How to make a TPD claim for an injury
According to legislation, you are deemed permanently disabled if two medical professionals verify that your medical condition is likely to prevent you from ever working again in a position for which you are qualified by your education, training or experience.
If you are deemed ‘permanently disabled’, you may be able to:
1. Lodge a total and permanent disablement (TPD) claim; and
2. Access your super to receive monies paid for an approved TPD claim. Access to your super is often restricted until you reach 65 years old, but importantly these requirements may be waived due to a lifelong disability.
If you are suffering from a medical condition that leaves you permanently disabled, but you’re working light or restricted duties in a role in a different industry, you may still be entitled to withdraw your super.
You have the option of receiving recurring payments or a large sum from your super. Depending on your TPD superannuation fund, you will likely need to the complete the following steps:
1.Contact your superannuation fund(s) and request the relevant early release forms;
2. Complete the paperwork and have two medical professionals verify that your medical condition is likely to prevent you from ever working again in a suitable position; and
3. Lodge the TPD claim with the relevant paperwork with your superannuation fund.
The timeframes to have your TPD claim approved for early release assessed will vary from each fund, however it is important that you continually follow up with them. There are many tax components that apply to a TPD super claim withdrawal, so you may wish to speak to us and get professional advice before doing so in order to have a successful tpd claim payout.
Also keep in mind that your super is intended to finance your retirement, so taking early withdrawals will affect how much money you have later in life. TPD insurance can therefore be a useful method to protect your superannuation and give you and your family a financial safety net.
