If you're like most people you probably don't realise that your current superannuation policy may, in the event of your inability to return to work, offer entitlements that may include a lump sum payment or ongoing benefits to help you better cope financially.
To find out if your superannuation policy includes TPD insurance, you will have to review your current Superannuation Statement. If you are covered for TPD, an indication of this benefit is usually located near the Death Benefit and will detail the amount for which you’re insured.
The nature of this insurance sometimes can vary from offering a lump sum payout regardless of whether you can continue to work or not to an ongoing payment.
In circumstances where a death has occurred, then the beneficiaries of the superannuation policy will receive the lump sum amount.
Have you got other private insurance?
In addition to a potential claim against your superannuation policy, it may be the case that you also have a private insurance policy, like income protection or accident insurance that also may offer ongoing benefits or a lump sum amount.
Making a superannuation or insurance claim can be a complex process, particularly given that most people can have a number of active policies.
Seeking early legal advice is your best option.
When can you lodge a claim?
Basically, you're able to lodge a superannuation claim as soon as you cease work. What this means in a practical sense, is that you're able to claim superannuation benefits when you are not working and then, at the time of retirement, either claim your superannuation as a lump sum or in instalments.