The Retail Employee Superannuation Trust, in short, REST is one of Australia’s largest superannuation funds. The company is founded in 1998 and it has more than 1.7 million members with around $54 billion in managed funds.
What does AMP Super’s TPD insurance offer?
AMP Super’s TPD insurance pays you a lump sum if you become disabled or are mentally or physically injured to ever work again. AMP TPD insurance can support your rehabilitation expenses and provide a future cost of living. Our TPD lawyers have extensive experience dealing with AMP Super and know their requirements. Find out below general information from our experience. The below is generally only as each TPD claim is different subject to its specific policy and your specific circumstances.
Am I eligible to receive AMP Super benefits?
The TPD eligibility may differ slightly in certain AMP super plans. Our TPD lawyers recommend you contact us to look into your own policy to give you the best advice however you may be eligible if:
- You are an active member of the AMP life insurance and older than 16 years of age
- Had active insurance as of the date you last worked
- Worked a set amount of hours prior to ceasing work
- Ceased work due to an injury or condition
- You become unable to ever work again an occupation that you are suited to by education, training, or experience.
- You have been working at any time in the 16 months before your disability.
- You continuously cannot work for six months
These points above can vary depending on your insurer and product. In order to make sure you are eligible, please reach our experienced TPD lawyers who helped hundreds of AMP Super members to receive their insurance entitlements.
How can I make an AMP Super claim?
To make a successful TPD claim with AMP Super, generally:
- you should make sure that you were a member of AMP at the date of disablement and/or the date you last worked.
- as it’s mentioned above, you should meet the relevant policy definitions, terms, and conditions of your own policy, which can be different from other members.
- as a common general requirement, you should prove your incapacity to work because of an illness or injury for a minimum of three consecutive months.
- If you have a specific medical condition, you may not need to wait for three months and make a successful claim without any waiting period. You can reach our team to learn whether you need to wait or not to make a claim.
- you should provide evidence below
- medical evidence about your condition from your GP
- medical reports including test results, and other medical evidence
- your passport or certified copy of your driver’s licence
- evidence of education, training, and experience
- employment evidence as to the details of your termination or cessation of employment financial evidence such as payslips, tax returns etc
How do I receive my TPD payout?
Once your claim is accepted, you can access both your:
- TPD payout once the fund receives it, and
- any other superannuation benefits you have in your account.
If you’re eligible to receive TPD benefits, you may get it as a lump sum payout or an income stream via your super account. At AMP Super, if this happens, your TPD benefit generally is invested to your super account in Super Cash, a low-risk cash option. Your superannuation account balance will remain in your current superannuation investment option.
Do I need to pay tax?
You will be required to pay tax depending on which benefits you’re withdrawing. TPD insurance benefits are generally tax-free but other super benefits may be taxed. The tax rate depends on mainly whether you reached your preservation age, how you prefer accessing your funds, and your taxable/non-taxable components. Upon receiving an acceptance for your TPD claim we would recommend you obtain independent financial advice as we are unable to provide you with tax and/or financial advice.
A recent example of a TPD insurance claim through AMP Super
Meghan is 26 years old and worked in a retail shop for 30 hours a week until she sustained physical and psychological injuries due to a motorcycle accident.
Even though she can still do everyday activities such as eating, showering, and dressing herself, she has trouble concentrating. Meghan has been doing rehabilitation, but it is unlikely for her to perform key parts of her job or a similar one as re-stocking shelves, and standing for long periods is not possible for her due to the accident.
Meghan’s claim is accepted by AMP Super because the insurer determines the evidence presented met her policy requirements. Our TPD Lawyers take pride in that we go above and beyond in obtaining as much evidence as possible to prove your claim. Contact our TPD lawyers for a free claim check whereby we reach out to all your superfunds and request all your policies to advise you of your eligibility. If you are eligible our lawyers will act on your behalf with respect to your TPD claims.