Personal Insurance Glossary

Understanding Superannuation, Insurance, and Claims Terms

At Claimsplus Lawyers, we’re here to help you navigate the complexities of superannuation and insurance claims. Whether you’re dealing with Total and Permanent Disability (TPD) claims, Income Protection (IP) claims, or need advice on accessing your superannuation, understanding key terms is essential.

This guide breaks down important superannuation-related concepts, helping you make informed decisions about your claims and financial security.

Key Superannuation and Insurance Terms

Accumulation Superannuation Account

• The most common type of super fund where contributions and investment returns accumulate over time.

• Life and disability insurance premiums are often paid from this account.

Age-Based Insurance Cover

• Insurance where coverage levels change as you age.

• Payouts for TPD or IP claims may decrease over time.

Agreed Value Income Protection Policy

• Provides a pre-determined monthly benefit rather than a percentage of pre-disability income.

• Offers financial certainty when making an IP claim.

Any Occupation (TPD)

• To qualify, you must prove you cannot work in any job suited to your skills and experience.

• Stricter than Own Occupation policies.

Cease Work Date

• The date you officially stopped working due to illness or injury.

• Essential for determining eligibility for TPD and IP claims.

At Work/Active Employment

• A requirement for default insurance cover in group policies.

• Usually means working a minimum number of hours per week without restrictions.

Benefit Period (Income Protection)

• The duration your IP payments continue (e.g., 2 years, 5 years, or until age 65, 67, or 70).

Compassionate Grounds Withdrawal

• You may access super early for:

  • Urgent medical treatment

  • Palliative care

  • Emergency mortgage payments

  • Disability home modifications

  • Funeral expenses

Death Benefit

• Paid as a lump sum to dependents or beneficiaries upon your death.

Default Insurance Cover

• Automatic TPD, Income Protection, or Life Insurance for eligible superannuation members.

Defined Benefit Superannuation Account

• Entitlements are based on a specific formula rather than contributions.

• More common in government employee funds.

Dependant (Superannuation Context)

• A person entitled to receive super benefits upon death, including:

  • Spouse or de facto partner

  • Child (including adult children)

  • Financial dependents

Duty of Disclosure

• You must fully disclose medical and lifestyle details when applying for insurance.

Financial Hardship

• If receiving Centrelink benefits for over 26 weeks, you may withdraw up to $10,000 from your super.

Fixed Insurance Cover

• Insurance where coverage remains the same over time, but premiums may increase.

Group Insurance Policy

• Covers multiple members of a super fund or employer group.

Guaranteed Renewable (Life Insurance)

• Policy remains active as long as premiums are paid.

Income Protection (IP)

• Provides monthly payments if you cannot work due to illness or injury.

Indemnity Income Protection Policy

• Calculates IP benefits based on past earnings.

Level Premium

• Premiums remain constant rather than increasing with age.

Medical Attendant’s Statement (MAS)

• A doctor’s report required for TPD, IP, or early super release claims.

Mortgage Protection Insurance

• Covers mortgage repayments if you cannot work due to illness or injury.

Own Occupation (TPD)

• Pays out if you can’t perform your specific job, even if you could work in another role.

Permanent Incapacity (PI)

• If deemed permanently incapacitated, you may access your super early.

Stepped Premium

• Premiums increase annually as you age.

Terminal Illness

• Allows early super and insurance payout if diagnosed with less than 24 months to live.

Total and Permanent Disability (TPD)

• Pays a lump sum if you cannot return to work.

• Requires certification from two doctors.

Waiting Period (Income Protection)

• The time you must be off work before IP payments begin (e.g., 30, 60, or 90 days).

Waiver of Premium

• Some IP policies waive premiums while receiving benefits.

How Claimsplus Lawyers Can Assist

✅ No Win, No Fee – You only pay if your claim is successful.
✅ Expert Legal Guidance – We specialise in superannuation, TPD, and Income Protection claims.
✅ Comprehensive Case Review – We help interpret superannuation policies and entitlements.

At Claimsplus Lawyers, we help clients understand their superannuation, insurance, and legal rights to maximise claim success.

FAQs

1. How do I check my superannuation insurance cover?

You can check through your super fund’s online portal or by contacting them directly. We can also assist in reviewing your coverage.

2. What happens if I don’t meet the eligibility criteria for a claim?

We can help explore alternative options, appeal denials, or assist with early super release applications.

3. Can I claim both TPD and Income Protection?

Yes, if eligible, you can claim both benefits, as they serve different purposes.

Contact Claimsplus Lawyers Today

For expert guidance on superannuation claims and entitlements, contact us today:

📞 Phone: 1800 252 460
📧 Email: claims@claimsplus.com.au
🌐 Website: https://claimsplus.com.au

Let us help you navigate your super claims and secure the financial support you deserve. 

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