Life insurance
Find out more about insurance payments following an injury.
Income protection insurance
If you have income protection insurance, you may be able to claim for lost wages if unable to work due to a serious injury.
Your superannuation fund may even include limited cover for income protection. Check with your fund manager to find out more.
Each income protection policy has its own definitions and conditions, but there generally is:
- a set waiting period before payments start
- a defined period until payments end
- a payment schedule based on an agreed percentage of your income, either at the time of injury or when the policy was taken out.
Check with your insurer or super fund manager about eligibility, waiting period and the claims process.
Other types of life insurance
Other types of insurance that can help offset loss of income and pay for health and medical bills include:
- total and permanent disability
- trauma insurance
- personal accident cover.
Learn how life insurance works and the different policies available at Moneysmart.