Making Insurance Claims on Superannuation Funds

Although there are funds you try not to touch unless it’s an emergency, a serious illness can change everything. If you’re diagnosed with a serious disease such as cancer or have a heart attack or stroke, you may need to dip into your superannuation fund to support yourself and your family. To make a claim, there is some information you should know.

Reasons to Make Claims

Since a superannuation fund is reserved for your retirement, it can be difficult to get access to the money you’ve managed to save. However, there are circumstances which will allow you to make a claim to access the fund. These circumstances include the following:

  • You’re having trouble paying living expenses and you’ve been getting Centrelink payments for a minimum of six months
  • You’re between the ages of 55 to 60 and you’ve been receiving Centrelink payments for nine months and you can no longer perform regular work
  • You’re between the ages of 55 to 60 and still work
  • Money is needed to pay for palliative care, modifications to your home or car due to a disability, your medical and transport expenses, a dependent’s medical and transport expenses, or funeral expenses
  • You’re at risk of losing your house due to financial problems and need to make loan repayments to prevent foreclosure
  • No can no longer work
  • You’ve been diagnosed with a terminal illness
  • There is $200 or less in the fund
  • You were in the country temporarily and are leaving

It can be difficult to make a claim to receive money from your superannuation fund, so you should consult an attorney who can help you with the claims process.

Get Help with Claims

If you’re making a claim because you’ve been diagnosed with a serious illness or have been in an accident and are now disabled, you may be able to get a lump sum payment from the fund. Most superannuation funds are insured for people like you who may have a death, disability, or critical illness claim. For other types of claims, such as income protection, the claimant may receive an amount equal to up to 75% of their salary, for a certain amount of time.

The best way to go about making a claim is to hire a lawyer to help you. Once they know why you want or need to make an insurance claim to get access to your superannuation fund, your lawyer can tell you about how much you will be eligible to receive. To make a claim, they can help you gather the documents you will need to prove a claim regarding disability, illness, or financial reasons.

The amount of time a claim takes will depend on the complexity of the case. While some less-complicated claims will be looked at sooner, most insurance claims take twelve to eighteen months to be evaluated by the insurance company or the fund. Even if you can work after the diagnosis of an illness, you should put in a claim so it can be assessed by the time that you do need the money.

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