If you stop working for any medical reason, you may be entitled to a disability claim through your superannuation fund. Many but not all employment super funds include disability benefits. This includes total and permanent disability (TPD) lump sum payments and total and temporary (TTD) monthly payments.
You may be eligible for a TPD lump sum payment if you can demonstrate that you’re unable to do your regular job or any other work related to your training and experience.
This means you don’t have to prove you’re unfit for all work, just what fits your skills and experience. For example a back injury which prevents you from working as a chef, even if you’re still fit for office work.
You may be eligible for TDD monthly payments if you’re unable to do your regular job for a while, whether it be three months or two years. Generally these payments can be up to 75 per cent of your normal income and is payable for two years up to the age of 65. There is a waiting period of 30 to 90 days.
In some cases, TTF payments may be offset against workers compensation, motor vehicle compensation or Centrelink payments. These payments can sometimes stop if your employment is terminated or if you receive a TPD lump sum, but not always.
You may be able to lodge a superannuation claim as soon as you stop work, meaning you could claim super insurance benefits when you are not working but are yet to retire or claim your super as a lump sum or in instalments once you have retired.
Employers sometimes provide insurance for staff or it may be a condition of an enterprise bargaining agreement, contract of employment or if you purchased life insurance from a financial institution.
Brisbane Lawyers are specialists in disability insurance and superfund claims. We may be able to help you gain early access to your funds when you need it most. We understand the importance of helpful legal representation when dealing with insurance companies.