If you are unable to work due to illness or injury you may be eligible to make a total and permanent disability or income protection claim against your superannuation fund.
Superannuation and disability insurance benefits can be substantial and may help to ease the financial burden to you and your family during the difficult time that follows an injury.
If you have been unable to return to work, or your usual occupation, following your injury, you may have prospects of pursuing a successful superannuation claim.
You may have and be able to access the following insurance attached to your superannuation account:
Total and Permanent Disability Insurance:
Total and permanent disability insurance (TPD) in most instances is automatically attached to your superannuation account. Many people are unaware that they have total and permanent disability insurance, despite paying premiums from their superannuation account balance.
Commonly, insurers define TPD as either when:
- You are unable to work again in any occupation which you are reasonably qualified, trained or experienced, or
- You are unable to work in your usual occupation
Definitions between funds will differ therefore it is important to obtain independent legal advice prior to commencing a total and permanent disability claim.
Many of our clients have an income protection attached to their superannuation account which they are not aware of. Once again insurance policies differ between funds, we recommend that you obtain independent legal advice prior to commencing an income protection claim. It is important to note that insurance policies, terms and length of insurance will differ between funds.
Death Benefits (Life Insurance):
In the event that you are terminally ill, you may be able to access your death insurance benefit attached to your superannuation fund.
Early Release of Superannuation on Permanent Incapacity Grounds:
You may be able to access your superannuation account balance if you are permanently incapacitated. This type of superannuation withdrawal is sometimes called a ‘disability super benefit’.
Your fund must be satisfied that you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or experience.
At least two medical practitioners must certify this for you to receive concessional tax treatment.
You can receive the super as either a lump sum or as regular payments (income stream). Each superannuation fund may have differing policies as to how they pay out these benefits.
In order to determine whether you are eligible to make a superannuation claim, we must first make enquiries with your superannuation fund so as to ascertain whether you have the relevant cover. We would be happy to conduct a free, no-obligation superannuation check to advise on your superannuation entitlements.
Information we need:
- Your name and date of birth;
- Your contact address;
- Your Superannuation Fund and member number details;
- Your Tax File Number; and
- The date you last worked.
It is important to keep track of your superannuation accounts. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall superannuation investment. If someone has multiple superannuation accounts, it is also possible they could make multiple claims should they have active insurance cover for each account.
There are a number of ways to check and manage your superannuation. You can do a quick check on the ATO website to see what superannuation policies you hold by clicking here.
Quick search is also available via the ATO app which can be downloaded from Google play, Windows phone or the Apple app stores.
You will need to provide:
- your name
- date of birth
- tax file number.