3 superannuation elements you did not know about
Published 19 Oct 2016
Superannuation can be highly complex. Not only does it have its own legislative framework, most people are unaware of their current status. Whether it is due to moving jobs, or you just didn’t read the fine print, a lot can fly under the radar.
This article will provide you with three examples of superannuation cover that you didn’t know you had. If you still want to know more, make sure you talk to a superannuation dispute lawyer.
1. Total and Permanent Disability (TPD)
While no one seems to mention it, work is one of the most dangerous pursuits humans can become engaged in. While some industries present higher risks, all have the potential for injury.
If a person is seriously injured they can make a claim under TPD insurance. To prove you are totally or permanently injured, you need to show that you are suffering from serious injury for more than six months and it has precluded you from working.
A TPD claim can lead to a lump sum payment and the early release of a member’s accumulated superannuation funds.
2. Critical Illness
Like TPD, critical illness insurance is a policy in your superannuation that allows you to access funds if you suffer from a critical illness listed in your policy. Sometimes referred to as trauma insurance, this kind of policy is common in high-risk workplaces, including factories and manufacturing plants.
Common illnesses covered include:
- Heart attack
- Stroke cancer
- Coronary artery by-pass surgery
Unfortunately, some diseases are excluded. This is why you need to talk to a compensation lawyer who can help ensure you have a legitimate claim.
3. Income Protection
Personal injury can have obvious impacts on your physical, emotional and psychological state. However, people tend to forget that it can also preclude you from making a living.
Many super funds have income protection insurance that can cover your income if you find yourself in a position where you cannot work anymore due to injury or illness.
In most cases, people suffer financial loss after an injury when they are unaware of the policies and measures they have access to as part of their superannuation fund. However, these measures can alleviate the financial pressure that can build up after an injury.
If you would like to know more about superannuation claims, make sure you talk to an expert at Gerard Malouf and Partners Superannuation Lawyers.