Why everyone needs to know about TPD insurance.
Each and every time we open a new payslip we know two things are certain; we’re going to be charged tax and a portion of our pay will go towards our superannuation fund.
The tax part is a given, while the super portion – we know it as a contribution to our piggy bank which we’ll crack open when retirement rolls around. But what if you get injured and are off work for a period of time or may never be able to return to work? How can we contribute to superannuation?
What is not well advertised is the fact that there’s an insurance policy attached to most superannuation funds that protect us when injury or illness forces us to stop work, known as Total and Permanent Disability insurance.
What is TPD insurance and when would I be entitled to claim under this policy?
TPD insurance is a benefit that exists under your superannuation policy which is there to provide you with a one lump sum payment if you have an injury or illness that prevents you from working.
Depending on your policy, you may be entitled to a lump sum payment if you are deemed by a medical professional to be unlikely to return to your current job or any other employment you are qualified for. Or, if you are deemed unlikely to return to work in any occupation.
In order to be eligible for a TPD claim, you need to be off work for at least three consecutive months or six consecutive months, depending on when your policy was taken out.
James certainly knows the value of being aware of TPD insurance
James was working as a full-time security guard when a person under the influence of drugs lashed out at him in a completely unprovoked attack. James sustained serious physical injuries that left him with permanent physical damage, and forced him to stop working indefinitely.
After a number of surgeries and months spent working on his physical rehabilitation, James’ Law Partners solicitor, who was handling his workers compensation claim, informed him that he would potentially be eligible to make a TPD claim and could be referred to a specialist TPD lawyer to look into his case. James had no idea what TPD insurance was and upon further research, he decided to take up his solicitor’s offer and met with the TPD lawyer.
The specialist TPD lawyer wasted no time getting to know James and his situation before closely looking into the details of his superannuation policy. After gathering all necessary information and building a solid case, the TPD lawyer managed to make a successful claim on James’ super policy resulting in a much deserved lump sum payout – which has since helped James and his family tremendously.
Now, James is making it his mission to inform as many people as possible about TPD insurance, its benefits and finding out whether they’re eligible to make a claim.
“I’d like to think I was on top of my super situation, but had no real idea that I had insurance that covered me for permanent disability,” James explains.
“I can tell you firsthand that dealing with serious injury can be extremely draining on your physical and mental health, and trying to work through it alone, you can easily miss crucial information that can be so helpful to you – particularly when it’s not well promoted, like TPD insurance.
“Had I not reached out to Law Partners I would never have known to make a TPD claim and I wouldn’t have received the money I was entitled to, and I can’t help but think how many people are out there who are missing out because they don’t know what they’re entitled to and don’t have someone advising them.
“That’s why I’m doing all I can to let people know about TPD insurance in case one day they’re going through something similar to me, so they can be totally aware of their options.”