If you’ve recently suffered an injury or illness that necessitates filing a total and permanent disability claim, you’re likely to have a lot of questions about how the TPD claims process works. You also probably want to know if you can claim multiple TPD Policies.
In this blog, you will find out that you can claim multiple TPD policies, but before getting to that, let’s see why you need TPD insurance.
Why do you need TPD insurance?
You may be unable to earn money for the rest of your life if you suffer a severe injury or illness. You’ll need money to pay medical bills, pay off your mortgage or other debts, and cover your ongoing living expenses if this happens.
TPD insurance is designed to pay a lump sum if you cannot work for an extended period of time. Insurance companies define “permanently disabled” differently, and some policies will allow you to work up to 10 hours per week.
So can you claim multiple TPD policies?
Yes, as long as each of your current funds is separate from the other, you can claim multiple TPD policies.
You can choose the TPD cover that’s right for you, and you usually have the flexibility to adapt the type of cover you need according to your changing needs, age, and lifestyle.
However, there are a few things to think about before filing a claim. Here are some questions to ask yourself to ensure that your cases have the best chance of succeeding.
TPD insurance claims pay a lump sum payment of a predetermined amount:
TPD insurance benefits differ from those paid under most other insurance policies in that the benefit you receive if you meet the policy’s requirements is a set amount. This means that in order to receive a TPD benefit, you do not need to demonstrate that you have suffered any measurable financial loss; all you need to do is meet the policy’s requirements for being unable to work (or similar). If you meet this criterion, you will be paid a lump sum agreed-upon amount.
You can usually claim more than one TPD benefit for the same injury or illness because TPD policies pay an agreed lump sum amount that is not calculated based on your financial loss. This is not known as “double-dipping.”
Before You File a TPD Claim:
Do you have the right lawyer on your side?
This is undoubtedly the most important thing to consider before making claims on multiple TPD policies. Making multiple claims is a difficult task. It’s not uncommon for insurers to deny claims. So you might end up in court with more than one big-name company. If your case goes before a judge, make sure you have qualified TPD claims lawyers on your side.
Finding a no-win, no-fee firm will ensure you don’t lose money in your search for compensation, whether you want to file one TPD claim or several.
Does your TPD meet the requirements?
Although some policies may have similar wording and clauses, each policy’s criteria for defining TPDs are likely unique. However, in order to receive more than one set of damages, your TPD must meet the definition of a disability on each individual policy.
Do you have all of the required medical reports?
Before filing a claim, you should get confirmation from your doctor that your injuries or illnesses qualify as TPDs. If your policies have different disability definitions, make sure your medical practitioner’s evaluation checks all of the boxes for each one.
Understand the Exemptions:
You may not be able to claim TPD benefits from more than one super fund in some circumstances. Some superfund policies stipulate that if you have already been paid a benefit, no insurance payment will be made. That’s why it’s crucial to read your insurance policy thoroughly and understand it. So you don’t miss any important exclusions before signing on the dotted line.
