Are you entitled to a lump sum payment because of your illness?
If you or a loved one have been diagnosed with a serious illness, you might be feeling a bit overwhelmed with information on treatment options, medication, therapies and other advice – it’s a stressful time. And if the illness means having to stop work, there’s the added stress of worrying about your financial future – how are you going to pay for the treatment you need now and keep paying your bills if you can’t work?
Fortunately, in Australia, there’s a financial safety net that’s provided through most superannuation policies – it’s called TPD (total and permanent disability) insurance and most Australians who’ve worked are covered. Read on to learn how to find out if you’re covered and how to claim your lump sum TPD payout – it’s easier than you might think.
TPD payouts – a financial lifeline.
You’ve probably heard of insurance policies like income protection that provides you with payments when you’re off work, or trauma insurance that pays a lump sum if you’re diagnosed with a major illness. But these insurance policies can be costly and many Australians don’t have adequate cover.
This is where TPD insurance can be a financial lifeline – thousands of Australians every year who have an illness or mental health condition that prevents them from working claim lump sum TPD payouts through their superannuation funds.
Am I covered?
When you’re dealing with a major illness, your priority is your health and the last thing you want to do is have to investigate insurance cover. But the good news is, a quick look at your latest superannuation statement should show you whether you have TPD cover. And if you are covered, making a claim can be much simpler than you might expect, especially if you get help.
If you’re like many Aussies and you have multiple super policies from changing jobs over the years, then you might be entitled to claim multiple lump sums – one from each policy.
What illnesses qualify for a TPD payout?
Here are some examples of Illnesses and mental health conditions that might qualify for a TPD payout. This is not a complete list, but includes some of the illnesses and conditions that can prevent people from working.
| Examples of Illnesses: | Examples of mental health conditions: |
|---|---|
| Cancer | Anxiety |
| Motor Neurone Disease | Depression |
| Multiple Sclerosis | Post-traumatic stress disorder (PTSD) |
| Muscular Dystrophy | Schizophrenia |
| Paraplegia | Bipolar disorder |
| Dementia | |
| Alzheimer’s disease | |
| Parkinson’s disease | |
| Chronic lung disease | |
| Severe rheumatoid arthritis | |
| Cardiomyopathy | |
| Primary pulmonary hypertension |
How do I claim my lump sum?
To make a successful claim you’ll need to contact your superannuation fund, and they’ll typically ask you to complete a number of forms. After an initial assessment, the super fund with pass your claim onto the insurer to do their assessment. The insurer will then make a decision about whether to approve or deny your claim.
The key to a successful TPD claim is to complete the application thoroughly and provide all the necessary documents, such as medical records, to substantiate your claim. It’s also very important to make a written submission to the superannuation fund explaining why the claim should be approved.
Where can I get help with my lump sum claim?
Many people use a TPD claim specialist to manage their TPD super claim on their behalf, to give themselves the best possible chance of success and make sure the insurer pays out their full entitlements.
Law Partners is Australia’s largest specialist personal injury law firm, and their team of TPD lawyers and specialists have helped thousands of Australians claim lump sum TPD payouts. Law partners can handle your claim on a no win no fee basis, so you only need to pay their fees after you receive your lump sum payment.
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