What could cause a delay to your TPD claim?
Published 15 Nov 2016
Making a claim against your life insurance policy or superannuation fund may seem complicated, but with the help of experienced superannuation lawyers, your claim can be a breeze.
However, there are still common speed bumps that can slow the process down and, without the right help, could even sink your claim. So what are these barriers and how can you overcome them?
Evidence delays for TPD claims
Before an insurer accepts your claim, and pays out your compensation settlement, it first needs to acquire the information needed to ensure what you are saying is correct. For instance, if you have injured yourself as a result of a manual handling task and are unable to work, an insurer will determine if you have been off work for longer than the six month threshold.
However, the techniques used by insurance companies have come under fire in the past. One example is the recent Four Corners investigation into the use of surveillance on ex-police officers suffering with PTSD.
A recent report from the Australian Securities and Investments Commission (ASIC) found that the most common type of life insurance dispute stems from insurers seeking more information relating to the assessment of claims. In fact, 25 per cent of all disputes were due to insurers asking for more of the evidence policyholders are required to provide. Alongside this, 22 per cent of disputes were caused by the timeframes set up by insurers, with claimers finding they were too long and drawn out.
The report also discovered that these disputes were much more common in a select group of insurers, however the ASIC did not name any of the companies. So what can you do to ensure you do not run into any of these problems or, if you do, they are overcome as quickly and painlessly as possible?
Making use of experienced superannuation lawyers
When you make a claim, the first priority of insurers is not to pay your claim. Even if you are entitled to a settlement, say for an income protection insurance claim, the insurance company will be looking for a way out.
From constructive denial to legal action, there are a range of ways insurers can reduce or deny your disability coverage. However, Gerard Malouf and Partners Superannuation Lawyers have the experience and compassion to deal with your claim and the insurers successfully.
If you would to know more about how we can help you make a successful claim, talk to the experts today.