Total Permanent Disability (TPD) insurance is for when you can no longer work due to sickness or injury in either your current occupation, or any occupation (depending on the fine print). TPD insurance may be automatically applied to one or more of your superannuation accounts – you should check.
If you don’t know what superannuation funds you have, call the ATO on 13 10 20 to ask for all reporting funds held in your name.
If you were ever eligible for an insurance claim in the past, you can almost always still make a claim now – even if the insurance has since stopped or the fund ran out of money. Some funds may have been taken over by a new fund.
The older a claim is, the trickier it can be to get medical evidence – but don’t give up! Start with all doctors or hospitals you still remember attending and ask them for help to find older doctor and hospital records. If you’re on the disability pension, ask Centrelink for a copy of your original application and any supporting documents.
If you’d like to know more, call the NDH 1800 007 007 or speak to your local financial counsellor.
John was a forty-five year old Fly-In-Fly-Out worker who was out of work due to injuries sustained when he was working. He was now on the disability support pension and lived in public housing with his partner. They thought their superannuation was something they could only access when they ‘retired’ at 65. The financial counsellor helped them look into their TPD eligibility to access insurance across their four superannuation funds. Three were eligible to claim on and after making applications, all three made a payout. No amount of money could undo the lifetime injuries that John had suffered, but with over $1.5 million in insurance funds paid to their bank account they had a few more options in their future.