There are many insurance companies in Australia that offer TPD insurance to its residents. The primary reason for providing this insurance policy is to ensure the policy holder and family members the convenience of financial support in case of suffering from total and permanent disabilities. The TPD insurance claims can arise in a situation when the insured suffers from some kind of illness or injury which leads to a total and permanent disability.
TPD claims are utilized to meet a lot of expenses incurred in daily living. The funds are used for meeting the medical and rehabilitation costs, ongoing living expenses, debt reduction, home or vehicle modifications etc. The age of insured should be above the age of eighteen. This kind of insurance is taken out both as standalone or in combination with other protection plans like Life, Trauma etc. While filing TPD insurance claims, the policy holder should understand the definition of disability, period of disablement and occupational risk. Thus, reading the insurance provider’s Product Disclosure Statement or seeking the advice from a genuine insurance adviser is essential.
TPD insurance claims arise on three different situations. For instance, if the person applying for insurance claim suffers from permanent disability and unable to carry out any occupation which was apt as per education, training and experience or otherwise, suffers from permanent disability and unable to do duties specific to the occupation, it’s likely for the person to be covered under TPD claims. Also, it’s possible to obtain claim benefits where the concerned person is unable to carry out his duties in two of the five activities of daily living.
Persons covered under the category of own occupation receive the maximum level of protective cover while those falling in non-occupational category is considered for a claim only if suffered from maximum damage to limbs and other body parts. Usually, TPD insurance is paid out of the Super fund. The insurance in this category is generally not tax-deductible and claims are not taxable too. When TPD insurance is covered in superannuation, the benefit is taxed when it’s paid.
For advice or guidance on TPD insurance claims or super claims, it is best to hire a lawyer who has necessary knowledge on the kind and variety of claims. They have necessary expertise to provide help to policy holders with the right inputs like the requirement of identification evidence in the form of birth certificate, passport. Documents like medical reports along with medical evidence are forwarded to the lawyer. TPD claims lawyer have an inside information on all the requirements and make the process easy to follow. The legal expert takes care that the requirements are completely submitted so that legalities are not involved at a later stage.
TPD Insurance Claims or TPD Claims – General View