Disability  Superannuation

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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.

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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.

The Trustee of the fund will usually have the discretion to pay any benefits to the following (depending on whether or not a binding death nomination is in place):

The deceased’s Estate (in which case the superannuation death benefits will be distributed in accordance with the Will of the Deceased. If there is no Will, then the monies will be distributed in accordance with the rules of intestacy)
The person claiming the superannuation death benefit; or
Any other people who were financially dependent upon the deceased

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.

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.

You may still qualify for TPD lump sum payment if, for example:-

you have a leg injury
you have only ever undertaken or have skills in manual labour or process type work
the medical evidence supports that you can no longer do that work despite a suggestion that you could do alternative lighter work, such as office work

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.

Common issues that travel insurance cover include:-

Lost or stolen luggage or other items.
Cancelling your trip unexpectedly due to illness, accident, holiday leave being revoked, or a natural disaster at home or at your intended destination
Rental vehicle excess you have to pay if you have an accident driving a hire car
Legal liability in the event you breach some law of an overseas country

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.

There are usually two types of cover: Hospital and Extras.

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.

CLIENT TESTIMONIALS

“Since 1923 McNamara Law have been looking after all the legal needs of the people and businesses in the Ipswich and the Lockyer Valley. The success of our ﬁrm has been built on providing comprehensive and eﬀective legal advice to individuals and businesses in the respective”

Please pass on my gratitude to Joshua for his honesty and spending time to look at my matter. What he has done may not have been much to him but carries a lot of weight with folk like myself who were brought up in 'Old School' values! I won't hesitate to recommend Joshua to represent any of my neighbours or friends. Thanks again and Kindest Regards!

I must say Michele it is refreshing to come across someone on the other side who is so helpful. McNamara Law certainly have an excellent ambassador in you.

I would like to take this opportunity in thanking each and every one of you for the professional manner in which my father's estate was managed. It certainly was greatly appreciated.

Dear Ruth, On behalf of myself, Shane and Kym I would like to thank you for all you have done for us. Even now I don't think we quite believe it was sorted out. Thank You again to yourself and Karen.

Thank you for representing me through the last couple of months in this fight with work cover. I appreciate your professionalism and personal touch. I think that you are an asset to McNamara Law. I will be recommending McNamara Law to anyone I meet seeking legal help. Thank you again for your hard work and without hyperbole your actions have literally been life-changing for myself.

On behalf of Sue, me and the kids, thanks Jeremy for getting us through a very difficult time in our lives. The crew there were always helpful and made us all feel like we were a part of the “Macca” family.

Rebekah, I can’t thank you enough for how much you’ve helped. I know it’s what you do every day but how much It impacts grieving people is incredible. You are so good at your job. Amazing actually!!! You are helping us deal with grieving more than you know. You are a true champion. Mum said Thanks so much xx she kept crying at the relief it has given her. Thanks again xx

Excellent service and communication through the entire process. Very friendly helpful staff who gave us very good legal advice and guidance. Highly recommend to anyone.

Approachable, marvellous attention to detail, prompt response to requests and above all, a simple approach to all aspects of the matters in hand.

Fantastic service and attitude from all members of the team!

Dear Joshua and staff, I would like to thank you for all your hard work involved with helping me with my work related issue. I could not fault you or your staff in any way. It was very good to deal with people who are courteous and pleasant in their work environment. Once again, many thanks.

Dear Josh, just wanting to thank you again for your hard work to get this positive result today. I thought our luck had nearly run out, but your hard work has given us hope again to keeping Jessie’s dream alive. So once again I thank you

McNamara Law provided superb yet sensitive service on the finalisation of my father’s estate. A somewhat difficult time was made much easier by the prompt, informative and helpful assistance from all those that we came in contact with the firm. Thanks to McNamara Law and especially Bekky for her assistance!

Get In Touch

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!

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1300 285 888

When experience and compassion matters.

Expert guidance
caring team

Ready to make
a start?

DOWNLOAD OUR DISABILITY SUPERANNUATION LAW GUIDES
FOR MORE INFORMATION

How We Help

The Trustee of the fund will usually have the discretion to pay any benefits to the following (depending on whether or not a binding death nomination is in place):

You may still qualify for TPD lump sum payment if, for example:-

Common issues that travel insurance cover include:-

There are usually two types of cover: Hospital and Extras.

I Want To

Make a will

Contest an estate

Obtain compensation

Buy a house

Sell a house

CLIENT TESTIMONIALS

Get In Touch

Legal guidance when you need it the most

Links

Practice Areas

Latest News

What do you need to know about having an injury at work?

Super Check

1300 285 888

When experience and compassion matters.

Expert guidancecaring team

Ready to makea start?

DOWNLOAD OUR DISABILITY SUPERANNUATION LAW GUIDESFOR MORE INFORMATION

How We Help

The Trustee of the fund will usually have the discretion to pay any benefits to the following (depending on whether or not a binding death nomination is in place):

I Want To

Make a will

Contest an estate

Obtain compensation

Buy a house

Sell a house

CLIENT TESTIMONIALS

Get In Touch

Legal guidance when you need it the most

Links

Practice Areas

Latest News

What do you need to know about having an injury at work?

Super Check

Expert guidance
caring team

Ready to make
a start?

DOWNLOAD OUR DISABILITY SUPERANNUATION LAW GUIDES
FOR MORE INFORMATION