Only half of super fund members have a “reasonable” understanding of their insurance according to a recent survey by the Association of Superannuation Funds of Australia.
Almost every working Australian has superannuation. Through this superannuation, you may be insured if an illness or injury prevents you from returning to work. Therefore, it’s important you know what it’s all about.
- Ask your super fund who your insurer is. They are the one paying the benefit so make sure you do your homework on the insurer.
- If considering insurance through super, ask your super fund for a copy of the policy terms and conditions. Have a good read through so you understand exactly what you are and aren’t covered for.
- Figure out how much money you would need if you couldn't work for the rest of your life. Make sure the insurance cover you have through your super is going to be enough.
- If you need help understanding your insurance, don’t be afraid to seek out expert advice from a reputable insurance broker.
- If you make a claim, don't let insurers muck you around. Demand a fast assessment.
- When you make a claim, you will need to submit supportive medical evidence. Don't just rely on your GP for this – make sure you have specialist reports and vocational assessments. This can be complex so if you need help, get advice from your broker or an independent professional with experience dealing with insurance claims.
- If your claim gets denied, don’t just accept this as the final answer. Insurers can get it wrong so get advice from a lawyer that specialises in TPD claims. Together, you may be able to request that the insurer review your claim.
Written by Shine Lawyers. Last modified: September 26, 2018.