Hi just wondering if anyone has income protection and does it cover kite surfing injuries i have been reading these threads about people hurting themselves and i dont think i could afford to have 3 months off work
I just got income and life insurance as a new years resolution. I've been pretty lucky with some of the stuff I've done over the years but had another good injury lately which got me thinking. Mine only won't payout on motorsports and competition sports.
I specifically asked about kiting, surfing and wakeboarding ask sweet! Think I might have even discussed snow. Don't think it'd pay out on illegal activities though so no go kite areas or life jacket rulings may void claims.
I went with insurance line who cover it if you ask them to but I'm not covered if im competing in any sort of competition no matter how low a grade competition it is no chance of that yet anyway
My understanding is most income protection insurance companies will cover you as long as you don’t do any competition riding. Just make sure you disclose it and it’s added in the policy.
I work as a financial planner so IP is something I deal with all the time. My advice is go and deal with a reputable insurance company, the cheap policies out there with no medical checks are just that, you pay for what you get and good luck trying to claim on them. Try and not have it through your super if you can afford to, you can have lots of extra options outside of super that are not available through your super such not having to wait for your waiting period to expire if you have an accident or brake a bone for example and its 100% tax deductible. Plus you don't have to deal with the insurance company plus the super company trying to get your money, as officially the super company owns your policy not you! Make sure you get it set up to suit your personal circumstances and get a few quotes so you can compare what your getting.
I set mine up through comm bank it's arond 2k a year 1 month waiting period 5 year coverage. I have had 2 injuries where I have made claims and may need to use it again soon waiting atm to see surgin. You can't cover 100% of your salary but it is paid without any taxes removed which you will have to pay come tax time.
Policy pays out monthly at the end of the period so if you have a one month waiting period it will be 2 months before you see any money. So you need to have enough funds, sick leave or annual leave to cover that time. You can obviously pay a higher premium to reduce the waiting period if you decide to go that way.
If you are serious about it stay away from the cheap policies they really don't offer enough cover.
