An injury or illness while you are employed which stops you working, may entitle you to benefits from your superannuation fund.
If you are unable to return to work at all, you may be entitled to a permanent disability payment.
If you have suffered a serious personal injury or illness while you are employed, which stops you from working, you might be entitled to apply for benefits under your superannuation scheme.
To be eligible for benefits from your superannuation scheme the injury or illness keeping you away from work does not need to be work-related, and it doesn’t need to have been caused by any fault on the part of your employer.
Most importantly, if it seems likely that the injury or illness might stop you from ever returning to work in your usual job, there is a good chance that you will be entitled to recover a total and permanent disability benefit (TPD benefit) from your superannuation fund.
TPD benefits usually involve a significant sum, ranging from tens of thousands to six figures.
If you have suffered an injury or illness which is likely to keep you away from work for an extended period, you should call Richardson & Lyons to find out whether or not you are entitled to any disability benefit from your superannuation scheme. We will be happy to provide you with any advice you might need in this regard.
TPD Claim Information
Total and Permanent Disablement (TPD) claims are made when you suffer an injury or illness that permanently inhibits your ability to work. You may be entitled to benefits from your superannuation fund, including eligibility to receive a permanent disability payment. In the case that you may never return to work, you may receive a TPD benefit that usually involves a significant lump sum payout. At Richardson and Lyons, our personal injury lawyers in Brisbane can help you to identify your benefit entitlements through the superannuation scheme and offer support throughout the TPD claims process.
What is TPD Insurance?
TPD insurance pays a lump sum in the event of you becoming permanently disabled and unable to ever work again. Superannuation funds offer TPD cover should you be unable to work again in any occupation. It is a benefit that is offered in addition to employee/employer contributions to your superannuation fund. TPD insurance claims for mental illness can be made, provided that a minimum level of disability is legally certified by two medical professionals. TPD insurance is usually provided in some form by your superannuation fund and termed a disability benefit, although most people are unaware of this. Some private insurers may also offer TPD cover joined to a life insurance policy. You are able to make multiple TPD claims through both insurance and superannuation funds so long as they remain independent of one another.
Understanding Total and Permanent Disablement Claims
Total and Permanent Disablement claims seek a lump sum payment for individuals that sustain injuries affecting their ongoing ability to work. TPD claims are made through superannuation funds and private life insurance policies. TPD benefits that are available through your superannuation fund can be tricky to access without the help of an expert. At Richardson and Lyons, our services are offered on a No win, no fee basis, so that you only pay legal fees for successful TPD claims. TPD claims are made for individuals to receive a lump sum payment that offers compensation for lifelong loss of income and the cost of ongoing medical treatment.
The TPD Insurance Claim Process
The TPD insurance claim process involves specific steps which need to be taken in order to fulfil certain requirements. All of this depends on the insurer and whether your cover is included in your superannuation policy. Submitting a TPD claim to receive your permanent disability benefit payout is not a simple process and requires legal advice to determine eligibility and ensure that you are receiving all benefits that you are entitled to. Our personal injury experts are here to help you with the complexities and offer legal advice and support throughout the TPD insurance claims process. We can help you in the process of;
- Determining your minimum level of disability and other criteria for eligibility
- Ensuring your level of TPD insurance cover under your superannuation fund policy
- Assisting you to complete your TPD insurance claim application.
Am I Eligible for a TPD Insurance Benefit?
Eligibility to lodge a TPD insurance claim is dependent upon initial waiting periods of between 3-6 months’ absence from work. Waiting periods are waived by most insurers for certain major conditions such as heart attack, paralysis, and severe burns. Two medical professionals must professionally certify that you are suffering from a minimum level of disability that means you are unlikely to be able to work again. To lodge a TPD insurance claim, you must also ensure that cover is included in your superannuation policy. If you are uncertain, you can find out from your super fund or contact us to discuss further details. In addition, employment history may factor into your eligibility to receive a TPD insurance benefit. Overall eligibility for your TPD claim will depend on the requirements that are specific to your policy, as laid out by your insurer or super fund.
How Much is the TPD Benefit Payout?
TPD benefit payouts are intended to fund ongoing medical treatment and provide for a lifelong loss of income. For this reason, successful TPD claims that prove entitlement to a permanent disability benefit payment tend to a receive a significant lump sum payout. However, certain insurers may offer a TPD insurance benefit as an income stream. TPD benefit payouts also depend on the terms of your insurance cover and your own personal circumstances that affect how much you are entitled to claim. Above all, TPD insurance is put in place to ease financial burden following a disability and so ought to be significant enough to cover incurred costs. Funds for TPD cover vary among insurers and benefit payouts are similarly variable, ranging from several thousand up into significant six figure payments.