Total and Permanent Disability Insurance

Benefits from your superannuation fund, to you, if you are disabled because of injury or illness.

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Total and Permanent Disability Insurance

Total and permanent disability (“TPD”) benefits are a lump sum payment from your superannuation fund, to you, if you are disabled because of injury or illness.

If you are eligible for TPD benefits, you would be paid the lump sum benefit and you can elect to withdraw the balance of your superannuation fund account.

If you were successful in a claim for TPD and withdraw your superannuation you would receive the combined superannuation balance and TPD benefit, less tax, if you have not reached your preservation age.

To get a TPD lump sum, you must be able to show that you cannot do your normal employment or other suitable work that fits within your experience or training level and education.  You do not necessarily have to be unfit for all work, but only work that you have the skills to do.

You may still qualify for TPD lump sum payment if, for example:-

  1. you have a leg injury;
  2. you have only ever undertaken or have skills in manual labour or process type work;
  3. the medical evidence supports that you can no longer do that work despite a suggestion that you could do alternative lighter work, such as office work.

The disability does not have to be work related.  A heart attack, cancer, mental illness, chronic fatigue, injuries at home or in car accidents can also be used as reasons for claiming TPD benefits. It may also not matter if the injury or sickness occurred before you joined a particular super fund.

In some cases there may be strict time limits. Any person who may have a claim on a TPD insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.

If a claim is approved you should always seek independent financial advice to decide whether you should withdraw the funds from your superannuation account.

Contact us for a no obligation discussion. Call now 13 58 28.

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