Superannuation

  • ADL definitions in TPD insurance: Is the default at fault? (part two)

    28th Oct 2020

    In TPD policies, the ADL definition reports a much higher rate of decline compared to claims made under the any occupation definition.

    In the second part of this two-part series, Matthew Lo argues that the fact that a definition has a higher rate of decline is not proof of its ‘unfairness’, and that the ADL definition cannot be ‘unfair’ as it enlivens rather than restricts a claimant’s ability to claim.

  • ADL definitions in TPD insurance: Is the default at fault? (part one)

    22nd Oct 2020

    The any occupation definition of total and permanent disablement (TPD) insurance is often referred to as the ‘standard form’ definition due to its ubiquity. However, a quick canvas of legislative instruments, such as the Life Insurance Act 1995 (Cth) or Insurance Contracts Act 1984 (Cth), reveals no required specifications for TPD insurance.

    In the first part of this two-part series, Matthew Lo discusses the various definitions and inconsistencies associated with TPD insurance.

  • Gender issues for lawyers during and after the pandemic

    21st May 2020

    In this article, Emma Dawson explores the disproportionate impact on women's careers, remuneration and superannuation both during the COVID-19 shutdown, and in its economic aftermath. Although working remotely during the shutdown period has no doubt been somewhat of an ‘eye-opener’ for some of the domestic partners of female lawyers about the unpaid work so many do, it may be too early to hope for a permanent shift in the division of unpaid domestic work. Nevertheless, the building blocks have been laid. Post-COVID will offer many challenges, but also many opportuntities to do things differently.

  • Significant risk of the default investment option for TPD claimants

    26th Mar 2020

    If you are acting for a client with an approved TPD claim it would be a good idea for you to find out now how the superfund is dealing with TPD claim proceeds. According to Andrew Reynolds, currently roughly 50% of superfunds will direct proceeds into the member’s default investment option in their superannuation account. Over recent weeks, as the COVD-19 crisis has hit financial markets across the world, some claimants have lost tens of thousands of dollars before they even realise their claim has been approved. Andrew suggests that affected TPD claimants may have valid claims against their superfunds for these losses. 

  • Superannuation and TPD insurance: Ensure your clients don’t lose thousands of dollars in tax

    19th Sep 2019

    Andrew Reynolds provides practical tips for personal injury lawyers practising in the areas of superannuation and TPD on how they can prevent their clients from making potentially costly decisions and help them to maximise their benefit.

  • Insurance within superannuation is valuable but clear ratings system needed, says ALA

    29th Oct 2018

    Clear facts-sheets and a ratings system are needed to make it easier for consumers to understand the costs and benefits of the death and disability insurance within their superannuation, says the Australian Lawyers Alliance (ALA).

  • Superannuation and TPD Insurance: Four things you should tell every TPD client

    11th Oct 2018

    Giving TPD insurance claimants specific information early on can stop them taking action that is potentially financially damaging and encourage them to think about how best to maximise their claim should it be successful.

  • Superannuation disability insurance: tips and traps

    17th Aug 2017

    This article offers ten tips for successful total and permanent disablement (TPD) claims under insurance held through superannuation.
     

  • Govt superannuation proposals recognise value of life insurance in sup

    2nd Aug 2017

    Proposed Commonwealth legislation to regulate superannuation-linked life insurance products will help restore public confidence in the industry, the Australian Lawyers Alliance (ALA) said today.

  • How to protect your client's TPD money

    8th Jun 2017

    There are simple strategies that can be implemented to make the most of any TPD claim, particularly minimising tax payments and maximising other benefit entitlements.

  • Beware Sunsuper Superannuation Insurance & TPD Changes

    28th Jul 2016

    Sunsuper announced that from 1 July 2016, their superannuation insurance will be changing. These changes mark a radical shift in Total Permanent Disability (TPD) insurance. Greg Spinda briefly comments on the need for the changes and provides a summary of the pertinent changes to the TPD insurance cover.

  • Four unique financial strategies for TPD claimants

    ‘Successful TPD claimants are in a unique position: they have full access to their super and can implement certain retirement strategies that most Australians can’t until they’re 60 or 65,’ writes Andy Reynolds – a member of the ALA Superannuation and Insurance Special Interest Group – outlining four strategies to save, preserve and maximise funds while maintaining flexibility.