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What is TPD Insurance?
Many superannuation funds provide coverage for a disability insurance benefit, often referred to as a Total Permanent Disability (TPD) benefit.
A Total and Permanent Disability (TPD) insurance benefit is paid as a lump sum. In most cases, to qualify you must show that you are permanently unfit for your usual employment, or any other employment for which you are qualified based on your education, training and experience.
For example, it may be that your qualifications are limited and you have only ever done manual work. In such case, you could access a TPD insurance benefit even if doctors deem you fit enough to do an office job.
This insurance cover, if provided under your superannuation, is a benefit additional to the contributions that you and/or your employer have made to your superannuation fund during the period of your membership. Most people are unaware or forget that this insurance cover is in place.
Depending on the terms of the insurance cover, a TPD benefit may be significant and may help ease the financial burden you face during the difficult times that follow a disability.
Generally it does not matter how your injury or illness came about; just that you are suffering from a total and permanent disability or illness. Many people on workers’ compensation, motor vehicle injury compensation or the Centrelink Disability Support Pension can claim as well as people who suffer an unexpected illness that prevents them from working.
Whether you can make a claim for a superannuation disability benefit will depend on a number of factors - particularly, whether this insurance cover is provided under your superannuation.
Some superannuation TPD policies will pay a TPD benefit if you are unable to return to your 'usual' duties but are now working in a different occupation.
To determine whether you may be entitled to a potential Total and Permanent Disability (TPD) insurance benefit start the superannuation benefits assessment.