TPD

  • Four unique financial strategies for TPD claimants

    19th May 2022

    ‘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,’ explains 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.

  • TPD: Strengthening a claim and handling a mental health crisis

    31st Mar 2022

    Nari Ali of Revolution Law discusses ‘common yet arguable declines’ from insurers and efficient ways to address them, and recommends pertinent mental health resources for lawyers supporting clients in Queensland and around Australia.

  • 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.

  • 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: 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.

  • Changing Total and Permanent Disablement (TPD) Definitions

    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. 

  • 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.

  • Change to DSP Medical Assessment

    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?