Claiming on Your Insurance
Claiming on your insurance
When you need to claim on an insurance policy, it is often during a period of ill-health, injury, or significant stress. In many cases, people are dealing with a new diagnosis or recovery from a serious event.
Making a claim is largely an administrative process. It involves confirming that the policy applies, understanding the policy wording, completing claim forms, and providing medical or financial information where required.
Claims are assessed against the terms of the policy, and when accepted, benefits are paid according to those terms. Insurance claims are paid regularly and, when they are paid, they can make a material difference to a person’s financial position during a difficult period.
Claiming on your income protection insurance
Income protection insurance is designed to replace part of your income if you are unable to work due to illness or injury. It is important to understand how your policy works, including wait periods, benefit periods, and the definitions used to assess claims.
Being familiar with the features of your policy helps ensure that you claim the benefits you are entitled to, at the time they are available.
Particular benefits on your policy that you should be aware of are:
Hospitalisation, Bed Care or Nursing Benefit
Some income protection policies include a benefit that can be paid if you are hospitalised or bed-ridden for a specified period, often three consecutive days. This benefit can apply regardless of your standard wait or stand-down period.
Worldwide cover
Higher quality policies may continue to provide cover while you are overseas. This varies between insurers and policies, particularly if you are travelling or working overseas for an extended period, or travelling to higher-risk regions.
In some cases, policies may also include assistance with returning home if a claim is being paid while you are overseas.
Benefits and policy terms vary significantly between insurers and contracts.
How different insurance policies apply over time
Different insurance policies apply at different stages, depending on your health, ability to work, and the policy terms. In some situations, more than one policy may be relevant.
For a clearer explanation of how illness or injury can progress over time, and how different types of insurance interact, you can read more here: The disablement process
Moneyworks NZ Ltd
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