Published 25 Aug 2015
Superannuation policies often contain insurance cover for a range of accidents, illnesses or other mishaps that can befall an individual.
A serious injury or sickness to a household's primary money earner can have a significant impact on a family's financial situation. Without the appropriate benefits or compensation, people can struggle to afford day-to-day costs, particularly if the person is off work for a long period of time.
However, depending on your superannuation policy, you could receive income protection, critical illness cover or total and permanent disability (TPD) payments.
These can provide vital support when unforeseen circumstances strike. Should the worst happen, your family could also be entitled to death benefits, which is where your accumulated super is distributed to surviving loved ones.
But which factors do the courts take into account when calculating a superannuation claim payout? And what could you receive compensation for? This article will outline some of the benefits to which you may be entitled.
Taking time off work invariably means you'll miss out on regular wages. The benefits you receive will depend on what type of coverage you have. Income protection, for example, typically offers up to 75 per cent of your gross salary for a set period of time until you return to your job.
A TPD claim, on the other hand, means you're unlikely to go back to your job. Compensation should therefore cover your past and future lost wages.
Even minor injuries or illnesses can result in expense medical bills, but more serious incidents could cost you tens of thousands of dollars or more. Permanent conditions may require treatment for life.
A superannuation claim could secure you the money needed to cover these expenses, as well as any essential equipment or home modifications. This could include prosthetics, wheelchairs, ramps or stair lifts.
Care and support
Following an accident or serious illness, you may need ongoing care and support for both physical and psychological problems. For example, you may have to visit physiotherapists or psychiatrists.
Round-the-clock care could also be a requirement. If a loved one gives up their job to provide support, the courts can calculate their lost earnings and add this to your payout.
Would you like to know more about superannuation claims? Please speak to the dedicated team at Gerard Malouf & Partners today to see whether you're entitled to compensation.