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Home | Blog | Super solution at times of illness and injury

Gerard Morson is a Personal Injury lawyer based in the Turner Freeman Penrith office. Gerard explains in his latest blog the different types of insurance usually attached to super funds and what one can claim at times of injury and illness.

Accessing super if injured or ill

Falling victim to a serious illness or injury can leave people unable to work, adding financial hardship to an already challenging time.

What many people don’t realise is that assistance is often available through their superannuation, whether or not they are close to retirement age.

Superannuation policies generally include some form of insurance cover in their products,  covering such things as total and permanent disablement, death, and income protection.

Accessing these insurance policies doesn’t require your illness or injury to be work related, or to have been caused by the actions of someone else.

TPD entitlements

Total and permanent disablement (TPD) or terminal illness benefits are usually paid as a lump sum. This can vary from a few thousand dollars to more than half a million dollars, depending on the circumstances and the individual’s level of cover.

Income protection is more like a salary, with regular payments that are usually around three-quarters of a person’s former wage. This is particularly helpful for managing regular expenses such as mortgage repayments and household bills.

Additionally, it is often possible to access part of your superannuation account balance in times of hardship or financial crisis, such as during a period of unemployment or while battling a serious illness such as cancer.

In fact, where illness or injury leaves a person permanently unable to work they may be able to access the full amount of their superannuation savings before reaching the usual retirement age.

It is also quite common for people to have money in multiple super funds as a result of changing jobs, making it possible to access financial benefits from more than one insurance policy, potentially delivering a substantial financial benefit.

Superannuation insurance claims can be quite confusing and daunting, but our expert superannuation lawyers and team at Turner Freeman is able to guide you through every step of the process.

We can also assist with contesting a claim that has been previously rejected on a “No Win – No Fee” basis. Call our Penrith office on 13 43 63 for more information. Our Penrith office is located at 311 High Street, Penrith.

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