If you become permanently disabled due to an illness or injury, total permanent disability insurance can be an important financial safety net. According to the Australian Securities and Investment Commission, this coverage will pay you a lump sum if you’re permanently unable to return to work due to an ailment or accident. This is true of most policies however some insurance policies, pay this benefit as a ‘disability pension’ or monthly benefit.
When it’s time to make a claim on this insurance, ensure you know the steps to follow.
Are you eligible for a claim?
It’s important to note that every insurer has a different definition of what constitutes being totally and permanently disabled. Review your individual policy before filing a claim to understand your eligibility.
Your insurance provider will require detailed information on your disability, including how it occurred, its severity and the likelihood that you may recover. You will typically need to fill out a lot of documentation and include your medical records as evidence. Additionally, you may have to provide information on your work history, daily tasks and projected medical costs with your claim.
Filing a claim within your superannuation fund
According to Finder, some superannuation funds offer a basic level of total permanent disability coverage for members. If you have this default coverage (ask your representative to find out), you must follow these steps to make a claim:
- Organise your documents – including ID, medical records and evidence supporting your claim.
- Contact your super fund to submit your claim – you will need to ensure you sign your claim statement and provide it with your other documents.
- A case manager will assess the claim to determine your eligibility – they will work in your best interest and may ask for additional information or records that would help support your claim.
- Your insurer will assess the claim and documentation – they may request further information.
Ultimately, your insurer will either accept or reject your claim based on the evidence you and the case manager provided. They may also defer the claim if they believe more documentation is needed about your disability.
Have questions about your total permanent disability claim with your superannuation? Contact our TPD lawyers at Gerard Malouf & Partners. Contact us today for help understanding your rights and ability to file a claim.
