ARE YOU UNABLE TO WORK BECAUSE OF AN INJURY OR ILLNESS?
You may be able to claim Superannuation
and Insurance payments
Superannuation is compulsory for all workers to help fund their retirement. A portion of your salary, currently 11%, is paid by your employer into a super fund that invests the money on your behalf. Most super funds also provide other entitlements in the form of insurance policies. This may include Total and Permanent Disability Insurance (TPD), Income Protection (IP) and Life Insurance. These policies are not obligatory and are separate from your accumulated superannuation account balance.
If you can no longer work due to injury or illness, these insurance policies may provide additional financial security for you and your family. In certain circumstances, you may also qualify for the early release of superannuation.
Many workers may be unaware of their entitlements as they have been signed up to policies by default. Our expert superannuation lawyers at Carbone Lawyers can assist workers with accessing their TPD and IP insurance through a superannuation or life insurance policy provided by an employer or a union organisation or purchased through a bank or other financial institution.
The superannuation insurance lawyers at Carbone Lawyers have helped thousands of workers navigate complex claims and achieve successful outcomes. They will guide you through the procedure and keep you informed each step of the way.
Superannuation Death Benefit
Every superannuation fund has a death benefit paid to the nominated beneficiary, usually a surviving partner and dependants, or to the deceased’s estate. The payment includes the account balance plus any insurance benefits that apply.
Following the death of someone close to you, the process of claiming their superannuation and insurance benefits can be an emotionally difficult and confronting experience. Carbone Lawyers has a team of highly experienced superannuation lawyers who will handle the whole claim process on your behalf.
Accessing Superannuation before retirement
There are some limited circumstances where the Australian Government will allow early access to your super on compassionate grounds, such as medical treatment, temporary or permanent disability or a terminal illness.
The early release of superannuation is subject to strict conditions and may impact your ability to claim other benefits. The superannuation team at Carbone Lawyers can advise you on your likely eligibility and available options.
TPD and IP Insurance FAQs
What is the difference between TPD and Income Protection Insurance?
TPD insurance typically provides a lump sum if you’re permanently unable to work due to injury or illness. In contrast, Income Protection insurance offers monthly payments if you’re temporarily unable to work (usually 2 to 5 years or until you reach retirement age). If you aren’t sure what claim applies to your situation, contact the experts at Carbone Lawyers for a free claim assessment.
How do I know if I have TPD or Income Protection coverage within my Superannuation?
Most superannuation accounts come with default TPD and Income Protection cover, though these aren’t mandatory. To find out whether you’re covered, check your latest superannuation statement or contact your fund directly, or reach out to our team for help reviewing your policy details and getting ready for your claim.
What should I do if my Income Protection or TPD claim is rejected?
If your claim is rejected, you can appeal by providing additional evidence and lodging a formal complaint. For the best chance at a successful appeal, contact Carbone Lawyers to discuss your options.
Can I make multiple claims for TPD or Income Protection if I have several superannuation accounts?
Yes, you can usually make multiple claims if each superannuation account has its own TPD cover. Income Protection coverage is however based on the amount you aren’t receiving from work, so generally can only be successfully claimed from one source, so you aren’t receiving more than your loss.
Are there time limits for making a TPD or Income Protection claim?
TPD claims usually don’t have strict time limits, but it’s best to act quickly. Income Protection claims may have deadlines, often within a specific period after becoming unable to work. Getting legal advice early can help avoid missing these deadlines, contact Carbone Lawyers for the best chance at a successful claim.
