Triple check your insurance

Insurance is an ongoing expense that must be justified. It is therefore important to triple check the fine print every year to ensure that you are covered.

Otherwise, you are paying for junk insurance. Do not rely on your insurer to tell you if you are paying for insurance that you do not qualify for. TPD junk insurance is a good example of this. It is common for a worker to spend their working life paying for total and permanent disability insurance, get injured on the job and then discover that they do not meet the criteria to claim because they have recently gone part-time for example.

When you are part-time insurers apply the ADL test which is almost impossible to pass. You must be permanently unable to perform basic activities of daily living, like feeding yourself, washing yourself or clothing themselves. This is utterly unfair, as being able to feed and wash does not qualify you to work.

Implementation and cost

• Triple check the fine print of your insurance policies each year.
• If your circumstance changes (e.g., move from full-time to part-time) check your policies.
• Look out for policy updates from your insurer and triple check the changes.