INSURANCE; INCOME PROTECTION AND TPD

It is surprising that many workers do not know they have insurance cover if they are unable to work in an occupation for which they have experience, education or some form of training or qualification.

In may instances, details of the insurance cover is included in the persons  superannuation policy.

Income protection insurance, as the name implies, provides a disabled worker with income payments calculated at a certain percentage (usually 75% plus super) of the persons pre disability income limited to a certain period of time eg 2 years.

The injured worker may also qualify for a lump sum total and permanent disability payment depending on whether the worker’s circumstances fit within the definition of “Total and Permanent Disablement” in the relevant superannuation policy.

The process initially involves;

  • carefully reviewing the persons most recent superannuation statement;
  • determining what benefitst are included in the policy;
  • contacting the insurer to “register” the claim and have the insurer provide a “claims pack” with all the relevant claim forms;
  • completing the claim forms and in some cases, obtaining a report from the persons treating GP and/or specialist;
  • submitting the completed claim forms;
  • assessing the insurers decision in relation to the claim

Any disputes can usually be resolved by applying to the Superannuation Complaints Tribunal which is an independent dispute resolution body offering an alternative to potentially costly court proceedings. For more information go here.