What to do if your superannuation TPD claim is rejected
Receiving a letter rejecting your Total and Permanent Disability (TPD) claim from your superannuation fund or insurer is confronting.
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Receiving a letter rejecting your Total and Permanent Disability (TPD) claim from your superannuation fund or insurer is confronting.
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From 1 July 2016, Sunsuper introduced, with its insurer AIA Australia, a new insurance policy which provides a benefit called TPD Assist. This insurance policy is significantly different to the Total and Permanent Disability (“TPD”) insurance policy that Sunsuper previously provided to its members.
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Earlier today, the Australian Federal Government confirmed it would be introducing legislation into Parliament to provide for a Royal Commission into the conduct of banks.
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Insurance within Super is designed to top up their retirement income so that they (or their dependants) will not be an unnecessary burden on the age or disability pension system.
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Under an Act of parliament which was active between 2004 and 2015, many Australian Disability Enterprise employers (that is, businesses who employed people with a disability), paid workers a reduced wage.
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Overall, the new draft Code is a good first step to improve superannuation in insurance, which has had its problems over the last five years. The Code, which is due to commence on 1 July 2018, will be reviewed within three years and this may include seeking ASIC-approval which would be an important step.
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