How do I know if I have an entitlement to partial disability benefits under a superannuation policy?
Published 23 Dec 2014
Author: Gerard Malouf
People who have partial or total permanent disabilities that prevent them from working are often eligible for benefits under their superannuation policy.
The disability could be the result of a number of issues, including an accident, ill health or other incapacity. However, some individuals may be confused over how their disability is classified or whether or not they are entitled to benefits.
Partial disabilities are different to total and permanent disabilities (TPDs), with the latter typically referring to injuries or sicknesses that stop an employee from ever returning to the workplace.
In contrast, partial disabilities usually mean the individual can continue working in some capacity after a period away from their job. However, it is unlikely they will be able to carry out all tasks to their previous level of ability.
The wording of every insurance policy is different, although benefits are normally only paid on partial disability claims if you are totally disabled for at least a minimum period.
During this time, you may receive full benefits until a medical practitioner evaluates your level of disability. Should you be considered partially disabled, it is likely the money you receive will go down, although in some cases the full allocation may still be paid.
What should I do to make a claim?
As mentioned, each superannuation policy will have its own specifications regarding partial and total permanent disabilities, and understanding the differences can be a challenge.
Therefore, if you are looking to proceed with a superannuation dispute, it is vital to contact an experienced lawyer who can help you take the next steps and support you throughout the process.
An inability to work can put huge financial pressures on a household, which can make a lump sum payment under a superannuation policy even more important.
There are time limits on making a claim, so you should seek legal advice as soon as possible after suffering an illness or injury that leads to a disability.
Furthermore, superannuation policies are not the only way you could receive compensation for a partial disability. Here are several other potential sources of a payout:
- Income protection insurance
- Life insurance
- Loan protection and mortgage protection insurance
- Sickness or accident insurance
- Trauma or employment disability insurance