First things first, you need to ensure your occupation is eligible for day one cover. This is why it is best to look into multiple options or enlist the help of a broker who knows where to look and who is the best when it comes to claim time.
The second thing you need to do is understand the optional extras for day one cover offered by the insurer. This is sometimes called an Accident Option, Day One Cover Option. This usually comes at an expense but can prove very worth it if you are prone to injuries or participating in sport. For example at WE Insurance the owner is covered for Day one cover and also has a recreational loading for Rugby so that if an accident occurs on the field, he’s covered from Day one. This is just one example of how to tailor your cover accordingly. Features will vary from insurer to insurer.
The third thing you must do is clearly understand the policies set out by your insurer so that when it comes to claim time you have everything in order so you can be paid as soon as possible. This means if your insurer requires copies of medical or doctors reports, payslips, PAYG summaries or tax statements (these may vary depending on the type of injury or illness you are suffering and what each insurer requires), that yu need to have these ready as soon as possible to avoid any delays.
And fourth, sit back relax and listen to your doctor so you can get back on your feet and feeling 100% again.
Please note, most day one cover options do not cover you for illness but usually by accidents resulting in an inability to work due to injury.
For more information on income protection or day one cover click here.
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