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.
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.
20th Sep 2016
Historically, TPD definitions have usually been consistent with the definition of permanent incapacity under r1.03C of the Superannuation Industry (Supervision) Regulations 1994 which requires that the member’s ill-health render them unlikely to ever engage in gainful employment for which they are reasonably qualified by education, training or experience. However, insurers are increasingly amending their TPD definitions, because some stakeholders argue that too many claims are being paid out due to ‘generous’ TPD definitions.
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.
14th Aug 2015
The change to the disability support pension (DSP) medical assessment process may impact the accuracy of decision-making and reduce the number of successful applications. This raises the question: is there an alternative option to secure financial support for these clients?