Who can believe that we’re almost halfway to Christmas, and at the end of the financial year? For many of us, 2022 has been another challenging year – whether it was the endless rain and flooding, turbulent financial markets, or rising inflation and $15 lettuce! If you’re feeling a little worried about your future financial security, you’re not alone. Getting on top of your super is a great way of getting back in control. We all know how important it is to our future financial wellbeing, but it’s easy to forget when you’re balancing work, kids, pets and everything else! But if we’ve learned anything from the last couple of years, things can change very quickly, and it’s important to know your rights and options in the event that you find yourself unable to work because of illness or injury. Insurance in your super, including total and permanent disability (TPD) insurance and income protection, is a crucial part of protecting the future for you and your family.
If you
· are thinking about making a TPD or income protection claim
· have already lodged a claim but you’re not happy with how it’s going, or
· just want to get organised and ensure you’re across what your rights and entitlements are
let Littles help! If you’re time poor, this blog summarises some of the most important things you need to know about your super and the insurance coverage it provides.
1. Seek quality legal advice early on
While most of us already have lots of different kinds of insurance, running a super TPD claim can be complex. Understanding all of your options early on in the process is crucial. Obtaining high quality legal advice from TPD experts before you make your claim – or even before you stop work – can set you up for success in the long run.
Further reading: essential TPD claim guides & costs
How much do lawyers charge for TPD claims – Littles
5 steps to a successful TPD claim – Littles
Do I really need a lawyer to make a TPD claim? – Littles
2. Keep a close eye on your super fund balance
If your super balance falls below a certain amount, or your account becomes inactive because you stop making contributions, you may lose your insurance coverage. Before making changes to your super arrangements, have a careful think through the potential impacts.
Further reading: essential TPD claim guides & costs
Help! How do I protect my super if I’ve been made redundant – Littles
Options for sick and injured workers now that JobKeeper has ended – Littles
3. Educate yourself about what your super insurance entitles you to
Every super fund and insurer is different. It’s worth familiarising yourself with your super fund and the default cover that you have by virtue of being a member of the fund.
Further reading: essential TPD claim guides & costs
I already have lots of insurance. Why do I need insurance through my super fund – Littles
Do you have insurance with REST? – Littles
Calling all tradies and construction workers! Do you have TPD insurance with CBUS – Littles
Are you an AustralianSuper member – Littles
Qsuper and Sunsuper to merge and form Australian Retirement Trust – Littles
4. New super rules might affect you!
If you’re not quite up to speed with all the changes to super laws that occurred in 2021, don’t stress! We’ve broken down the key points in a few handy articles.
Further reading: essential TPD claim guides & costs
If you’re starting a new job in 2021, you need to know about changes to super! – Littles
Super stapling, TPD insurance and what it all means for you – Littles
Littles cheat sheet: What you need to know about recent changes to super – Littles
5. Not happy with how your insurer is handling your claim? Don’t suffer in silence!
Is your insurer bombarding you with requests for information? Telling you that you need to sit down with an investigator? Taking months to respond to simple queries? We say: know your rights!
Further reading: essential TPD claim guides & costs
How do I make a complaint about my insurer – Littles
Help! My TPD claim is taking too long – Littles
I stopped work five years ago due to illness. Are there time limits for making a TPD claim? – Littles
6. If your super TPD claim has been rejected, don’t despair
It’s easy to feel despondent if your insurer has rejected your TPD claim. However, don’t despair. At Littles, we have successfully helped clients who’ve had their claims rejected get a fair go from their insurer.
Further reading: essential TPD claim guides & costs
7. If you’ve got a mental illness or condition, you’re eligible to make a TPD claim
Ignore the misinformation. If you are suffering from a mental illness or condition that prevents you from working, you can generally make a TPD claim.
Further reading: essential TPD claim guides & costs
Littles’ TPD mythbuster – the depression and mental health edition – Littles
Depression and TPD claims – Littles
I have a mental illness and cannot work. Can I make a TPD claim? – Littles
8. If you’ve got a chronic illness or condition, you’re eligible for TPD
Many people believe that TPD insurance is for people who have been injured as a result of a workplace incident. This is not the case. If you are suffering from a mental illness or condition that prevents you from working, you can generally make a TPD claim.
Further reading: essential TPD claim guides & costs
Littles TPD mythbuster – the chronic illness edition – Littles
Information on TPD claims for people with Multiple Sclerosis – Littles
I have a chronic illness. Am I eligible for TPD benefits? – Littles
9. You may be able to work after you’ve made a successful TPD claim
Every insurer and TPD policy is different. This includes how ‘total and permanent disability’ is defined, and the limitations this places on you in terms of working after your claim has been accepted. Under some policies, you may be able to work after you have successfully claimed TPD benefits.
Further reading: essential TPD claim guides & costs
10. You can generally run a workplace compensation claim at the same time as your TPD claim
If you can no longer work because of an injury that occurred at work, you may be able to make a workers compensation claim and a TPD claim at the same time.
Further reading: essential TPD claim guides & costs
I am making a workers compensation claim. Can I also make a TPD claim? – Littles
Workplace injuries and TPD claims – Littles
Don’t delay – seek advice now
Do you have an injury or illness that prevents you from working, or just want to know more about what insurance you have under your super? Get in touch with Littles for a free super claims check. We can help you understand what you’re entitled to. Know where you stand, and get peace of mind.
Free advice and no upfront fees
Not only do we offer a FREE claims check – we handle most insurance claims on a no win, no fee basis. Our Head of TPD and General Insurance, Rowan McDonald, is an insurance law expert. If you think you might have a claim, get in touch with Rowan and his team for high quality legal advice.
