TPD is something that many people know little about until they need it. TPD, or Total and Permanent Disability Insurance, is often misunderstood yet extremely valuable. A majority of working Australians belong to a Superannuation Fund when they begin employment. Most funds include TPD coverage. The level of coverage will vary, but it is usually there.
What is TPD?
TPD is a type of insurance that pays out should you fall ill or become injured. If the medical condition is severe enough to prevent you from returning to your usual occupation or any occupation, then you may be eligible to submit a claim for TPD benefits. The amount paid can cover a few different areas, including:
- Debt repayments
- Rehabilitation expenses
- Future cost of living
The definition of what disabled means in this situation will vary from one insurer to the next. It is important to read your insurance policy carefully so you know what you are covered for.
Who is Eligible for TPD?
Unfortunately, many Australians are unaware that they are eligible for TPD. Some are alerted after receiving a Workers Compensation claim or after their legal representative tells them. It’s important to remember that, unlike other types of injury compensation, you are not required to prove that the other party is at fault to receive payment. Wrongdoing does not have to be present in order to get approval for compensation.
Am I Covered by TPD?
If you aren’t sure if you are covered by TPD, don’t worry, you are not alone. Many Australians are not aware that they have coverage through their Superfund. If you want to find the answer or learn more about the level of coverage you are eligible for, check your membership statement. You can also contact your Superfund online or by phone to ask questions. Finally, make sure you read your Product Disclosure Statement and the insurance policy for more information. Most superannuation funds offer TPD insurance cover automatically, but that does not mean you are always covered for life. It is very important to read the Product Disclosure Statement and insurance policy.
If you get TPD insurance privately (not through your Superannuation fund), you will likely be asked a few questions about yourself and your history. Some insurance companies will want to know:
- About any incidents, illnesses or accidents that happened before you join.
- Any details that could impact their decision to continue or offer coverage
- Details about your medical history
Omitting information could lead to a denied claim and may impact your ability to obtain coverage in the future. If you are not sure, it is best to speak to your doctor about your medical history.
Making a TPD Claim
If you are injured or ill and want to lodge a claim, make sure that you contact your Superannuation fund or insurer (if you are privately covered) as soon as possible.. You should work with your doctor so that they can help you with the claim. Doctor’s are extremely important as they will provide the key information on which the Superannuation fund or insurer will decide your claim. Make sure to carefully read the Superannuation fund or insurer’s requirements for lodging the claim. The more information you can provide, the more accurate it is and the less gaps you leave, the quicker and smoother the process will go.
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