Do you know what the #1 reality in life is? Well, truckies or not, everyone just can’t have everything in life. There will always be exclusions. Even the most stringent of rules has its exclusions. When it comes to ware replacement insurance, there are no so-called unwritten rules though. Everything is always written on your policy. The nitty-gritty of your coverage, some caveats, and exclusions are always presented in a black and white form wherein the signature of the policy holder will be affixed.
Like other insurance policies, Australian truck drivers wage replacement insurance has various exclusions. Reliable and trustworthy financial advisers and insurance brokers will always give you time to read the fine print on your policy and then, go on explaining the whole shebang should questions and clarifications arise. To give you an idea, here some of the most common exclusions on wage replacement insurance, income protection, or other policies.
Pre-Existing Health Issues. Insurers, financial advisers, and insurance brokers or agents alike widely recommend for truckies to disclose all pre-existing illnesses and injuries or medical conditions when getting their hands on wage replacement insurance. Some truckies lie or accidentally omit certain conditions assuming them as irrelevant only to be denied benefits when claiming. Complete disclosure, however, may give you a hard time finding an insurer or, in most cases, can mean a much heftier premium payment.
Chronic Condition Or Recurring Illnesses. Chronic diseases are health conditions that never go away. This involves incurable diseases or ailments that happens constantly or recurring indefinitely. Often, these illnesses has no cure like diabetes and asthma, but can be managed or controlled. To the world of insurers, a chronic condition carries a red flag which can either be a ground for denial of insurance application or higher rate in insurance price.
General Exclusions. Most insurers stipulate a 6-month threshold or at the very least, a certificate of regular employment to a company. This will help confirm any questionable redundancy or seasonal jobs scheme from slipping into their fingers. If a truck is owned and operated, many insurers will take a good look at your business credentials taking the longevity of your services. When any of these are found amiss, insurance application or perhaps claims may be rejected. Some insurers may also deny benefits for willful misconduct. Other common exclusions may also be deemed fraudulent by an insurer like self-inflicted injuries, not following doctor’s advice, criminal acts, disability due to HIV/AIDS (and other diseases stipulated on the policy) or misuse/abuse of drugs or alcohol.
Contrary to popular belief, exclusions for wage replacement insurance or any truck drivers insurance for that matter are meant to not just protect the insurer’s assets but also the best interests of its policy holders. So, before you affix that signature, it is imperative that you read the fine print on your policy and ask points you have difficulty understanding. Make sure all the “I’s” are dotted and all “T’s” are crossed. Doing so will help guide and ease your way to claims.
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Have difficulty understanding the fine print on your wage replacement insurance policy? Call our office or enquire online.