Hello I have income protection through my Super (Australian Super)…unwritten by TAL. Does anyone know if TAL, via AusSuper, with allow individuals to claim and get their income protection payments in this current crisis, even if no sign of infection for the individual in question?
Or because the nature of Life insurance is to do with an individuals current health, would they just say no if you are currently healthy?
Thanks in advance.
Hi, going by product review website, TAL are shocking.
But then many insurance companies are crap when it comes to pay.
If you had your insurance for a while; before the virus outbreak, then IMO you will be insured.
Read your PDS to clarify.
Cheers
It is fairly hard to get 49 1 star reviews from 49 . OP and some others might learn to do some due diligence prior to signing up .
And OP no chance of a payout . Cancel the policy .
https://www.productreview.com.au/listings/tower-income-prote…
It is fairly hard to get 49 1 star reviews from 49
If it was any other service, I would agree with you however I'm not surprised as it is an insurance company.
When it's time to claim, they use any excuse or loophole to get out of paying.
In my view, insurance is the most lucrative and the biggest scam ever created.
While each PDS is slightly different, generally IP (Income protection) will only pay if you are sick or injured and unable to work for at least the waiting period, and will only pay you until you are recovered. If you are unable to work for reasons outside of you being sick, its highly unlikely you will be able to access any benefits.
Having IP inside super means that not only do you need to meet the requirements of the policy, but also the conditions of release set for superannuation. Being unable to go to work due to a pandemic is not a condition of release in itself, so you would only be able to access it under the hardship provisions (such as those referenced in the new stimulus package today).
If you want to know how your policy relates to your personal circumstances, seek advice from a financial planner. AustralianSuper have them but you can also use an external planner. They will be the only ones to be able to give you a definitive answer.
I'm not sure but you can access your PDS to check for yourself.
Obvious answer - call Super/TAL
My guess - the best you might get would be a benefit if you are sick
Just retrenched etc - prob nothing
Thanks, you're probably right - will give them a call Monday
Retrenchment is a separste insurance
As far as I'm aware, there is no insurance of any kinda that protects you from a pandemic like this.
even if no sign of infection for the individual in question
Are you crazy?
Income Protection is for when you are unable to work when you are sick or injured. So if you have CV then yes, you probably can start to look at a claim, but if you are just sent home from work then no, you won't be eligible. Most income protection policies have a requirement when you have to be sick for 4 weeks (sometimes 2 on more expensive policies) before you can start the process of making a claim. It's unlikely that CV will make you sick for greater than 4 weeks, so unlikely that income protection is going to be able to be accessed.
But, as others have said, read your PDS or contact them to be sure.
Good and sensible advice everyone, thanks for the comments.
The income protection will have a PDS or equivalent. You will need to read this to find out what criteria you must meet to qualify.