Total and Permanent Disability claims (also known as TDP claims) through your superannuation fund may be accessible to those suffering from an injury or illness that prevents you from returning to a previous role or returning to work at all.
Thankfully, these types of claims are often simpler than other claims to process, but when you’re unsure of how to progress, we understand that you have questions. More often than not, they are:
Let’s address them here.
The first thing that you need to know is that all of the What’s My Claim Worth legal partners work on a No Win, No Fee basis. Meaning that you only pay legal fees if your case is successful and you receive your claim.
If you do win, there are, of course, costs involved. What those will be, does depend on the costs of the TPD claim lawyer you work with and their solicitor’s fees and disbursements. This is an important conversation to have when you begin discussing your case.
TPD claims fees can vary for a number of reasons. Most commonly, it has to do with seniority, experience and customer care. While it’s understandable that you would want to minimise the fees you have to pay as much as possible, it’s recommended that you consider these factors and weigh up the value of expertise.
Most of us don’t know that we’re covered by superannuation insurance if we’ve never had to use it before. This means that many people don’t know their rights and entitlements when it comes to making a TPD claim through their superannuation. This is where it becomes important to have a lawyer on your side to guide you through the process and ensure you’re rights are being upheld.
Your TPD payout will depend on your superannuation account balance and your insurance, so it’s impossible to answer exactly, but when you engage with an expert TPD lawyer, you can be assured that they will explore every avenue to get you the payout you deserve.
In short, yes. However, the action you take with your payout will determine how much tax you have to pay. If you want to withdraw the entire balance, for example, you are going to pay a significant amount of tax. If you commence an income stream with all, or a portion of, your balance, the taxable component of the annual income will be taxable at your marginal tax rate, with a 15 per cent tax offset.
What’s My Claim Worth not only allows you to calculate the value of your TPD claim with our claim calculator, we also work to connect you with our network of specialist TPD lawyers who can work with you to get you the best outcome — No Win, No Fee (excluding defendant costs if the claim is litigated).
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