Look for the tiniest loophole
Through my financial planner I applied for income protection insurance combined with trauma insurance through Comminsure
They wanted a medical report from my doctor, fair enough, when they finally got it, they approved my application with 2 exemptions, 1 for a stomach ulcer , which I accepted as it is an ongoing condition,treated with tablets.
They also applied an exemption for anything to do with backs, discs, Nerves in back etc because according to the doctors report I saw him 2-3 times in 4 or so years for the odd sore neck.
I informed the planner if they want to be so picky, then I won't bother with the application.
I see from other posters this is a familiar tactic.
Through my financial adviser, i applied for income protection. After filling loads of paperwork then answering further questions about my job role, I find out I was rejected through a letter. They didn't seem to understand my role nor called me for an understanding. Also if you've had minor health issues, especially related to the back, then don't bother applying. The application was an absolute waste of time.
Questions & Answers
To Whom It May Concern,
My name is Christine Kennedy and I've had an income protection policy with u for several yrs. Due to a work place accident I've been unable to work since last November. My inquiry is about applying for a claim on my policy to help me financially. Could u please advise if I am eligible for a claim at this time. I'm sorry where I am at present I don't have my policy number available.
When is income generated?
I receive monthly fees as well as a fee on completion of a professional advisory service provided. The completion fee is payable upon the execution of the contract. My business accrues the income from an accounting perspective on the issue of the invoice. The taxation of the invoice is a separate matter and depends on if you lodge on a cash or accrual basis. The taxation returns do not measure income generated, but rather measure taxable income.
CommInsure argue unequivocally that income is not generated until payment has been made for those services. This is despite an indisputable legal obligation arising from the execution of the contract and issue of the invoice (which was paid in the next financial year). Their monthly claim form also states that if you are self employed that you must provide details "..the gross income before tax & GST that has or will be invoiced by your business for work performed during the claim period"
So what is it?
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