Sunsuper and QSuper announcements
On 15 March 2021, Sunsuper and QSuper announced they had signed a Heads of Agreement to merge. The merger is planned to proceed in September
Life can change in an instant.
If you are injured and unable to work or enjoy your usual daily activities, you may have insurance coverage that you are not aware of that you are able to claim.
If you are the dependent of a deceased loved one you may be entitled to a loss of dependency insurance claim. Even a deceased’s estate may be entitled to claim on insurance.
We are experienced & compassionate in handling disability superannuation law matters. Insurance coverage, such as Life Insurance and Income Protection Insurance, may assist when you become injured or ill, or when a loved one dies. You may have other entitlements if you are a Commonwealth or State public servant and/or members of the armed services.
Life insurance is protection for a person’s dependants from financial harm due to that person’s death.
These dependants are described as ‘beneficiaries’ who, in the event of the policy holder’s death, will receive a lump sum payment.
Upon the policy holder’s death, the beneficiaries will be required to notify the insurer and provide them with the relevant claim forms and documentation. This information will then be assessed by the insurer who will decide upon the claim’s validity. In the event of the claim being approved, the policy will be paid out to the beneficiaries and it will cease to exist, thus preventing any further claims.
Most people will have life insurance, as it is usually included by default in a superannuation policy, however, you should investigate whether your policy includes life insurance.
In some cases there may be strict time limits. Any person who may have a claim on a death benefit should seek advice as soon as possible to ensure a claim is lodged within time.
Income protection insurance is protection for you and your family in the event you suffer illness, or are injured.
It is common to have income protection insurance included by default in a superannuation policy, however, you should investigate whether your Fund includes this insurance in your Policy. Otherwise, income protection insurance can be purchased separately.
If a claim is approved payments are usually provided monthly and can be up to 75% of your income and payable for up to 2 years or to age 65. These payments, however, may be offset against any worker’s compensation benefits, common law damages, or even Centrelink benefits. The income protection payments could also cease if employment is terminated or if you are paid a Total and Permanent Disability (“TPD”) lump sum.
Time limits for bringing a claim may also apply, however, this will depend upon the terms of your insurance policy.
Upon the policy holder’s death, the beneficiaries will be required to notify the insurer and provide them with the relevant claim forms and documentation. This information will then be assessed by the insurer who will decide upon the claim’s validity. In the event of the claim being approved, the policy will be paid out to the beneficiaries and it will cease to exist, thus preventing any further claims.
In some cases there may be strict time limits. Any person who may have a claim on an income protection insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.
You should always seek independent financial advice to decide whether this type of insurance is suitable for you.
Total and permanent disability (“TPD”) benefits are a lump sum payment from your superannuation fund, to you, if you are disabled because of injury or illness.
If you are eligible for TPD benefits, you would be paid the lump sum benefit and you can elect to withdraw the balance of your superannuation fund account.
If you were successful in a claim for TPD and withdraw your superannuation you would receive the combined superannuation balance and TPD benefit, less tax, if you have not reached your preservation age.
To get a TPD lump sum, you must be able to show that you cannot do your normal employment or other suitable work that fits within your experience or training level and education. You do not necessarily have to be unfit for all work, but only work that you have the skills to do.
The disability does not have to be work related. A heart attack, cancer, mental illness, chronic fatigue, injuries at home or in car accidents can also be used as reasons for claiming TPD benefits. It may also not matter if the injury or sickness occurred before you joined a particular super fund.
In some cases there may be strict time limits. Any person who may have a claim on a TPD insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.
If a claim is approved you should always seek independent financial advice to decide whether you should withdraw the funds from your superannuation account.
Contrary to popular belief, loan insurance is not aimed at protecting borrowers from the risks and effects of default, but rather it aims to protect lenders.
This type of insurance is usually a one-off payment which the borrower makes when they take out the loan.
This type of insurance can be advantageous for borrowers as it increases the likelihood that loan applications will be approved. For example, if a borrower is unable to save for a house deposit, they may be able to pay a fee to the lender in exchange for a reduced deposit. Therefore, this form of insurance results in increased loans, especially to those who would not normally satisfy the lenders criteria.
To the borrower, the benefit of having this insurance is to cover the costs of the loan repayments when unexpected circumstances occur, such as being unable to work due to illness or injury. This avoids the borrower going into default because they cannot make the loan repayments.
This insurance is optional and can typically be purchased either when you apply for a personal loan or after the policy commences.
In some cases there may be strict time limits. Any person who may have a claim on a loan protection insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.
You should always seek independent financial advice to decide whether this type of insurance is suitable for you.
Travel insurance is insurance cover for emergencies or accidents that might happen to you or your belongings while you are on a holiday away from home.
Travel insurance will cover you for different things depending on whether you are taking a trip within Australia or overseas.
Specifically for domestic travel insurance, and in some cases overseas travel insurance, the insurance does not include medical cover. In addition to travel insurance, you might need to also consider health insurance.
In some cases there may be strict time limits. Any person who may have a claim on a travel insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.
Health insurance is a type of insurance that helps cover the cost of medical and surgical expenses.
In Australia, the public health system Medicare, which is a Commonwealth Government funded program, covers most Australian residents for health care.
However, Medicare does not cover everything and you can choose to take out a private health insurance policy in order to give yourself a wider range of health care options and more comprehensive cover.
Hospital policies help cover the cost of the in-hospital treatment by your doctor, and hospital costs such as accommodation to stay in a ward and theatre fees for surgery.
Generally, medical services listed under the Medicare Benefits Schedule are covered by private hospital insurance. However, make sure you read the Product Disclosure Statement (PDS) and the terms and conditions of your policy.
Extras cover provides benefits for non-medical health services such as dental, optical, physiotherapy, and chiropractic treatment.
In some cases there may be strict time limits. Any person who may have a claim on a health insurance policy should seek advice as soon as possible to ensure a claim is lodged within time.
You should always seek independent financial advice to decide whether this type of insurance is suitable for you.
Contact us to discuss your situation and best course of action. We understand your time is valuable and offer consultations via Zoom, Skype, Microsoft Teams or phone call. Let McNamara Law help you find your legal solution today!
Ipswich (07) 3816 9555
Springfield (07) 3470 3600
Gatton (07) 5462 1566
On 15 March 2021, Sunsuper and QSuper announced they had signed a Heads of Agreement to merge. The merger is planned to proceed in September
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