One of the most common surprises we see at Financial Framework is how many people have no idea they even have TPD insurance, let alone what kind, how much, or how to claim on it.
If you’ve suffered a serious illness or injury that prevents you from working, you might be entitled to a Total and Permanent Disability (TPD) insurance payout and not even know it.
Here’s how to find out what cover you already have and how we can help you access it.
Start with your superannuation
Most Australians have TPD insurance inside their superannuation fund, often included automatically when you joined through your employer. You may even have multiple super funds, each with their own insurance policy.
Here’s what to look for:
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- TPD insurance balance (sometimes shown on your annual statement)
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- Policy type (inside or outside of super)
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- Type of definition used (own vs any occupation)
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- Level of cover – how much would be paid out if your claim was successful?
This information is usually found in:
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- Your super fund’s annual member statement
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- The Product Disclosure Statement (PDS)
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- The insurance policy schedule
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- Your online superannuation account portal
If you’re not sure where to start, we’ll help you dig through it.
You might have more than one policy
We often find clients with multiple accounts—and multiple TPD policies they had no idea existed. That could mean you’re eligible to claim on more than one policy, potentially doubling or tripling your benefit.
Even inactive accounts might hold historical cover you’re entitled to, especially if your super account was opened before 2019 (when legislation changed to reduce automatic insurance in inactive accounts).
Outside of Super? You might have retail cover too
If you’ve ever worked with a financial adviser, insurance broker, or taken out life insurance separately, you might also hold retail TPD cover—which can be more flexible and come with better definitions than super-held policies.
Retail policies often fall under “own occupation” definitions and are easier to claim on in some cases. They also pay tax-free if owned outside of super.
Why this matters
Knowing what policies you hold and what they cover is the starting point if you ever need to make a claim. But it’s not always easy to work it out on your own.
Your adviser can help you:
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- Track down all of your super accounts
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- Review each one for active TPD cover
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- Interpret the fine print
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- Tell you what you can claim, if you ever need to
No more guess work
If you’re unsure what cover you have, or where to begin, we can help. Get in touch with your financial adviser to find out more.