Annual superannuation statements arriving in the letterboxes of NSW homes should be a reminder for residents to check for Total and Permanent Disability (TPD) insurance cover.
Recent Slater & Gordon research shows less than half of NSW residents know that most super funds include TPD lump-sum insurance. The cover exists to help people when an injury or illness prevents them from continuing work in their normal job, regardless of whether their condition is related to their employment.
Most super funds offer disability insurance, which means many residents struck down by illness could be missing out on a cash benefit when they need it most.
Money distributed under TPD policies is normally separate from superannuation nest eggs and is paid out in a similar way to car insurance benefits.
Residents should contact their super provider to ensure they are covered.
Genevieve Henderson
Practice Group Leader
Slater & Gordon
