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Superannuation & TPD - What type of benefits can I claim?

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The Superannuation scheme was established in 1992 to help people save for their retirement. Employers are obliged to contribute to employee’s Superannuation funds. The money within the fund (called the defined benefits) is payable on retirement or in certain specific circumstances.

Each Superannuation fund has different benefits. Accordingly, it is important to check your fund. Typical benefits include:

  • Life insurance
    All Superannuation funds must provide a minimum level of life cover. When the policy holder dies, the named beneficiary, normally a surviving spouse, partner or dependant is paid an amount of money. A terminally ill policyholder can also claim this benefit, before they pass away
    It is important to note that a beneficiary needs to be named. If not, the superfund decides how to distribute the money. This may not always accord with the wishes of the policy holder.
  • Total and Permanent Disability (TPD)
    We refer you to our expanded discussion on TPD claims.
  • Total and Temporary Disability (TTD)
    We refer you to our expanded discussion on TTD claims 
  • Income protection
    Income protection assists with your expenses whilst you cannot work because of sickness or injury. Each policy has its own limitations and definitions. Usually, the policy provides a fixed percentage (for example, 70%) for a limited period (for example, 2 years). It is important to know there is normally a waiting period before you can claim these benefits. The wait period is detailed in the policy held by you. The fund needs to ensure you cannot work. Income protection insurance is normally optional.  
  • Trauma insurance
    Trauma insurance is paid if you are diagnosed with a specific medical condition provided for in the policy (for example, heart attack or stroke). The Trauma insurance normally pays a fixed amount as a lump sum.
    Trauma insurance is normally optional.  
    These additional benefits are purchased through the Superannuation fund. The premiums are deducted from the money within the Superannuation account. The intended purpose is that the benefit assists with ongoing expenses for example mortgage, education or loans.  

It is important to note it is not always necessary for the policy holder to wait until they retire/die before making a claim on the superfund. There are instances where claim for benefit may be made at an earlier stage.

It is important to note that each Superannuation fund has different rules and entitlements. We therefore recommend you contact National Compensation Lawyers to discuss the benefits to which you may be entitled with a lawyer. Please contact us on 1300 FEARLESS (1300 332 753)