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247 Documents found. Displaying 1 - 50

Know Your Rights: Duties of Insurers and Trustees During the Assessment of a TPD Claim

24/02/2020

A Superfund member who is seeking to lodge a Total and Permanent Disablement Claim is entitled to have their claim assessed in accordance with various legal principles. The Superannuation Industry (Supervision) Act 1993 and Insurance Contracts Act 1984 govern the various duties and obligations which an Insurer and Trustee must…

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How are SMSFs affected by capital gains tax?

10/05/2019

Capital gains tax, or CGT, can be a confusing factor in your retirement planning, especially where self managed super funds (SMSFs) are concerned. Here, we break down the rules around capital gains tax rules for self managed supers. What is capital gains tax? When you sell a capital asset, such as a…

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How do I check what life insurance I have as part of my super?

03/01/2019

Before you start shopping for life insurance plans, find out what kind of cover you may already have through your superannuation fund. Learn how to check your current coverage first and foremost, then you'll be better prepared to compare your options. Below is your guide to figuring out what life insurance…

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What’s the difference between TPDs and TTDs?

27/12/2018

Regardless of fault or cause, if a person suffers an injury or illness and is no longer able to work a normal job, superannuation and insurance claims could allow them to receive necessary compensation. TPD and TTD insurance claims are similar in Australia, but there are some important differences to…

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Does a critical illness have to be terminal to receive compensation?

18/12/2018

Receiving the news that you've been diagnosed with a critical illness is not only hard to take, it also puts undue financial stress on yourself and your family. Luckily, many superannuation plans provide terminal illness cover to offset the cost of medical treatment and legal arrangements. However, can individuals access…

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What criteria must I meet to make a successful TPD claim?

10/12/2018

It's one thing lodging a total permanent disability (TPD) compensation claim - it's another being successful, thanks to the criteria individuals have to meet as an entry threshold. Here we breakdown what a TPD compensation claim is and the five key criteria applicants need to consider to achieve a favourable outcome. What…

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Did AMP take life insurance premiums from dead people?

31/10/2018

Faith in the financial services industry was rocked in 2008 when widespread irresponsible banking practices led to the biggest global economic crisis since the Great Depression. Australia escaped the worst of the downturn, but financial services was still the least trusted sector in the country last year, according to a…

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What steps can I take to prevent a rejected income protection claim?

24/10/2018

Income protection is a form of insurance that pays out when you are unable to work due to sickness or injury. These products usually provide up to 75 per cent of your gross wages over a specified time period, by which time you should hopefully have recovered enough to return…

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What super industry scandals did the Royal Banking Commission uncover?

10/10/2018

The Royal Banking Commission finished its investigation into financial services in September 2018 after a bruising couple of months for the industry. Major scandals rocked some of the country's biggest banks and wealth management firms, causing serious damage to the reputations of many businesses. The super industry was already reeling…

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Can I claim on multiple income protection policies at once?

04/10/2018

Income protection can be a crucial financial safety net for people who are injured or ill and unable to work. This type of coverage is commonly included as part of your superannuation fund entitlements, although you can also purchase standalone policies. But why do some people have multiple income protection policies?…

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I work in the gig economy. Can I make a superannuation claim?

21/09/2018

The gig economy is a global phenomenon, with a growing army of workers looking to ditch their traditional 9-5 jobs and become their own boss. But there are downsides to operating within the gig economy. One of the biggest concerns for casual, part-time and freelance workers is superannuation. Gig workers…

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Can I claim workers compensation and income protection at the same time?

29/08/2018

If you have sustained an injury, either at work or elsewhere, that prevents you from doing your job, there are important cover options to keep in mind. While there are differences between workers' compensation and income protection, and some of these payments could be made at the same time, the first…

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How often do insurers reject TPD claims?

08/08/2018

Total and permanent disability (TPD) insurance is a type of life cover that protects policyholders against the risk of suffering a serious injury or illness that prevents them from ever returning to work. Many people have access to TPD cover through their superannuation policy, although others may choose a standalone…

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Why has the ALA called for more TPD safeguards in super reforms?

01/08/2018

Earlier this year, the Productivity Commission published a draft report into the superannuation industry. In the document, the organisation slammed a number of current practices within the sector, including 'zombie' insurance policies, complex and incomparable products, and poor complaint handling. The commission made several recommendations to improve the country's super system.…

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Can I access my super if I relocate overseas?

25/07/2018

Superannuation was set up to provide for all people living in Australia so that once they retire they will have access to a pool of funds. This money is protected from bankruptcy and creditor claims - it's the ultimate safeguard to ensure you'll never be left without. But what if…

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A guide to ‘preservation age’ when accessing superannuation

18/07/2018

Superannuation guarantees resources for when you're no longer working. Without these funds, you may struggle to adapt to retirement, which can lead to numerous financial issues. In order to protect your superannuation fund, the Australian government specifies a 'preservation age' that you must reach before you can access this sum. There…

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Can I Claim TPD Insurance If I Wasn’t Working?

04/07/2018

The majority of Australian’s have Superannuation and with that Superannuation comes Insurance. Provided that you have not opted out of paying for Insurance you will be covered for Total and Permanent Disablement. Total and Permanent Disablement Insurance is meant to protect people if they become too sick or injured to work…

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$45 Billion Merger: Kinetic Super and Sunsuper

27/06/2018

It’s official. Kinetic Super has merged with Sunsuper. The $45 billion dollar merger was agreed upon back in early 2017 and has taken full effect as at 12 May 2018. It is expected the joint funds will have a combined $45 billion fund under management with over 100, 000 employers…

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Is financial support available to chronic pain sufferers?

13/06/2018

Pain is a natural bodily response to damaging stimuli, although most people stop feeling distress once they recover from an illness or injury. However, pain is described as chronic or persistent when it lasts beyond a typical healing time of three months. Around one in five people in the country…

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Does critical illness cover include AIDS and HIV diagnoses?

06/06/2018

People who are diagnosed with HIV have a far better prognosis now than when the disease first emerged in the early 1980s. Modern antiretroviral treatments mean the condition is largely manageable and can be prevented from ever progressing to AIDS. But how do life insurance firms and superannuation providers treat…

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Do I have any TPD insurance in my super?

29/05/2018

Many superannuation funds have TPD and Income Protection insurances set up for members, and these are usually automatic and do not require any kind of application. So how can I find out the details of the insurance, and do I have any insurance? While many superannuation funds have insurance, many do not. While some…

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How many Australians suffer from mental health illnesses?

22/05/2018

Attitudes to mental health have come on in leaps and bounds in recent years, yet many people still believe there is a stigma surrounding the issue that can prevent sufferers from seeking help. Psychological illnesses often cause strain in personal relationships and regularly result in physical symptoms. Mental health problems…

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What are the most common causes of accidental death in Australia?

15/05/2018

Losing someone is always difficult, but accidental deaths can be particularly traumatising for surviving loved ones because they rarely get to say their final goodbyes. Any deaths that are unexpected or unintentional are usually classified as accidental, and family members are often eligible for specific benefits to provide financial support after a…

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What does Total and Permanent Disablement (TPD) really mean?

08/05/2018

In simple terms TPD doesn’t mean anything. TPD, which is abbreviation of Total and Permanent Disability (or Totally and Permanently Disabled), is a name for a kind of life insurance based policy.[1] TPD doesn’t mean anything, as it simply refers to a class of insurance contracts, which can have varying specifications.…

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How can I prove I can’t work?

26/04/2018

When you claim on Total and Permanent Disabled (TPD) insurance as you would need to show you cannot work again.[1] How does one go about proving they cannot work again? Is it by reference to CT Scans and MRIs, to the number of surgeries one has, the Whole Person Impairment (WPI)…

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How many Australian families have life insurance?

10/04/2018

The person who said the best things in life are free probably didn't raise a family in Australia. In 2007, a typical middle-income household spent $537,000 raising two children to adulthood, according to an AMP.NATSEM report. By 2012, this figure had shot up to $812,000 - and is likely to…

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What financial support can disabled Australians access?

05/04/2018

People with disabilities comprise a sizeable proportion of the Australian population. In fact, nearly one-fifth of individuals claim they are disabled, according to the Australian Bureau of Statistics (ABS). Living with a disability is often financially challenging. The ABS revealed far fewer people in this demographic are employed than non-disabled…

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Reasonable to (not) disclose pre-existing conditions?

03/04/2018

An insurance policy is a contract. The law requires disclosure of key information for a contract to be valid, often called “meeting of the minds”. Not disclosing information is a serious breach and the courts have a history of fixing such situations on the basis of Equity. This applies to…

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What happens to a deceased person’s superannuation?

27/03/2018

Superannuation funds ensure that Australians are well prepared for the financial challenges of not having an employment income stream after they retire. In 2013-14, the average super balance for men and women aged 15 and over was $98,535 and $54,916, respectively, according to figures from the Association of Superannuation Funds…

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What benefits will I receive after a successful TPD claim?

19/03/2018

Whether it's a physical or psychological ailment, total and permanent disabilities (TPDs) often have a significant impact on an individual and their family. Unfortunately, unforeseen circumstances can strike at any time, and this creates uncertainty for the future. TPD insurance provides financial support to people who suffer a debilitating injury…

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How do buy-back options affect future life insurance claims?

12/03/2018

Life insurance doesn't just pay out when the policyholder passes away. Most products have other features built in that provide financial support when people suffer critical illnesses, serious injuries or total and permanent disabilities (TPDs). For instance, trauma cover offers payments when the policyholder suffers a heart attack, stroke or…

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How do I make a death benefits claim?

07/02/2018

The loss of someone close to you is devastating. Yet, surviving family members must normally handle mountains of paperwork and admin during an already traumatic time following a loved one's death. One of these responsibilities is making a death benefits claim, which ensures the deceased's accumulated superannuation is distributed to…

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Are mental health insurance products about to change?

31/01/2018

Life insurance products often contain coverage for policyholders who develop mental health conditions. For example, many total and permanent disability policies make lump sum payments for people who have debilitating depression, anxiety or post-traumatic stress disorder. These disorders and other psychological diagnoses are also often covered under income protection and critical illness…

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