TPD Insurance Claims Management

There are many different types of protective insurance coverage that we have come to rely on over recent years. Having insurance in place provides  us not only with protection against certain incidents and eventualities but also offers peace of mind. One type of insurance you may have heard about is TPD insurance, which refers to Total and Permanent Disability insurance. This is a popular form of insurance coverage that many people have in place to provide them with financial protection in the event they are unable to work due to an illness or injury that comes under the umbrella of a total and permanent disability.

TPD Insurance Claims: Who is Covered?

TPD insurance claims can be made by those who have a policy in place and who suffer a serious illness or injury that renders them unbale to ever return to work.  TPD insurance is often held through superannuation, where the lump sum payable from a successful claim will be distributed to the fund before being distributed to the life insured. The money you get from your insurance makes it easier for you to manage financially given your inability to return to work and earn money due to your injury or illness.

Making a TPD Claim through Your Super

While superannuation funds do vary in terms of the quality of cover that they offer, most do include TPD insurance to some degree. However, the level of cover varies from one policy to another, so it is crucial that you keep abreast of the amount that you have in place as well as how this will change over time. If you need to make a TPD claim through your superannuation fund, it may be of significant benefit to get assistance from a claims adviser with experience and expertise in this matter. This is because the process of TPD claims can be a lengthy and complex one for those who are unfamiliar with making this type of claim. A TPD claims advisor can take you through the process step by step, which makes things a lot less stressful because you have access to expert claims advice.

The Requirements

In order to successfully make a superannuation TPD claim, you will typically need to demonstrate that you, as a result of injury or illness, are unable to return to your work or any other work you  are suited to by way of training, education or experience. If a medical condition has stopped you from working for a period of around six months, and if  unlikely to be able to do that type of work again for the same reasons, you may be able to make a successful TPD claim. The above applies to an ‘Any Occupation TPD’ policy, that which is most commonly found through super. Outside of Super you may well have an ‘Own Occupation’ TPD policy which only requires you to be unable to ever work again in the occupation you were in immediately prior to disablement. As you can see, there are many things to consider and speaking to an expert TPD advisor will enable you to better determine the likelihood of success as well as providing you with information on what you need in order to make a TPD claim.


Dealing with a Rejected TPD Claim

Of course, there is no guarantee that your TPD insurance claim will be successful. Some find their TPD claim denied and they are unable to determine why this has happened. If you have had a TPD claim declined, the best thing you can do is seek TPD claims advice from an experienced TPD claims advisor. This will provide you with peace of mind that an objective expert has assessed your circumstances with respect to the relevant policy definitions.

The Amount You Receive through TPD Insurance

Naturally, most people are keen to find out how much they will get from their TPD claim. Well, this is something that can vary based on a number of factors. The level of cover that typically applies is the amount that you were insured for at the time of becoming disabled. Many policies that are provided by retail and industry super funds will provide varying level of cover you have based on your age.  Typical retail insurance policies will only change in value at your request.

How Long Will My TPD Claim Take To Be Paid?

Another thing most people are interested to find out is how long the TPD insurance claim is likely to take in terms of processing and payout. Again, this is something that can vary from one person to another but in general you are looking at a number of months before the claim is resolved and the payout made (with successful claims). Having TPD claims management experts on hand can help you to get a better idea of how long your specific claim is likely to take and can likely help to speed up the process for you.

How the Claims Process Works

 Some people feel daunted by the TPD claims process, as it can appear to be quite complex and long-winded to those who are unfamiliar with making this type of claim. You will need to complete the necessary claims forms and provide medical evidence as requested by the insurer. There are also other documents you will need to provide. Unfortunately, the TPD claims process is generally slower than many other types of insurance claims and it can take a number of months to resolve. In addition, any issues with the documentation or claims forms can further delay the claims process leaving you waiting longer for your payout. This is why many people use the services of expert TPD claims advisors, as this minimises on the risk of any issues that could cause further delays. It also makes the whole claims process far simpler and more manageable.

Getting the Maximum Payout

 As mentioned previously, the amount you receive by way of a TPD insurance claims payout can vary based on a range of factors. However, it is worth bearing in mind that having experts on hand to help with your insurance claim can prove invaluable in terms of your payout. Not only does it boost the chances of getting a payout by reducing the risk of your TPD claim being rejected but it can also help to maximise on the amount you receive when you make your claim.

What Do I Need to Claim TPD Insurance?

As you may well already know, making a TPD claim has a number of components to it. A successful TPD claim revolves around the definitions of the policy in question. Typically you will be required to have been off of work for a period of 6 months and have confirmation from 2 of your treating doctors that you will be unable to ever return to work for which you are reasonably suited by way of education, training or experience. The administrative process can be quite cumbersome, particularly given you are going to have a number of other things on your plate at this point in time. Engaging a TPD claims expert will give you peace of mind that your matter is being handled by professionals, in an efficient manner.

What are the Most Common Reasons for Claiming TPD Insurance?

Although these statistics are hard to compile due to privacy restrictions that are inherently associated with such sensitive data, Asteron Life has advised that in 2011 the most common reason for a TPD claim were:

  • Musculoskeletal disorders – 43%
  • Injuries from accidents – 17% 
  • Mental Health (Depression, Bipolar, PTSD, Anxiety) – 18%
  • Cancer – 6%
  • Nervous system disorders – 9%
  • Other – 7%

Source: Asteron Life 

Find Out More

If you feel you have a valid TPD insurance claim and would like further assistance and expert advice from an experienced TPD claims advisor, get in touch with us today. Our friendly team of professionals will be more than happy to provide you with advice and information as well as to get things moving with your TPD insurance claim. If you would like to speak with one of our financial advisers, please call us on 1300 665 356 or click here to fill out a contact form.


General Advice Disclaimer

General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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