Superannuation and TPD Insurance Claims
Superannuation planning is not just about your retirement years but also about protecting your lifestyle now and in retirement as well as ensuring financial stability for you and your family if and when you need it.
Many Australians are not aware that their superannuation fund may provide them with certain levels of insurance should they be permanently injured or become seriously ill and unable to work. Suffering an injury or illness that forces you to cease working can cause serious financial hardship so it’s vital for all adults to have a plan in place.
Securing these benefits can significantly reduce your financial pressures as a result of any serious medical conditions.
Total and Permanent Disablement Insurance through your Superannuation
If you stop work due to illness or injury you may be able to get a 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 you stop work, provided that you are less than retirement age at the time you stop work. This means that to claim your TPD insurance, you don’t necessarily have to have been injured in the workplace. You could suffer a terminal illness or be seriously injured in a car accident or had a major fall at home that prevents you from returning to work.
Many policies have different definitions of what constitutes a ‘TPD’ so it’s important to understand the definition within your policy(s).
There are also time limits for claiming TPD but benefits can generally be claimed even if you have stopped work years ago. A lawyer experienced in superannuation can help you read between the lines of your policy to understand all the facts.
Knowing you have benefits for a TPD can provide peace of mind, not to mention much needed money in the event that you need it to get back on your feet.
Income Protection Insurance
Many superannuation funds also have income protection benefits which members can claim if they are unable to work due to injury or illness. If you cannot work for a temporary period of time, or indefinitely, income protection can alleviate your financial pressures by covering a percentage of your wages to help you maintain your lifestyle and 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.
Death Benefits through your Superannuation
Most superannuation funds have some form of death insurance benefits available for the fund’s members. A death benefit is usually a large lump sum payment to a nominated beneficiary after the policy holder dies.
Claiming these benefits can be difficult and time consuming and 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 straight forward process though and you should seek advice from an experienced Superannuation lawyer to guide you through the process.
Early Access to Super
Some policies allow the policy holder to withdraw their superannuation earlier than prescribed by the law. If you feel that you have a case to access your super early or if you are dissatisfied with a decision of your fund regarding any of your potential entitlements, you may be able to dispute the decision. Andersons’ team of lawyers experienced in super claims can discuss your options with you.
If you would 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.
Whilst TPD, IP and Death Insurance is usually held within superannuation policies, private policies can also be held.
We offer a FREE, no obligation 30 minute interview for initial advice on all Superannuation and TPD claims to help you understand where you stand.
Why see a Personal Injury lawyer?
A lawyer can help complete your claim form, explain your rights, and make sure you don’t settle for less than you deserve. Don’t accept an insurer’s offer without speaking to us first – it could save you thousands.
We offer a free, no-obligation first interview (by phone or in person) to discuss your claim and the likelihood of compensation.
No Win, No Fee
If you’re worried about costs, we can help. For most claims we offer a no win, no fee arrangement – meaning you won’t pay us if your claim isn’t successful. In many cases, insurers also cover a significant part of your legal fees. We’ll explain everything up front, so there are no surprises.
What else might I have to pay?
Sometimes there are out-of-pocket costs, called disbursements – things like medical reports that support your claim.
Often, we can negotiate with the insurer to cover these expenses. Where that’s not possible, we’ll help you explore other funding options or set up instalment arrangements, so you’re not left out of pocket unnecessarily.
How Andersons can help
At Andersons, our dedicated personal injury lawyers are here to guide you through the process with understanding and expertise. We’ll fight to protect your rights, support you along the way, and work to secure the best possible outcome.
You’ve got nothing to lose – contact us today on 8238 6666 or email enquiry@andersons.com.au to book your FREE first interview
Are you aware of your rights and entitlements within your Superannuation policy?
