If you have suffered an illness, injury, or medical condition, you may be unable to do your regular job and earn an income. In this case, Total and Permanent Disability Insurance provides a lump sum payment to help you pay bills at a difficult time.
Many Aussies don’t know they have this valuable life disability insurance coverage through their superannuation provider. And the good news is, that a successful payout does not reduce your account balance. Your benefits are on top of any other compensation claims for your medical condition, injury or illness.
Everyday working Australians can make several types of income-related or disability insurance claims through their super or privately held policy. Some common types include:
A trauma insurance policyholder can claim benefits when diagnosed with a specified medical condition like cancer, Alzheimer’s, dementia, stroke, heart attack, etc. Many ailments qualify for a payout.
When you have a terminal diagnosis that shortens your life expectancy, you could receive comfort by seeking an insurance settlement.
If an injury or illness leaves you temporarily unable to work, you could claim income protection benefits. When approved, you receive a percentage of your regular wage.
A diagnosed mental illness may be eligible for an insurance payout (or other legal claim), depending on your type of insurance coverage.
Beneficiaries may be entitled to claim death benefits when a life insurance policyholder passes away. These funds assist the surviving family members cover expenses like funeral and medical bills.