Drawing up a Will is smart planning for the future. Topping up your super is second nature because you’re taking steps to make your retirement comfortable. However, have you stopped to consider what would happen to you, and your family, if you had an illness, injury or disability that prevented you from working?
What is Total Permanent Disability (TPD) Insurance?
Almost 90% of Australians have Total Permanent Disability cover, though many might not realise it. Total Permanent Disability Work Cover provides you with insurance in the event of a permanent disability resulting from an illness or accident. If you are unable to continue in your occupation or find suitable work that aligns with your training and experience, education, or skills, you can claim your TPD Insurance.
It is paid in a lump sum and provides you with the funds to pay for medical treatment, pursue rehabilitation, and serve as the financial security you need to continue living. Your lump sum can also cover any debt, home modifications, and care support. You cannot apply for TPD Insurance unless you are in paid employment. Additionally, many people have Total Permanent Disability in super. You can check whether you have TPD Insurance in Super by checking with your provider. If you have multiple supers you should check all of them to find out which is most beneficial to your circumstances.
What Qualifies As a Total Permanent Disability Insurance Injury
While losing a finger or toe is a serious, reportable accident, it might not be enough to qualify you for TPD because you will likely be able to continue your work. Any illness or injury that prevents you from working can qualify for a TPD insurance claim.
There are varying policies, however. Some TPD coverage will only pay out if you can’t work any job. You might receive a small payout, but it won’t be sufficient to sustain you for life. Ideally, your policy will provide for you if you can’t continue in the job you are trained and experienced in.
As an example, if you injure your back in a road traffic accident and your work experience is in manual labour, you will likely find success with your TPD claim. If you worked in a high-powered or high-stress industry and are diagnosed with an autoimmune disorder, which can often be exacerbated by stress, then you are likely to find success with your TPD claim.
What Can You Claim For?
You can claim for any illness or injury that is preventing you from attending work. Chronic illnesses, such as strokes, multiple sclerosis, cancer, mental health issues, and autoimmune diseases can all qualify for TPD. You can also claim for a psychological injury if you have sufficient documentation. In any situation, you need to present medical evidence and doctor’s notes. A lawyer can help you pursue your claim, and with their expert handling along with medical support, you are likely to succeed in your claim.
If you were injured on the job, you can still claim for TPD and still receive worker’s compensation. However, if you receive an award from your employer’s insurance, it will likely impact the payout you receive from your TPD Claim. This is why working with a lawyer is so important, the experts can help you make the right claims with the right bodies to ensure you get the best possible financial result.
The Benefits of Making Total and Permanent Disability (TPD) Claims with a Lawyer
By working with a lawyer to make your TPD Claim, you increase the likelihood of your claim being successful. A lawyer will make sure you have enough supporting evidence before you start the claims process. If you have multiple supers, some of which you have lost track of, a lawyer will also be able to help you find the best option to pursue your claim.
TPD Insurance isn’t available solely in your superannuation, you can also secure a private policy. This will have a higher premium, but it will likely provide you with a larger payout should you need to make a claim. It’s worth noting that certain occupations preclude you from securing any job TPD policy.
How AJB Stevens Can Help
It’s up to you to prove that your TPD claim should be successful, which means you have to provide a lot of evidence to support it based on the type of policy you have. This is where AJB Stevens can help. Our team will ensure you have all of the right information and documentation to ensure your claim is successful. Though the process may look straightforward, using a lawyer is a wise choice. We can chase the super fund for you, we can organise your evidence and prepare everything before you start the claims process.
If you qualify for TPD, you are going through a major life change. What you need is to focus on your health and allow professionals to fight for your future financial security. You should get in touch with us right now before you reach out to your supers. We will schedule a consultation with a member of our team and help you secure your insurance claim.