If a recent injury or illness means that you need to make a total and permanent disability claim, it’s likely that you have many questions about how the TPD claims process works. Specifically, you probably want to know whether it’s possible to make multiple TPD claims if you have multiple superannuation funds with their own insurance benefits.
The short answer to this is yes. It’s usually possible to claim several TPD benefits for the same purpose if you have several super funds you can access.
With TPD Insurance Claims, You’re Paid An Agreed Lump Sum Amount
This is what makes TPD insurance different from other insurance benefits. If you satisfy one or several superannuation insurance policies, you will be entitled to more than one TPD benefit. This benefit will be awarded to you in an agreed lump sum providing you meet the policy terms of being unable to work.
The agreed amount isn’t worked out by your current financial position, or your financial losses from being unable to work, which is why you can usually claim more than one benefit from more than one superannuation fund.
It’s Important to Check your Insurance Type
While TPD and income protection insurance can seem quite similar, their policies are very different. Income protection insurance pays a monthly fund into your account that is usually at around 70 to 80 percent of what you were earning before you were injured or fell sick. According to this type of policy, you’ll be paid monthly for every year that you can’t work, or you may be paid continuously up until you’re 65.
Knowing the Exemptions
There are some cases where you can’t claim for more than one benefit for TPD from more than one super fund. Some policies provided through a super fund may state that an insurance payment won’t be made if you have already been paid a benefit. That’s why it’s so important to read through your insurance policy and be clear on any important exemptions before signing on the dotted line.
Seeking Support
If you’ve never had to deal with making a TPD claim before, it’s likely that you don’t feel fully confident in standing up for the funds you are entitled to. Perhaps your insurance’s terms and conditions are worded confusingly, and you genuinely don’t know whether you’re entitled to multiple benefits. Or you may have contacted your insurer in the knowledge that you were entitled to a benefit, only to have them reject your claim.
Many people in this position turn to an expert to support them through the process of requesting TPD funds. Here at Life Matters, we have experienced professionals who are on hand to guide you through the process and let you know exactly what you’re entitled to. Dealing with an insurer doesn’t have to be difficult or overwhelming. We know exactly how the industry works, and with our knowledge and assistance, you’ll be able to approach the situation with your head held high.