TPD insurance is designed to help support people who are unable to return to the workplace because of a debilitating disability. The acronym stands for Total and Permanent Disability, but these policies may have different names depending on the provider.
TPD cover is released as a lump sum payment when you can't work again in any occupation or you can't go back to being employed in the same profession for which you have the training, qualifications and experience.
But how do you know if you are eligible to receive a payout for disabilities?
You can purchase TPD insurance as a standalone product from insurers, although there's a chance you may already be receiving total or partial coverage under other policies.
What disability benefits do I have?
There are various ways that you may be entitled to disability benefits, including through:
- A superannuation policy;
- Life insurance;
- Income protection cover;
- Mortgage protection or loan protection insurance;
- Employment disability and/or trauma cover; and
- Sickness or accident policies.
However, you may not know how much you are eligible to receive and what criteria you must meet. Check the wording of your policies closely and contact a personal disability claims lawyer for information if you want further clarification.
To find out what level of cover you have under your super fund, either refer to your member statement, read through your product disclosure documents or contact your fund directly.
If you have TPD cover under several different policies, you may be able to make multiple claims for benefits, which can provide significant financial support should you be unable to ever work again.
Can I make a claim?
Making a claim for TPD insurance can be a complex process, particularly if you have multiple policies that could pay out. In many cases, once you've received a lump sum from one provider, other insurers and funds will follow suit.
You should therefore contact an experienced law firm to handle your claim, as they can gather the evidence you need to ensure you have the best chance of receiving benefits.
If you've made a claim on your own and been rejected, you can still enlist the services of a law firm to try again – this time with the additional support and expertise of professionals.
Would you like to know more about TPD claims? Here at Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers, we'd love to help, so please get in touch.