it's an education one, they have a built in component of income protection which I don't pay for it's part of the super, they dont tell you though!! What Superannuation are you with?? I had my 2nd bout of BC in 2015 and finished treatment in the December, it took me til Feb to find this and put in a claim, I had served my 90 days by then, so that was great. I DID not have to lose a boob to qualify, that's the most ridiculous thing Ive heard, all you need to qualify for income protection is a Breast Cancer diagnosis I was told.
I started my claim once my sick leave was exhausted and it last 2yrs, it was 75% of my predisability wage. I did go back to work 3 days a week, but it took me 2yrs to go back full time. The insurance company AMP were fantastic! they organised an Exercise Physiologist for me and so many other services.
Who are you with?? Id certainly wait until you know more about your diagnosis and even wait to claim depending on your treatment. xx M3 -
Thanks! I’ve spoken to my breast care nurse today and she said my specialist will sort it for me as he knows exactly what to do. They have all been fantastic! I’m with Real Insurance. It will be a lump sum payment if I qualify1
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Aaah ok, Hmmm must be different to income protection then, as that is paid like a wage more or less. Every insurance company is different and require different things which is crazy! so it may be more involved in terms of diagnosis and treatment being a must under their guidelines especially if its a lump sum.2
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Sounds like you've got trauma insurance @jodles but I'm no expert. For me, it was 30 days of paid or unpaid leave before I could claim 75% of my salary (less tax) for up to 2 years. There was a lot of paperwork to fill out and documents to copy but as far as I know, given it was cancer, it rested on my GP and onc's definition of whether I was fit for work or not.0
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Hello @Jodles
Not sure if you have seen our factsheet below
https://www.bcna.org.au/media/6808/bcna-fact-sheet-managing-work-finances-and-breast-cancer.pdf
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