Superannuation Claims: Understanding Your Entitlements
Insurance policies are introduced to the people for timely financial help in their time of need. Total and permanent disability hinders the physical ability of the person to continue their job or work ever in their life because of injury or illness. Superannuation claims pay a lump sum benefit or financial security to the victim or claimant and their family to provide help with the medications and rehabilitation costs.
It is available in case of a person retiring and has no sources of income due to injury or illness. You have to invest in a superannuation policy to get the insurance benefits at the time of injury and further disability to work.
However, superannuation is funded from the employer contribution in case you are a worker. The insurance benefits are provided to assist the injured and help them in times when they are unable to work. Its amount can range from any thousand dollars to six figures as per your policy.
- Eligibility to make a super claim
A person needs to fit according to the criteria to claim through super. It is best to know such eligibility criteria to avoid application rejections later.
● It will be eligible to the employees working under the employer who is contributing superannuation funds to their employees. If you are suffering from any injury or illness that hinders you from working for at least 6 months.
● In case of entrance into a private insurance policy for income protection and disability claim.
● You can claim death benefits from the person's superannuation fund if they have died and you are dependent upon them for your caretaking.
If you meet any of the three situations or conditions, you will be eligible to make claims for the desired amount.
- Type of claims to make
There are three types of claims available for employees who are unable to work because of some injury and illness.
1. Total and Permanent Disability claim (TPD)
2. Total and Temporary Disability claim (TTD)
3. Income Protection claim
- Entitlements as per the claim
You should know about the entitlements available to you as per the superannuation insurance claim. It allows you to know about the benefits you receive under the desired policy.
● TPD Claims - You are entitled to get a lump sum or monthly installment payment in these claims.
● TTD claims - The deceased is entitled to receive monthly installment payments till the duration and longingness of the injury or illness.
● Income protection claims - It largely depends on the policy and under this your weekly, fortnightly, and monthly payments of income are provided at a reduced rate for about 2 years.
It is best to get the superannuation claim benefits besides getting financial help from the insurance. You may get assistance from the TPD lawyers who have extensive knowledge about these claims and possible benefits.
- Understanding the policy
The insurance policy is different and unique as per the conditions, injury, and severity of cases or policy covers. You can know about the cover from member statements and policy schedule documentation. The superannuation TPD claim amount is calculated and provided based on personal circumstances or the severity of the condition a deceased is suffering.
A person or deceased is required to prove their injury or illness is genuine and it should follow or satisfy certain criteria.
● Duration of injury or illness.
● It will be a total and permanent disability preventing you from working and earning further in the future.
● The disability also didn’t allow you to do any type of retraining and get alternative employment that nearly matches the deceased education and previous skills.
If your situation and circumstances meet these criteria and guidelines, you can easily apply for the claim and get the desired fund as per mentioned in the policy.
- Legal needs and requirements
Legal needs fulfillment requires various documentation and correct evidence proof in the process of claims. You can hire an experienced lawyer to fulfill your legal needs and requirements in the TPD insurance claiming procedure. Superannuation TPD has certain criteria to be eligible and you can reduce the chances of rejection of your application form with the help of a lawyer.
You need to have sufficient knowledge of the TPD claims to get the funds with extra benefits that you are entitled to. A lawyer can be a great advisor for you during your hard times when you cannot do it all alone.
- Conclusion
In case insurance companies make it difficult for the deceased to get their claiming amount, you will need lawyer support. They can recommend you provide sufficient proof or evidence of your injury and the severity of the situation. It can reduce the chances of rejection of your insurance application. Even if the application got rejected, superannuation lawyers in Sydney suggest the best alternative solutions to re-apply and get the entitled insurance amount.