Just a warning to any contractor/self employed out there who pays expensive income protection.
Firstly you can have your contract terminated ( no guarantee of continuation of employment) because you are sick.
Secondly if any condition they deem as being already present before you comenced the insurance is in their opinion a cause of an illness you
suffer..they don't pay.
I have heard from a friend who was told he no longer had a job(on contract) because they had to replace his position whilst he was sick.
See he didn't have to have a medical to be accepted for income protection insurance..but the caveat emptor is exisiting medical conditions are exempt
His doctor said he was suffering from siatica.
He had a siatic episode a year before taking up employment(contract) with this company.
He was sick for three months is now out of work and had no income for three months.
And in Australia there is nothing you can do..he couldn't get sickness allowance because he had no job to return to.
And no unemployment benefit as his partners income exceeds the couple income threshold.
Their combined income doesnt even pay their bills.
Unless he gets another job soon he will be bankrupt.
He paid forty dollars a week in Income protection.
Its a sham.
get a medical first and make the insurance company agree to cover you for any preexisting or existing condition.
If you are fit to work your Income protection should cover you regardless of existing conditions.
But sadly as in life and other insurances existing conditions are not covered.
Oh and HIV related illness is not covered.
Even if you are not aware you have it.
edit on 15-11-2012 by Dr Expired because: body