Most people know that their employer pays a regular contribution to their nominated superannuation fund, that becomes available to you during retirement.  

What many people don't realise though is that in some cases a portion of that money goes towards providing insurance cover. 

Here are four simple superannuation tips, and some answers to common questions, to help you get the most out of your superannuation insurance cover if you have it.  

1. Read your superannuation statements regularly

How often do you receive a superannuation account statement and put it aside thinking ‘I’ll read it later'?  

Your superannuation statements should be read regularly to ensure your account balance is accurate. However, equally important is to review your statement for ‘insurance cover’.

In the event of a serious injury or medical condition, you may need to take some time off work. During this period, insurance cover is crucial to providing you with the financial support you and your family may need. 

2. Check if income protection is included in your superannuation insurance

If you suffer an injury and can’t work, you may not always have an avenue for compensation such as workers’ compensation or motor vehicle third party insurance. This is why it’s essential to check whether you are covered for income protection.  

For example, if you become injured playing sport and are unable to work for a long period, income protection cover can offer peace of mind and support you on your road to recovery.  

3. Check if you have a TPD benefit included 

Quite often the insurance policy attached to your superannuation will have a Total and Permanent Disablement (TPD) benefit. This means if your injury or medical condition is so serious it permanently stops you from working, you may be entitled to a lump sum to cover you.  

4. Check if you have Death Cover in your superannuation insurance  

In addition to TPD, your policy may also provide death cover so that if your injury or medical condition results in death, your loved ones will be looked after. 

It’s important to read your policy carefully to understand what you’re covered for and ensure your beneficiary nomination forms have been completed correctly too.  

Don’t have insurance coverage? Want to change your existing cover? Here’s what you can do: 

Consulting a financial advisor or insurance broker can help you to understand what coverage is right for you and if you are paying the correct premium for the cover you choose. It is important to consult an appropriate expert before changing your existing cover. 

What happens if my insurer disputes my TPD or income protection claim? 

Your financial advisor may be able to assist however, you should also get early legal advice. Getting appropriate legal and financial advice from the outset gives you the best chance of success in making a TPD or income protection claim. 

Bradley Bayly Legal is highly experienced in insurance claim disputes

The team at Bradley Bayly Legal can guide you through every step of the legal process.

Get in touch today with our expert insurance lawyers to discuss your situation with a free no-obligation initial consultation.

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If you would like to discuss your serious injury claim and determine your next steps, contact us to arrange an obligation-free consultation. We will take the time to understand your personal situation and provide you with preliminary advice. While we are based in Perth, we are able to assist with state, national and international cases.

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