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If you’re injured or sick and you’re unable to work then you may have a TPD claim. The following outlines the general process by which a TPD claim is made. We would suggest, however, that you consult a TPD lawyer to give your case the best chance of success.
In the event that you’re injured or sick and unable to work, you need to determine whether you have any TPD coverage. There are generally 2 types of policies which include:
If you are unsure whether you have cover you should:
Once it is confirmed that you have TPD insurance, the policy must be reviewed to determine the definition of ‘Total Permanent Disability’ that needs to be satisfied. Many policies vary in their definitions. For instance, some policies have what is called an ‘own occupation’ clause – and others have an ‘any occupation clause’.
In our experience, most TPD policies vary from $30,000.00 to $700,000.00 but can in some circumstances be even more.
You must consider the information that needs to be provided to the Insurer in order for them to determine your claim. Usually, the insurer will require:
It is often best to provide the insurer with a statement of your own evidence relevant to their decision-making process. It is strongly advised that you seek the assistance of a TPD lawyer with this process as significant caution should be undertaken when you are submitting information to an insurer.
After all the information has been submitted, your TPD lawyer will generally ask the fund to make a determination as to whether you satisfy the relevant definition of ‘TPD’. If you do, then you will be entitled to the insured benefit specified. If not, then you are not, in their opinion, eligible for the benefit.
If the insurer declares that you are not eligible for the benefit then there are a few things which can be done. Such avenues include:
* Disclaimer: The information provided here is to be considered general information only. It is not legal advice, and does not consider your personal circumstances in any way. It should not be relied upon for any purpose – legal, financial or otherwise.
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New laws have been introduced as part of the Federal Government’s ‘Protecting Your Super’ packages. This package is aimed at ensuring insurance within your superannuation is appropriate and that members are not paying for insurance that they do not know about or paying premiums that may erode their retirement savings. Accordingly, if your superannuation account has been inactive (which means no contributions have been received for 16 months), on 1 July 2019, your insurance will be cancelled – unless you direct your fund otherwise. In the event your account is inactive, you will need to take action at least 2 weeks before 1 July 2019 and nominate whether you want to opt in and keep your insurance.
While insurance through superannuation accounts may not be appropriate for everyone, it could offer financial support if you become injured or ill. If you do not elect to continue your insurance, your insurance cover will be cancelled and you will not be able to make any future claims on your insurance policy in circumstances where the relevant date upon which you become disabled within the meaning of the policy post-dates the cancellation. If your insurance is cancelled and you subsequently wish to take it back up, you will have to make a fresh application for it and there is a risk that the insurer will not accept your fresh application or that your new insurance will not cover you sufficiently, depending on your circumstances.
We want to ensure that your insurance is effective and in your best interests. If you believe your super account may be deemed inactive, we urge you to seek advice from a financial adviser as a matter of urgency as to whether you should continue your insurance cover. We, as lawyers, cannot provide any financial advice and we would suggest you seek financial advice regarding any insurance decisions you make. However, if you need any assistance with a TPD insurance claim, please do not hesitate to contact us.
* Disclaimer: The information provided here is to be considered general information only. It is not legal advice, and does not consider your personal circumstances in any way. It should not be relied upon for any purpose – legal, financial or otherwise.