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Are You Getting What You Are Supposed to From Your TPD claim?

Online Inquiry

Posted on

July 23, 2021

by

TPD Claims

Before looking at what consumers are getting out of their TPD insurance and the effectiveness of their policies, it is important to define Total and Permanent Disability (TPD) Insurance. TPD insurance is a specific type of insurance where a specific lump sum amount is paid to the insured (employee) if they become totally and permanently disabled under the terms of the insurance policy. ASIC Report 633 reviewed TPD insurance claims, and found that although 26,000 TPD claims were made through superannuation funds, only 65% of TPD claims were accepted by insurers.

tpd refusal rate statistics australia withstand lawyers

Significant findings in the realm of TPD insurance were made in this report, and this may be demonstrated by way of the fact that around three out of five (or 60%) of claims assessed under this narrow cover are declined- which is also five times higher than the average declined claim rate for all other TPD claims (12%). Further to this, where Insurers committed to inconsistent lodgement processes such as poor communication practices when it was time for TPD claims to be made, it more often prevented the claim from succeeding- and this is where our experienced TPD lawyers at Withstand Lawyers can assist you in obtaining the best result.

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In addition, ASIC Report 675 draws attention to certain areas that Superannuation Trustees need to rapidly improve upon if Australians are to receive benefits from their TPD insurance policies. For example, the December 2020 report drew attention to two major concerns- the first being that: there is unfortunately wide variation in default cover offered- with some large MySuper products offered over 20 times as much default cover as the smaller ones. Also, the second and most resounding issue found by the Report was that certain trustees were unable to properly identify which members had default insurance. For this reason, if Superannuation Trustees in Australia are to fulfil their promise of offering good TPD insurance policies to their customers, then it is essential for them to abide by the Australian Prudential Regulation Authority’s Prudential Standard SPS 515 Strategic planning. It provides Trustees with a handy guide as to how to assess outcomes provided to members in insurance areas, and helps them to identify opportunities for improving these outcomes. Due to these difficulties faced with TPD insurance and in ensuring that the best outcome is achieved, our TPD lawyers at Withstand Lawyers are readily available to assist to resolve any queries or concerns you may have.

Calculate your compensation claim

How can Withstand Lawyers help you?

At Withstand Lawyers we are committed to assisting you after what may be regarded as a tumultuous period in your life, after having sustained a life-changing injury or illness. We work on a ‘No win, No fee’ basis, which means that unless you receive a successful outcome by way of payment, you will not pay our costs and disbursements. Contact us if you have any concerns with your TPD policy, and our legal team will readily act on your behalf to ensure you receive the best possible TPD payout possible for your TPD claim.

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Kristy W
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The Withstand lawyers team that helped me with my claim were amazing, talking me through each step and being understanding and thoughtful to my feelings. I would highly recommend them to anyone needing compensation lawyers. Thank you Withstand!!
Francis A
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The team really know their staff. To Nayven, Issa, Sam and Danielle a heartfelt thank you for all your hard work, courtesy, superb efforts and a big thumbs up from me.
Zilla W
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The Lawyers at Withstand are really really helpful I know I waited for quite a few years to get my results for the Motor Vehicle Accident and then I got a call just a month ago from Nayven Taouk. He told me that he's going to take up my case and yes we got the Best Outcome. Thank you!
Hazel A
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Terrific experience and positive outcome. It was unfortunate we did not go to them first. I would recommend them for anyone who wants qualified, quick, efficient support. Thank you Tanja, Robert and the team.
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*Our No Win No Fee policy means that you will not be out of pocket for our costs or disbursements if you lose your claim – no win no fee. If we commence court proceedings and you are unsuccessful you still won’t be out of pocket for our costs and disbursements however you will be out of pocket for the other sides legal costs and disbursements. Prior to commencing proceedings we will provide you with an authority explaining the risks and costs which could arise if you lose in court, one being that if you lose in court you would be liable for the legal costs and disbursements of the other side.
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Kristy W

Read More
The Withstand lawyers team that helped me with my claim were amazing, talking me through each step and being understanding and thoughtful to my feelings. I would highly recommend them to anyone needing compensation lawyers. Thank you Withstand!!
Francis A

Read More
The team really know their staff. To Nayven, Issa, Sam and Danielle a heartfelt thank you for all your hard work, courtesy, superb efforts and a big thumbs up from me.
Zilla W

Read More
The Lawyers at Withstand are really really helpful I know I waited for quite a few years to get my results for the Motor Vehicle Accident and then I got a call just a month ago from Nayven Taouk. He told me that he's going to take up my case and yes we got the Best Outcome. Thank you!
Hazel A

Read More
Terrific experience and positive outcome. It was unfortunate we did not go to them first. I would recommend them for anyone who wants qualified, quick, efficient support. Thank you Tanja, Robert and the team.
Previous
Next

*Our No Win No Fee policy means that you will not be out of pocket for our costs or disbursements if you lose your claim – no win no fee. If we commence court proceedings and you are unsuccessful you still won’t be out of pocket for our costs and disbursements however you will be out of pocket for the other sides legal costs and disbursements. Prior to commencing proceedings we will provide you with an authority explaining the risks and costs which could arise if you lose in court, one being that if you lose in court you would be liable for the legal costs and disbursements of the other side.

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