Suffered an injury and had problems working? You could have a Super Claim.
If you have a permanent illness or injury such as a car accident or injury at work, which means that you are unable to work, either in your usual occupation or any occupation at all, then you may be able to claim a lump sum payment through your TPD insurance (total and permanent disability).
A recent report by ASIC found that 90% of people who held TPD insurance were insured through their superannuation fund. It also found that at the time of the report being produced, almost 12 million people in Australia held TPD cover.
Some people also hold TPD life insurance or income protection insurance outside of their superannuation fund, which provides compensation if you are permanently injured or suffer a permanent illness, and want peace of mind knowing that you and your loved ones are protected.
If you hold a TPD policy through your super fund or have a standalone insurance policy, and you have been injured and are permanently disabled or are suffering an illness which means that you are unable to work (either in your current occupation or any occupation), you may be able to make a claim for compensation.
Speak to our team of TPD lawyers today about your personal circumstances and we will give you advice and information about claiming a lump sum payment under your income protection TPD insurance policy.
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What is a TPD claim?
TPD stands for total and permanent disability. It is a form of insurance which is included as a default option on many superannuation fund policies. TPD insurance pays you a lump sum if you become totally and permanently disabled due to an illness or injury, or other debilitating health conditions.
What are the requirements for making a TPD claim?
If you have suffered an injury or illness which means that you are now no longer able to work in your occupation, or any kind of occupation, you may be eligible to claim on your TPD policy.
Example: Glen is a carpenter. He suffers an injury at work one day where both of his hands are crushed while he is working. He rehabilitates and recovers, but is unable to work as a carpenter again. He also finds it very difficult to find work in any other trade, as he has limited skills in any other area and he is in pain for most of the day, making working untenable. He would likely be able to make a claim through his TPD insurance.
Example: Marion slips and falls at home, injuring her back. She ordinarily works as a florist in her own business, but used to work as a teacher. She is permanently injured, and is no longer able to continue working as a florist due to the lifting and moving around. However, she does manage to use her teaching skills to start her own floristry school. She does not earn as much money running her own school. Even though Marion does not earn as much money as she did before, she can still earn an income. Therefore it is unlikely that a claim on her TPD insurance policy would be successful.
Some types of TPD insurance benefits provide cover if you are unable to work in your occupation again, depending on your education, training or experience.
You can check with your TPD provider to see if your cover is for ‘your own occupation’ or ‘any occupation’. The latter is normally the default and insurance to cover your own occupation is normally a premium insurance you would have opted into.
Example: Amelia works as a pathology specimen collector (phlebotomist) in a pathology clinic where she takes blood samples from referred patients. Amelia injures her hands and arms in a cycling accident and no longer has the precision with her hands to take blood samples with a needle, resulting in her moving to a part time admin position. This wouldn’t normally qualify for a TPD claim but as Amelia has ‘own occupation’ cover then a claim might be possible.
Speak to your superannuation provider or financial planner about your TPD insurance benefit to find out what type of cover you have, and what you may be able to claim on. We can also assist you by liaising with your superannuation fund.
How long does a TPD claim take?
TPD policies commonly have a waiting period to satisfy and each TPD policy claim is different, and it takes some time to gather the necessary medical history evidence for a claim in some cases.
You may have a successful claim within one to three months of lodgment of the claim, or it may take a considerably longer period of time to claim. When you come in for a free consultation with our lawyers we can discuss time frames and give you a realistic estimate of how long your TPD claim will take.
How much will my TPD claim be worth?
A TPD claim is paid as a lump sum. The amount you receive is dictated by your policy and the sum insured.
You will need to look into your policy documents to find out how much is paid as part of your TPD payment. When you work with a law firm that are TPD claim experts such as ourselves, you are placing yourself in the best possible position to achieve a successful outcome from your claim.