At InsuranceLine, we promise to answer all of your questions in plain English, so you know exactly where you stand.
Here you can find answers to the most common questions we get asked about Bill Relief. For anything else, call us on 13 77 87 or read the Bill Relief Product Disclosure Statement.
Are my premiums tax deductible?
At InsuranceLine, not only are your premiums affordable, but if you earn an income they’re also generally tax deductible. So, at tax time, you can claim your premiums as a deduction (less the optional Kids Injury Cover) and end up paying less tax.
Of course, if you do receive any payouts, they will be tax-assessable, just like your normal income. However, individual circumstances vary, and you should always consult an accountant or financial advisor for matters relating to tax.
What happens if I return to work, then find out that I need more time to recover?
No problem! You can keep receiving payouts - as long as we agree that you’re still unable to work and have not exceeded your payout period - without needing to start a new waiting period. However, you’ll need to resume your claim within 6 months of going back to work.
Do I have to pay premiums while I'm on claim?
No, you don’t. If you’re receiving a sickness, injury or unemployment payout, you won’t pay any premiums until you are either able to go back to your regular duties or the payout period has ended. And once your claim payouts start we’ll credit back any premiums you paid during your waiting period.
How do the payments work?
Sickness and Injury Cover: You’ll receive a monthly payout for the amount you are insured for. Once your claim is approved, you can start accruing payouts once you have been out of action for longer than 28 days. You’ll receive a payout at the end of the month. They will then continue each month you are out of action and under medical care for up to 6, 12 or 24 months - whatever payout period you have chosen. This means you will receive your first payment around 60 days after your sickness starts or injury occurs. If we pay an Express Payout claim, you’ll receive your first payout at the end of the first month.
Unemployment Cover: You’ll receive a monthly payout for the amount you are insured for. You can start accruing payouts 28 days after you are made redundant.You’ll receive a payout at the end of each month. They will continue each month you are out of work, for up to 3 months. This means you will receive your first payment around 60 days after your redundancy occurs, if you remain out of work. Please note that you need to have had Bill Relief for 6 months before unemployment cover applies.
Kids Injury Cover: You will receive a lump sum payment for the amount your child’s injury is covered for.
Double Holiday Injury Cover: We will double your first month’s payout for Sickness and Injury cover (as explained above) if the accidental injury that leaves you out of action happens on a public holiday or while you are more than 200 kilometres from home.
What if I'm sick and unemployed at the same time?
We pay for one claim at a time. The payout you receive will be for the highest amount you’re covered for. For example, if you have Sickness and Injury cover for $2,000 and Unemployment cover for $1,500, you will be paid for the Sickness and Injury claim.
Will my premiums go up?
We work hard to give everyone great value insurance, but unfortunately the cost of providing Bill Relief does rise as you get older. For that reason, your Bill Relief premiums are likely to increase over time. But you can be confident that we keep increases to a minimum, and we’ll give you at least 30 days' notice of any changes.
Your premiums will also go up if you add another person to your policy or increase the cover amount. If you choose our inflation protection option, your cover amount will grow over time, protecting the value of your payout against inflation. That means your premiums are also likely to rise slightly from year to year, in line with your increased benefit amount.
What happens if I can’t pay my premiums?
Let us know immediately if you can’t pay a premium so we can help you work out an alternative arrangement. Your Bill Relief cover will cease if your premiums are more than 30 days overdue and you will lose this valuable benefit.
If I cancel my policy, will I get a refund?
When you take out Bill Relief from InsuranceLine, we give you a 30 day money back guarantee - so if you cancel your policy in the first 30 days, we’ll give you a complete refund.
After that, there are no refunds. Your policy simply gives you financial protection whilst you hold the policy - it is not a savings plan.
When does cover end?
As long as you pay your premiums when they’re due, cover will continue for:
• Sickness and Injury until the policy anniversary after your 75th birthday
• Unemployment Cover until your 65th birthday, unless cover is not renewed by the insurer earlier
• Kids Injury Cover expires on your child’s 18th birthday.
Who will I be dealing with during my claim?
You will be given a dedicated Claims Manager whose details will be on the accompanying cover letter that we’ll send in the event of a claim. They will personally oversee your case and help you work through the details of your claim.
You can contact your dedicated Claims Manager while you are settling your claim. They will explain anything that is not covered here or talk through any concerns you might have.
What’s not covered?
You will not receive a payout if the claim is as a result of a medical condition you’ve had at any time in the 3 years before taking out Bill Relief. Other exclusions also apply, including:
• Mental health disorders
• Drug and alcohol abuse
• Intentional self-inflicted acts
Please read the Bill Relief Product Disclosure Statement for the complete list.