Living with cancer often becomes more challenging because of the financial burden that comes with your treatment. In most cases, severe conditions can permanently disable a cancer patient–leaving them unable to earn an income.
If you have a valid total and permanent disability (TPD) insurance policy, continue reading. In this article, we will share the process of claiming TPD for cancer to help you fund your medical treatment.
Yes, cancer patients may be able to claim TPD insurance if their diagnosis results in them being unlikely to return to work again. While every policy is different, TPD is typically designed to provide for you when you are suffering from an illness or injury that renders you unlikely to ever work again. Understanding the nuances of your policy is crucial to ensuring a smooth claims process.
The cost of cancer treatments can be steep and can be further aggravated by losing the ability to generate an income. While the standard healthcare system in Australia can cover the cost of treatment for cancer, it can be insufficient. One study shows that one in four cancer patients pays more than $10,000 out-of-pocket costs every 2 years for treatment and recovery.
Depending on the severity of the condition and the effect of the treatment, a cancer patient may be eligible for a claim.
While all policies are different and require detailed analysis, some of the more common requirements we see are:
The process and requirements for claiming TPD for cancer may vary depending on your insurance provider. With Curo Financial Services, our expert TPD claims advisers follow this simple process:
Whether your TPD is held under your name or within super, informing your insurance provider of your plan to lodge a claim is the first step.
Typically, your insurer will request basic information to validate your policy ownership. In exchange, you will receive the updated TPD claims package.
Next is checking your TPD claim eligibility. The two main factors to consider are:
Obtain and sort any medical evidence and documents that can help support your claim. These can include, but are not limited to:
Make sure that you are submitting a complete TPD claim application. Also, be cautious of your insurer’s instructions for sending.
Create a copy of all the documents you have submitted and document all communications you have had with your insurer.
Depending on your insurer’s claim process and the complexity of your case, the TPD claims may take between several months and a year.
However, staying in touch with your insurer may help speed up their decision. It is encouraged to request updates on your claims.
The key to a successful TPD claim is persistence, especially when your insurer rejects your claim. Generally, every individual is entitled to appeal to their insurer’s decision. Below are the following actions you may explore:
If you need help in claiming TPD for cancer, send us a message. We provide a “no-win, no-fee” service for TPD claims.
Take a short assessment to see if you may qualify for a Total and Permanent Disability claim. It’s quick, private, and helps you decide your next step.
You'll get guidance based on your answers.
Uncertain about whether you can claim TPD for cancer? You can initially assess your situation based on these factors.
When you are diagnosed with terminal or advanced-stage cancer, your ability to make a TPD claim gets stronger. Insurers typically view these medical conditions as being totally and permanently disabled without having the capacity to work again.
Cancer treatments play a vital role in claiming TPD for cancer. If a patient undergoes chemotherapy, radiotherapy, and/or surgery, those can have long-term and severe side effects. These treatments may cause fatigue, pain, cognitive impairment, or limited mobility, which prevents the patient from working permanently.
A proper medical documentation of your treatments will strongly support your TPD claim.
A successful TPD claim can help you or your family to:
For some policies, you may be allowed to claim both income protection and TPD insurance for cancer. Income protection provides income replacement for a temporary loss of work, while TPD insurance covers total and permanent disability.
Note: The factors mentioned above are for personal assessment only to give you confidence to process a claim. Once you submit a claim application, your insurer will conduct its independent process of evaluation.
TPD insurance pays a lump sum benefit in the event you become totally and permanently disabled due to illness or injury. Depending on your policy, the definition of TPD may be classified as:
Below are the typical eligibility requirements when claiming TPD for cancer:
If your TPD policy is held within your super, you may need to seek professional help in accessing the fund and potentially save on taxes.
Once your TPD claim is approved, the benefit amount will be paid to your superannuation account. To access the fund, you will have the option to apply for an early release of your super due to incapacity rather than waiting until retirement.
The Australian Taxation Office (ATO) has guidelines for individuals who wish to access their super before retirement.
When it comes to taxes, the TPD benefits paid to your super may have tax implications. The amount of your tax payable will depend on your age when you access your benefit and the tax components of the super. A finance professional can help you assess your financial situation and provide expert tax advice so that you can make an informed decision.
Generally, insurers will focus on evaluating your supporting medical evidence. Insurers will assess your application to determine whether it meets the eligibility requirements.
These may include:
It can be challenging to process a TPD claim while battling cancer. At Curo Financial Services, we understand the urgency and how important it is for you to have a successful TPD claim. Let us help you.
Our team has decades of experience working with complex cases of TPD claims–including cancer. We have gained a strong understanding of what makes a strong claim application for the insurers.
When you choose to work with our team, our services include:
Do not let your condition get in the way of getting TPD claim approval. Contact us, and one of our experts will be in touch with you.
Yes, you can. ATO has a guideline on how you can access your TPD benefits early due to total and permanent disability.
Note: Accessing your super fund and benefits earlier than retirement may have an impact on your taxes.
Typically, insurers consider cancer a disability depending on whether the treatment impairs your ability to work, and whether it is in the advanced stage or terminal.
Aside from TPD, cancer patients may claim trauma (critical) illness or income protection insurance if they have. However, some policies may limit your benefits depending on your existing insurance claims. Consulting an insurance claims expert will help you determine your benefit entitlements.
Don’t put off your insurance until it’s too late.
Call Curo now to speak to your personal advisor, on 1300 665 356.
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.
