We all know life can be messy and unpredictable at times, whether it’s a terminal illness or a permanent injury. So, if you or someone you know is out of work due to ill health, an injury or a mental health issue and is totally and permanently disabled, just know you are not alone. Many Australians are unaware they can make a TPD claim on their superannuation fund despite having hundreds of thousands of dollars in TPD benefits sitting in it.
Navigating the Challenges of a Disability
For some, it can be nearly impossible to return to their field of work. Medical and rehabilitation costs can be overwhelming to deal with, especially if they ask for a large or sizable lump sum payment upfront.
Understanding Your TPD Insurance Options
Learning about your total permanent disability (TPD) insurance cover options is important when considering your superannuation policy. This is why you require Total and Permanent Disability insurance and should be informed about the kind of protection your Superannuation Fund provides.
Defining Total and Permanent Disability
Total and permanent disability insurance protects people who are unable to work due to injury or illness. It is provided after a member meets the criteria in their superannuation policy.
Criteria for Determining TPD Benefits
The severity and nature of the injury or illness, the person’s age and educational background, medical history, and the accessibility of potential work possibilities are only a few examples of the criteria that may be used to determine total and permanent disability TPD insurance benefits.
A medical evaluation is necessary to assess the severity of the handicap and how the disability affects the person’s capacity or ability for their occupation, future employment, and overall quality of life.
Understanding Permanent Disability Insurance Cover
If you’ve asked yourself, “How much cover will I get?”, especially after being unable to work at your usual job, it can be a challenging road to navigate on your own, especially now with lost income and your life demands continuing around you.
TPD Claims and Lump Sum Payouts
With a total and permanent disability claim, permanent disability TPD insurance benefits can provide a lump sum payout, supplying you with the ability to pay for the best medical and rehabilitation services, should you require them.
Identifying Permanent Disabilities
Basically, any sort of injury or illness that prevents you from working in your usual occupation can be classified as a total and permanent disability.
Types of Permanent Disabilities
There is no single definition as there are multitudes of permanent disabilities, critical illnesses and injuries that may impact an Australian worker or resident’s day-to-day life, such as:
- Spinal cord injury
- Amputation of limbs
- Mental illnesses (e.g., depression, anxiety disorders, schizophrenia)
- Muscular dystrophy
- Physical injuries (e.g., back injuries, brain injuries)
- Chronic health conditions (e.g., cancer, multiple sclerosis, heart disease)
Seeking Lump Sum Payments for Total Permanent Disability in Australia
If you have been unable to work for 3 or 6 months, call us so we can investigate a claim for you. It’s worth calling as long as you have been unable to work due to injury or illness.
Considering All Injuries and Illnesses
It’s also important to remember that TPD claims consider all your injuries and illnesses as a whole.
Do I Need to File a Workers’ Compensation Claim?
Filing a workers’ compensation claim for a physical injury is not necessary, nor do you have to prove how or when the physical injury occurred. The fact that you are unable to work due to having a physical injury is acceptable enough. It is important to document your injuries and treatments with your local GP, however.
Exploring Total and Permanent Disability in Life Insurance
Whatever your financial plan or insurance cover, note that three types of insurance coverage plans are offered by your super fund to members:
Life Cover
The purpose of life cover is to provide financial protection for the policyholder’s family and dependents in the event of their passing away. Upon the insured member’s death, a lump sum payment is designated to beneficiaries.
Total and Permanent Disability Insurance Cover
This type of insurance will provide a benefit payment when you can no longer work at your own occupation due to illness or injury.
Income Protection Insurance
If you are temporarily unable to work due to an illness or disability, this cover will provide you with a regular income. The payments cover a certain period of time. With income protection, insurance pays members a steady income stream, helping them make up for lost income.
Lump Sum Payments for Permanent Disabilities
If an individual finds themselves permanently disabled, a lump sum payment may be issued. The reasoning is designed to assist the burden of TPD to cover costs like living expenses, medical and rehabilitation costs, and overall medical expenses that may be required to manage the disability, helping replace lost income.
Getting Help from Your Dedicated Claims Consultant at the TPD Helpline
All total and permanent disability insurance cover representatives are knowledgeable regarding total and permanent disability insurance and the claims process.
Seeking Professional Advice
Reach out to gain professional advice from TPD lawyers, regardless of your illness or injury, to understand your insurance options, especially if you’ve had declined TPD claims in the past.
Avoiding TPD Claim Traps
Be aware of common TPD claim traps and know how much lawyers charge for TPD claims. Contact TPD Helpline Australia here or by calling 1300 679 222.
