Income Protection Insurance Becomes More Important with Recent WorkCover Changes

If you haven’t got income protection insurance, then now is the right time to reconsider. With the recent changes made to WorkCover, all the more you need to protect your income or end up without wage replacement after the stated number of weeks in the scheme. And if you already have a policy, now is also the best time to check the coverage in your super. Club Plus Super CEO Paul Cahill even encourages you that if your cover is not sufficient, then find a policy that can give you better coverage.

The Changes

There are actually two major changes that were made to WorkCover in July 2012. One of which is that medical benefits for injured workers are limited after one-year and that a five-year cut-off are applied to weekly benefit payments. This will sure bring a tremendous cut to the usual benefits that injured workers receive after 1 year. As for the second change, weekly benefits are reduced after 13 weeks, so all the more policyholders need to check their income protection insurance coverage to ensure they still get sufficient amount after the 13th week cap. Take note that in the past, WorkCover pays injured workers up to 100% for 26 weeks – such a significant difference to what the scheme offers now.

The Best Thing to Do

These recent changes can sure put a large dent in your wallet once the scheme stops paying you weekly benefits, or you started receiving lower benefits. So the best thing that you can do now is to evaluate your existing policy and see if it has enough coverage. However, if you are covered through Club Super Plus, you need not worry a cinch since this super fund provides you a significant life insurance and income protection insurance. Now, if you don’t have any form of coverage yet, then it’s high time you get a super fund – one that will stay by your side and will protect you 24/7.

Superannuation Coverage

You have to note that not all super funds are the same, so before you get one, make sure it fits your needs. And even though insurance through superannuation is cheaper than getting it directly, it still pays to check its coverage to know if it’s sufficient for you. Club Plus Super covers up to 99% of your income – 90% of which is paid to you and the remaining 9% is to your super fund – and can be the right option for you. So, why not check it out today?