Guide to Cancer TPD & Income Protection
Can I Claim TPD and Income Protection for Cancer?
You may be able to claim income protection and TPD insurance benefits when you cannot return to work because of cancer. The intensive medical treatment required to manage or suppress your cancer will likely mean you cannot continue your daily routine, including earning an income. Most Australians have TPD cover and income protection insurance through their superannuation fund but have limited knowledge of their ability to claim their entitlements.
Cancer is a common medical ailment in Australia, with 1 in 7 people having a probability of mortality by age 85. Fortunately, due to improved diagnostic techniques and the impact of early therapy, you have a decreased chance of passing following a cancer diagnosis. Still, your chemotherapy, surgery and other health interventions will mean you cannot earn an income in your usual occupation.
What are the 5 common types of cancer in Australia?
Breast cancer is the most diagnosed cancer in Australia, followed closely by prostate cancer. On average, there are about 420 new cancer cases every day. Thankfully, the percentage of people who pass from this diagnosis continues to decline. The five frequent kinds of cancer include:
- Bowel (colorectal)
- Skin cancer (melanoma)
- Lung cancer
Regardless of your type of medical ailment, your insurance coverage could provide you with financial benefits that give you the capacity to fund your treatments and your life.
Is Cancer Considered a Disability in Australia?
In Australia, cancer can be considered a disability under different circumstances. Often, the physical changes and side effects triggered by cancer and associated medical treatments mean you can’t work or do your daily activities.
However, the disability definition used for Centrelink benefits differs from that of a total and permanent disability or terminal illness insurance cover.
Our legal team will let you know if you have insurance benefits attached to your super account, for free – Call Now 1300 873 252
Can I claim income protection Insurance benefits due to cancer?
Cancer Related Total and permanent disability (TPD) claims
There is no doubt that cancer is a severe condition, and the therapy you need to survive this life-threatening illness can sometimes have lasting effects on your well-being. Treatments like radiotherapy and chemotherapy can harm the nucleus of cells and produce health impacts like:
- Continual Fatigue
- Heart and lung issues
- Persistent Headaches
- Hair loss
- Stomach and muscle pain
- Nerve Damage
- Constipation and Diarrhoea
- Effects on your nervous system
When you can’t work in your usual occupation because of the long-term influence of cancer, you might have a successful TPD claim and access to your income protection payments. Both of which should be provided by your super fund.
Cancer Insurance Claims Through Superannuation Funds
When a potentially terminal illness like cancer has altered your ability to work, you may be eligible to claim insurance benefits. Most Aussies have disability insurance policies through their superannuation account. This means that when you make a successful claim, you get a lump sum payment or monthly benefits that provide vital financial support.
Our TPD claim lawyers will help you understand how to qualify as totally and permanently disabled to have a winning outcome. A medical professional will assess your capacity (or incapacity) to work in your usual occupation or one for which you have training. For example, if you usually work as a bricklayer, the doctor must say you can no longer do the manual labour associated with your occupation.
Can I Access My Superannuation Early if I Have Cancer?
Generally, you are blocked from accessing your superannuation account until you have reached your minimum retirement age. However, you can request early access to your superannuation account balance when you:
- Have a total and permanent disability
- Face severe financial hardship
- On compassionate grounds
- Are diagnosed with a terminal medical condition
Typically, a financial adviser will help you understand your options, while an insurance claim lawyer will help you access lump sum benefits.
What if my cancer diagnosis is terminal?
You could make a terminal illness claim when you have a terminal diagnosis, whether it is cancer-related or another type of illness. First, your doctor must diagnose a life expectancy of less than 24 months.
Life Insurance Cancer Payout
Some Australian life insurance policies have terminal illness cover. Which means that when you make a terminal illness claim, you are requesting an early payout of your life insurance policy (which is typically tax-free).
To make a successful terminal illness insurance claim, you will require a current life insurance policy and the help of two doctors, one of whom is a medical specialist.
The process of accessing your terminal illness benefit is generally more straightforward than that of claiming a TPD insurance payout or income protection.
How do Aussie Injury Lawyers help with cancer insurance claims?
Aussie Injury Lawyers are national leaders in superannuation insurance claims. When you have had a cancer diagnosis and are struggling financially because of the life impacts of your therapies, we can help you access the funds you need to care for yourself and your loved ones.
We provide 100% No Win, No Fee funding for all our valued clients. It costs nothing for us to investigate your insurance coverage and let you know:
- Your eligibility to claim insurance benefits
- How many insurance claims you can mak
- The approximate value of your insurance coverage and lump sum benefits.
- Your chance of success
- Your next steps to a successful payout
It’s free to know your circumstances; you owe us nothing until we win your claims and nothing if you lose. With Aussie Injury Lawyers, you carry no financial risk. Contact our friendly insurance claim solicitors now for immediate help.