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 or your family during the difficult time that follows an injury.
If you have not returned to work or your usual occupation following your injury, we believe that 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:
What is Total and Permanent Disability Insurance?
Total and permanent disability insurance [“TPD”] in most instances is automatically attached to your superannuation account. Most people are unaware that they have total and permanent disability insurance, despite paying premiums from their superannuation account balance. Many people are unaware they have total and permanent disability insurance.
Commonly insurer 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.
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 super 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).
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 super 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 super. 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 super investment. There are a number of ways to check and manage your super.
You can find out if you have any lost or ATO-held super by doing a quick search at SuperSeeker
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.