Help CentreCan You File a TPD Claim While Employed? Expert Guidance
Navigating financial challenges may lead some individuals to consider early access to their superannuation. Questions often arise about the potential impact on making Total and Permanent Disability (TPD) claims in the future. This article from Claimsplus Lawyers seeks to provide clarity on this matter.
Early Access to Superannuation
Under specific conditions outlined by the Australian government, early access to superannuation is permitted. Severe financial hardship is one qualifying circumstance. Continuous receipt of eligible government support payments for 26 weeks and an inability to meet immediate living expenses may enable individuals to access a portion of their super funds.
TPD Claims Post Early Access
The ability to make a TPD claim is not directly influenced by early access to superannuation due to financial hardship. TPD insurance and superannuation are distinct components within a super fund. The critical factor for TPD claim eligibility is whether the individual had TPD coverage at the time of injury or illness.
It's crucial to note that early super access diminishes the overall amount in the super account, potentially impacting TPD insurance premiums and coverage continuity. Specific rules vary among funds, necessitating communication with the fund to address concerns.
Things to Consider
While accessing super early for financial hardship doesn't inherently impact TPD claims, it's essential to recognise the complexity of TPD claims, contingent on factors like policy specifics and medical conditions. Contact Claimsplus Lawyers with specialists who can assess potential claims and determine their worth.
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