Superannuation & Insurance (TPD)
The Basics
If you have lost your ability to work due to an illness, injury or disability, you may be able to access compensation through your superannuation fund.
Total Permanent Disability insurance may be attached to your superannuation. This insurance cover is designed to help you if you meet the policy definition of not being able to work in the future. Each policy is unique and will need to be checked carefully. Usually there is a lump sum payment made to you if you satisfy the insurer of the requirements under the policy.
In our experience most policies will allow for a lump sum payment. Some policies spread the payment out over a number of years by making them annually, rather than one large payment.
TPD Claims are No Fault
It is important to understand that there is no need to prove fault on the part of another person in order to succeed with a TPD claim. The injury or illness does not have to have occurred at work.
TPD claims can be brought by people who have suffered from all sorts of illnesses or injuries. Some examples include:
- Cancer;
- Accidents occurring whilst on holidays;
- Sporting injuries;
- Heart attacks;
- Car accidents;
- Psychological injuries like PTSD, depression and schizophrenia;
- Lyme disease
Our experienced team has a proven track record of achieving fast and cost-efficient results for clients who wish to claim for:
- Total and Permanent Disability (TPD);
- Income Protection;
- Trauma;
- Terminal Illness;
- Life Insurance or Death Benefit.
Important information to note
Are there Time limits to bring a TPD claim?
There are generally no time limits, but usually the sooner you lodge your claim the better.
As you age the value of the TPD cover usually declines so that can be another factor to consider.
In some cases, the timing of when you initially lodge your TPD claim can be critical, from a tactical perspective. Your particular policy should be checked for any fine print regarding time limits or other possible get out of jail clauses for the insurer, just to be safe.
If your claim is rejected by the fund or insurer then time limits are important.
Terminal Illness Cover- TPD
If you are diagnosed with a terminal illness, you will be entitled to claim under the death benefit cover. In certain cases the insurer will approve this compensation prior to your death.
Income Protection
Separate to any TPD claim you may be entitled to make; you are likely to have certain income protection cover through your superannuation.
Some policies will cover you for 2 years if you are unable to work. Other policies will provide income protection cover until age 65. Your unique policy will need to be looked at carefully by one of our experienced lawyers.
