TPD & SUPERANNUATION CLAIMS
If you have suffered a serious injury or illness and can no longer perform the work you once did you may be entitled to a Total and Permanent Disability (TPD) insurance claim through your superannuation fund.
What is TPD Insurance?
Total and permanent disability insurance enables you to lodge a claim against your superannuation fund to seek payment of a lump sum where you have suffered an injury or illness and you have been unable to return to work in the same capacity and it is unlikely that you will return to work in the future. This is commonly referred to as a TPD benefit or TPD claim.
Am I eligible to make a claim?
Your eligibility to make a TPD claim will depend on the requirements set out in your specific policy pursuant to your superannuation fund. These can be quite different from fund to fund however, some of the common requirements include the following:
- Level of disability – before lodging a TPD claim, it is likely you will have to show you are suffering a ‘minimum’ level of disability, according to your policy. This generally considers your ability to return to work in the same capacity or the likelihood of you returning to work at all in the future.
- Your specific super fund – your entitlement to lodge a TPD claim will depend on whether this type of cover is included in your superannuation policy. If unsure, contact your superannuation fund or look at your current superannuation product disclosure statement or PDS (it will generally be located near the Death Benefit section and include the amount you are insured for).
- Waiting periods – before lodging a claim, most policies will require you to be absent from work for a minimum period commencing from the date of your injury or illness.
- Employment history – some policies require you to be with your employer for a minimum period before you are eligible to make a TPD claim.
How long does a claim take?
This can be a particularly difficult area of law and the process can vary from fund to fund so it is important to contact legal advice if you believe you may be entitled to make a TPD claim.
The length of the process can depend on the superannuation fund policy and their particular waiting period. It will also depend on your injuries reaching a point where they are deemed to be stable and stationary. However, generally a claim can take around 12 months to finalise.
How much can I claim?
This will be dependant upon your specific TPD policy. Each policy is different. What you are entitled to upon a successful claim will be contained in your current superannuation product disclosure statement or PDS (it will generally be located near the Death Benefit section).
How long do I have to make a claim?
This will vary from fund to fund. While it is sometimes possible to lodge a claim as soon as you stop working, most funds generally have a waiting period that you must satisfy before being eligible to lodge a claim. For e.g. for some funds it will be necessary to show that you have been off work for a continual period of at least 6 months. However, it is advisable to seek legal advice to ensure you adhere to the relevant time limits.
How much will it cost me to make a claim?
Every TPD claim is different however, we generally operate on a “no win-no fee” basis for all claims. This means you only pay our legal fees if your claim is successful. The costs themselves will depend on the amount of work involved in your claim which generally depends on the complexity of your claim, the superannuation fund’s claims process and the seriousness of your injuries. It will also be dependent upon the superannuation fund’s actions and whether they are agreeable and taking a reasonable approach to your claim.