Have you been forced to stop working due to an injury or illness?
You could have TPD insurance without even realising it. Most superannuation accounts are automatically accompanied by TPD Insurance which policy holders are not even aware of.
If you’re looking into lodging a TPD claim, you’d obviously like to know the bottom line. So how much could you claim be worth?
To give you a general guide, in Australia, over 15,000 claims are paid each year from super accounts with an average payout of $100,000 – $150,000.
Those are the average figures, the amount you receive will depend on your insurance cover amount.
Many people look at their superannuation statement at the time that they are claiming and assume that this will be the amount of money they receive from their TPD payout if they are successful. Wrong!
The way your claim worth is calculated is based on the level of your insurance cover while you were still working.
What else will contribute towards determining the amount of my TPD?
- Your super policy TPD benefit
- Your total superannuation balance
- Your injury or illness (severity)
Will I be entitled to the whole benefit?
If your claim is accepted by the superannuation fund, yes you will be paid the while amount which you have been insured for at the time that you stopped work.
However, it does depend on the fine print. Every policy is different and may have different requirements. Usually the Life Insurer has two criteria that you must meet;
- Eligibility Criteria; AND
- Meeting the TPD definition criteria.
Generally eligibility criteria will determine if you get the whole amount or not. Some policies may reduce your cover in some circumstances; ie if your injury occurred overseas.
But as noted above, eligibility and TPD criteria varies between policy to policy.
Want to get a clearer picture of your TPD amount?
We have taken on many TPD cases and won. Our clients know that when they speak to us, they receive genuine, trusted advice. Speak to Shaheen
We provide free advice and will run your case on a ‘no win no fee’ basis with no upfront fees.
