Did you know that you may have insurance through your superannuation that can pay a benefit in the event of sickness, injury or even death?
More often than not superannuation account holders have standard insurance policies that become payable if the account holder suffers a permanent or temporary disability that prevents them from returning to work, has a terminal illness or dies.
The amount payable can depend on your age, the type of policy and the nature of the injury or illness. Options can also be available to extend or increase the cover available if elected.
If you have a condition that will only temporarily affect your ability to return to work, then you may be eligible to apply for income protection benefits to receive a percentage of your average weekly income for a period of time, or until you are able to return to work. The benefit may be paid by the insurer on a weekly, fortnightly or even a monthly basis and it may be conditional on you undergoing rehabilitation, re-training or treatment from time to time if it is reasonable to do so.
Alternatively, if the condition means that you will not be able to return to work, then your cover may also allow a lump sum to be paid if your condition means that you will not be able to return to work in the field in which you are suited by reason of education, training or experience, or if the condition is terminal or causes your death.
It is important that in order to be eligible for most types of cover that you have ceased work or have a reduced capacity to work as a result of your condition.
If you are unsure whether you have insurance with your superannuation, then you should make the appropriate enquiries with them and ensure that it suits your needs. On the other hand, if you think that you may be eligible to make a claim against your insurance then let us know and we can start the process for you and guide you through it step by step.
