Can I Make a Claim for a TPD Benefit on More Than One Policy or Superannuation Account?

Do any of your close family members get affected by a total and permanent disability? Are you looking for the TPD claims and benefits? You can claim multiple TPD benefits for the same injury in multiple super funds. It requires holding and management of multiple superannuation accounts. You will receive the claim or insurance amount in these accounts. Ensure that the claims are right, justified and match the affected person’s conditions. 

TPD Benefit
Image by TheInvestorPost from Pixabay

You can also hire a qualified lawyer for perfect documentation on behalf of the insurance holder. They can provide the right guidance regarding any application of the benefit of the super funds. 

Receive the agreed lump sum amount for the claim

It is quite a challenging and tedious task to get the insurance amount. You should have the perfect knowledge about the super funds and benefits. The TPD insurance benefits can only be paid after the examination of the policy and requirement satisfaction. You will find that the agreed amount is paid after you satisfy the policy requirement. 

The TPD claim benefits require you to fulfil the basics. You did not have to show any particular financial loss suffered in the incident. The claim will be accepted if you are fulfilling the policy term which is permanent disability to work. You will find that the TPD funds are not paid analysing the financial loss. It allows you to claim multiple TPD benefits and attain multiple insurance policies

Monthly income protection claims 

Total and permanent disability requires financial support for treatment or medication. The income protection and salary continuance policies are quite supportive of financial help. You will find that the policy can pay the benefit of 75% to 80% of your previous monthly earnings. The major benefit of income protection is that you will be paid each month till the period you are unable to work. It can be 2 years, 10 years or any possible year. You will continuously receive the payment benefits till the age of 65 years. 

Can I have two superannuation funds? 

Making money

You have to check the insurance policy to get the answer to this question. If you have income protection in more than one superannuation fund then one policy can be terminated. They will approve the most appropriate income protection policy satisfying the needs of the concerned. It is best to seek legal advice for the benefits of applying for two superannuation funds. You can claim different policies for the same disability. 

The indemnity policies are liable to pay you a calculated benefit amount based on the loss. In this policy, you cannot claim multiple policies. You are receiving almost a full salary per month and if you apply for other income protection insurance benefits, you will end up receiving more than your previous earnings. 

Exemptions

There are some exceptions in claiming multiple TPD benefits. You have to face challenges in the case of some insurers. They do not allow you to apply for the TPD payment again if you have already claimed and received the claimed benefit. You should read the insurance document thoroughly before signing. 

There are various solutions available to the problem. You should take legal advice and guidance from experienced TPD lawyers. They adhere to the rules and regulations of TPD claiming rights or benefits. You can get the payment benefit if you apply with proper documentation and evidence. The lawyers can provide you with the knowledge about the application to receive benefits. They have alternative solutions and you can apply for other policies to receive TPD benefits.  

Changes or amendments made to TPD insurance 

According to the recent legislation policy, the superannuation fund should not provide insurance on inactive accounts. It considers the accounts that are inactive for more than 16 months. 

The change contributes to decreasing the number of people having two superannuation accounts. It depends on you to continue receiving the TPD benefits. You can contact the super fund and ask them to keep cover going on the inactive accounts. 

The rules of the superannuation fund state that before cancellation of insurance cover, the fund should contact in writing to inform about the insurance cover. You will not get the insurance coverage paid in case you are informed earlier. It is best to seek advice for acknowledging the fair rules applied to you. You can appoint the best insurance lawyer in Brisbane

Can you have 2 super funds? 

Some people worked in various jobs and have various superannuation accounts. They are ceased to work because of injury or illness. It creates possibilities that the person can be covered for multiple TPD insurance benefits. 

It is essential to check if you are allowed to receive the claimed amount in the superannuation account. You are paying premiums to receive benefits in these days of your suffering. Hire the best lawyer and get multiple superannuation claims approved. 

Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post Next Post