Get more info in our QSuper Total and Permanent Disability Cover review.
When we are health we can take our bodies and our abilities to work, move and live for granted. However, if you became permanently disabled and unable to work, you would need to make significant changes to your lifestyle and your family would need to find an alternative income stream – whether that meant your spouse working more hours or multiple jobs, having to ask other family members for financial help, or turning to welfare benefits which will never match your original income.
QSuper offers Total and Permanent Disability Insurance which is designed to give you financial assistance in the event of a life changing disability.
When will QSuper payout a TPD benefit?
When you make a claim for a disability, the QSuper Board of Trustees will assess it. You'll receive a payout if the board believes you are unlikely to ever work in any job which you're reasonably qualified to do by:
- Or experience
Note: If the disability is a result of a pre-existing condition then there could be restrictions.
Key features of QSuper Permanent Disability Cover
As you compare permanent disability insurances you will find that there are two classifications to the claims process. Most insurers will offer the option of "own occupation" or "any occupation" cover:
- Own occupation means that you are paid a permanent disability benefit if you are unable to work in your own industry, for which you are qualified and skilled.
- Any occupation cover pays a permanent disability if you are unable to return to any type of work, for example if you are a surgeon who injures your hand, you are unable to work in your own field, but your disability does not preclude you from working in administration for example.
With permanent disability cover from QSuper you will be protected by:
- Permanent disability benefit: If you are unable to work in a job you are trained and qualified for because of a permanent disability, QSuper will pay you a benefit from your cover. This means that if your disability stops you from performing your regular job, but wouldn’t stop you from working in another position, you aren’t forced to go and get a job in a call centre, just because you can technically still work.
- Best practice claims philosophy: QSuper focuses on best practice when processing claims for permanent disability insurance, to provide the best possible service and process the claim professionally and promptly when it is needed most.
- Claims documentation: If you need to apply for a permanent disability benefit with QSuper, you or your employer can process the claim. Or if you are already receiving an income protection benefit from QSuper and new medical evidence shows that you are unable to return to your normal position, QSuper can process the claim. The supporting documentation can then be gathered from your medical specialist, and while you or your employer will be responsible for the cost of the initial report, any additional medical information required will be sourced at the expense of QSuper.
- Total and permanent disability assessed by the QSuper Board: The Board of QSuper will assess all relevant medical opinions and documents submitted with your claim and will approve a total and permanent disability benefit to be paid if they are satisfied that you are unable to work in a job you are reasonably qualified for.
- Defined benefit account: If you have a defined benefit account with QSuper and you are under 55 years old when you make a permanent disability claim, your benefit will have two parts, consisting of your current accrued benefits including any extra funds you may have in your QSuper accumulation account, plus the insurance benefit.
- Insurance benefit: The insurance benefit is the amount by which your defined benefit would have grown if you had remained a member of the QSuper fund until you were 55 years old. If you are 55 or over when you make a permanent disability claim the benefit consists of only the accrued benefits.
- Accumulation account: When you have an accumulation account with your QSuper permanent disability cover, your insurance benefit is a specific value, based on the number of insurance units you have. For example, if you are 35 years or under, each unit provides you with $100,000 of cover, where the value of each unit decreases as you get older. With an accumulation account, your permanent disability benefit will be the value of your insurance units at the time of your claim according to your age, plus the balance of your accumulation account.
- Additional death and disability cover: You are able to add death and disability cover to your QSuper permanent disability insurance, which can entitle you to additional benefits. The age limit for additional disability insurance is 65 years old. Additional death only insurance ends when you are 70 years old.
- Pre-existing conditions: If you make a claim as the result of a pre-existing condition within the first two years of your cover, a benefit will not be paid. If you make a claim as the result of a pre-existing claim in the first two to seven years of holding your policy, you will receive a partial benefit.
How can I apply for QSuper Permanent Disability Cover?
QSuper Permanent Disability Cover is currently only available to Queensland Government employees and members of the super fund. You can also continue your QSuper Permanent Disability Cover in the event that you are no longer employed by the Queensland Government. However, should you cancel your membership, it is unlikely that you will be able to get a new membership to QSuper.