POWERED BY MOMENTUM MEDIA
Aussies still uneducated on TPD insurance
Less than half of Australians have heard of total and permanent disability (TPD) insurance offered through super funds, according to Slater and Gordon.
Although this statistic was found by the firm in 2010, Slater and Gordon's law clerk, Greg Taw said "five years down the track, I'm not sure that much has changed".
"In my experience, most people I have helped with their claims had not heard of TPD insurance until they needed it," he said.
Michael Cushen who recently received a six-figure TPD payout via his superannuation said before he was injured he was not aware he could access lump sum benefits through his super.
"It worries me to think that there could be workers out there that have missed out on money they are entitled to because they don't know about TPD benefits," he said.
"Most of us get our superannuation annual statements and toss them aside because we think it's something we will only have to think about when we retire."
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
