Insurance TPD payout from a superannuation fund
If you’ve suffered a total and permanent disablement and are unlikely to return to work, you may be eligible to lodge a TPD insurance claim through your superannuation fund.
Most superannuation funds will automatically provide life insurance cover, income protection, and TPD insurance cover. All of these covers are for a specified amount and are generally available without substantial medical checks. When TPD insurance claims are approved through a super account, a lump sum payment is paid into your existing super balance and is open for full withdrawal, partial withdrawal, or to remain in your account.
To make sure you don’t get caught out by your super’s TPD cover, make sure you check the stipulations of your unique policy to see how you are covered, how your super company defines TPD, and the amount you will be entitled to if you make a successful claim under your existing cover. If you need assistance checking your cover, don’t hesitate to get in touch with our lawyers, at no cost to you. We’ll help you identify your existing TPD cover and assess your eligibility to claim.
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What is TPD insurance in super?
TPD through superannuation is an insurance cover that enables you to claim a payout if you suffer an extended injury or illness that stops you from working. Depending on the insurance cover that is found in your superannuation statements, you may even be able to make multiple claims. Check your superannuation member statements and policies to find out whether you’re currently covered to make a total and permanent disability superannuation claim, or ask us for help. With no cost and no obligations, we can help you assess your TPD cover.
How much will I get from my total permanent disability insurance payout?
The death and total permanent disability insurance superannuation payout you could receive depends on a multitude of different factors. These could include:
- Your TPD cover amount at the time of your illness or injury
- The stipulations of your unique policy
- The length of time you have been paying into your superannuation account
- The cost of your treatment and other fees
- The expected future impact of your TPD
- If you will ever be able to return to work
Without assessing your particular case, we are unable to gauge the compensation you are eligible for. Use our TPD compensation checker to get an idea if you can claim on your TPD, or get in contact with our team to discuss your claim further. We’re here to help you get the most out of your TPD insurance claim.
What is the difference between TPD insurance and life insurance?
Total and permanent disability (TPD) insurance cover and life cover are both types of insurance that can provide financial protection in the event of an unforeseen death or disability. TPD insurance, or total and permanent disability insurance, is designed to provide a lump sum payment if the policyholder is unable to work due to an injury or illness. Life insurance, on the other hand, pays out a death benefit to the policyholder’s beneficiaries in the event of their death or in the case of a terminal illness. Both life insurance products and TPD cover can be found through your superannuation fund.
Should I make a TPD superannuation claim?
Making a successful TPD claim could provide you with the opportunity to pay for your medical fees, rehabilitation and ongoing treatment costs, and other fees such as your living expenses. As a TPD may leave you unable to ever return to work, making a claim could be crucial for your future.
If you decide to make a TPD insurance claim through your superannuation, follow these steps:
- Get an expert to help you complete the appropriate sections of the claim forms.
When you are making a total and permanent disability insurance claim, it is important to ensure that you seek the appropriate compensation for your injuries or illness, and the effect it has and will have on your life and financial situation.
- Ensure all sections of the claim form are completed.
Filling out claims forms is not a simple matter. You need to provide evidence of your injuries with supporting information to back it up. A legal professional who understands the process can be highly useful at every stage of your claim for compensation.
- Lodge the form to your existing superannuation fund.
Ensure you provide all the evidence required under your existing policy to ensure your claim is processed as soon as possible.
Contact us for an initial consultation and share your evidence. We can assess your claim, how much cover you have, and the likely permanent disability insurance total payout you will receive, at no cost. We will advise you so that when we commence legal proceedings you will understand the entire process.
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