Many of us have TPD insurance within our Super policy. Have you looked at yours? You can check your Superannuation statement to find out if you have it.
TPD insurance is one of the most complicated covers you can own and also one of the hardest to claim under. This should not deter you from having the cover – consider: how will you live if you cannot work; what other insurances do you have; what debts do you have and who will be there to help you. It is always wise to thoroughly understand how your insurance works. Read the PDS (Product Disclosure Statement) carefully, and research the jargon. Discuss it with the insurer or a trusted financial educator or planner if you don’t fully understand it.
Do you need to make a TPD claim?
There is no universal set of policy conditions for all TPD insurers. Each insurer will have their own policy wording and their own way of assessing your claim. It is unwise to enter into a TPD claim process and think that it will be an easy claim to get through… BECAUSE IT IS NOT. Once the claim is submitted there will be a lot of work behind the scenes at the insurer to:
- Assess if you are eligible to claim. For example: some policies will exclude any illnesses or conditions you had prior to taking out the policy.
- Understand and verify the extent of your injury or illness (this could involve the insurer’s doctors as well as your own).
- Decide whether they all agree that you will never be able to return to work. Be aware that it can mean whether you can return to work doing the same job you did prior to the accident/illness or whether you can return to any work that is available – this is dependent on what you chose at the time the insurance was taken out.
And that’s to name just a few….
Money Natters can help you with TPD insurance claims – we can help you collate the paperwork that is required by your insurer and we can deal with the insurer on your behalf, if you prefer that. A TPD claim can be stressful. Let us help ease the stress.