How can my superannuation policy help with a Total and Permanent Disability?

Published 24 Feb 2017

Total and permanent disabilities (TPDs) have a huge impact on the person affected, as well as their family and friends. You not only have to deal with the emotional and physical aftermath that serious injuries and mental health problems can cause, but also the financial setbacks.

TPDs are classified as disabilities that prevent you from ever returning to the workplace, or at least make you unable to go back to a job for which you already have the education, experience or training.

In other words, you may have to retrain for a different job within the same industry or try a completely different profession. However, as mentioned, some people have TPDs that make any form of employment impossible.

But did you know that your superannuation policy could provide you with essential financial assistance after you become permanently disabled? Let's take a closer look at how.

Making a claim on your superannuation

Many superannuation funds provide some element of TPD insurance to ensure individuals aren't left destitute in the event of an unfortunate accident or illness. The exact details of TPD cover will vary from fund to fund, so it's important to check the fine print to ensure you're eligible to make a claim.

Unfortunately, organisations are often reluctant to pay out on TPD claims because the amount of compensation can reach a million dollars or more, especially if someone is young and at the beginning of their career.

This is why it's important to contact an experienced law firm that specialises in these situations, as you may have your claim rejected even when the case is legitimate.

Ultimately, having qualified lawyers with the right resources on your side can make the difference between a ruling going in your favour or not.

What compensation will I receive?

Every case is unique, so it's difficult to speculate on payout amounts. However, if successful, you should receive a lump sum payment that you can potentially use to cover a range of costs, including:

  • Lost income and superannuation, both past and future
  • Medical expenses
  • House or lifestyle modifications due to your disability
  • Other debts and ongoing household needs

TPD claims can also result in the early release of the superannuation you have accumulated so far.

Would you like to know more about superannuation funds and TPDs? Talk to a member of our team at Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers.