Many Australians are not aware that their superannuation fund often provides them with certain levels of insurance should they be injured or become ill and unable to work. People who suffer injury or illness (for example cancer, a stroke or multiple sclerosis) will often experience significant financial hardship (on top of their injury) because they are no longer able to work in meaningful paid employment.
Andersons works together with law firm Berrill and Watson, experts in securing entitlements to lump sum insurance payments from superannuation funds. If you’d like to investigate your entitlement to any insurance components from your superannuation fund or you’re having difficulty with a claim you’ve commenced, talk to us about your options.
If you stop work due to illness or injury you may be able to get a large lump sum payment for Total and Permanent Disablement (TPD) from your superannuation fund or its insurer.
These benefits are usually available irrespective of the reason for stopping work, provided that you are less than retirement age at the time you stop work. So, to claim your TPD insurance, you don’t necessarily have to have been injured in the workplace. You could suffer a serious illness or have been seriously injured in a motor vehicle accident or had a major fall at home that prevents you from returning to work.
Benefits can provide much needed money to get people back on their feet.
There are some time limits for claiming TPD but benefits can be claimed even if you have stopped work years ago. It is best to get legal advice from a lawyer experienced in Superannuation law before making a claim.
As with TPD benefits, many superannuation funds also have Income Protection benefits which members can claim if they are unable to work due to injury or illness.
Income Protection benefits are designed to provide a source of replacement income to injured or ill people and can provide a great source of extra income to keep the debt collectors at bay.
As with a TPD claim, there are also time limits for claiming income protection and it’s important to seek experienced legal advice early.
Superannuation funds have Death Insurance benefits for the fund’s members. A Death Benefit is usually a large lump sum payment.
Claiming these benefits can be difficult and time consuming. Obtaining expert legal advice can be the difference between having your claim accepted and paid or denied.
There are circumstances where you may be able to claim death benefits prior to death; for example, where you have been diagnosed with a terminal illness. This is not a simple, straight forward process though and you should seek advice from someone experienced in this area of law.
When you want your options for superannuation payments checked, in conjunction with our partners at Berrill and Watson, we offer a “free super check”. They act on your behalf on a “No Win, No Fee” basis if our free check shows that you have insurance cover in one or more of any superannuation funds in your name. Feel free to contact us to have your superannuation entitlements investigated.
If you have lodged a claim for life insurance or other insurance benefits not associated with your superannuation fund and are having troubles with the insurance company, we are also available to assist with this.