Life is uncertain, and there may be an event where you suffer from a serious injury, or in a worse scenario, death. In the event of this happening, what are the steps you can undertake in order to make a claim from your superannuation fund?
What is a superannuation fund?
A superannuation fund is also known as a pension plan that is set in place by the government or company. In Australia, it is compulsory and employees who contribute to it get tax benefits. In a superannuation fund, a basic insurance policy is purchased for every employee and they have the option of increasing their policy’s coverage.
Types of disputes
In a superannuation fund, they would have various kinds of insurance policies and it can be confusing for the layman, as the legal technicalities would not be described fully when he/she signs up for it. The certain types of superannuation disputes would include: income protection claim, death benefits claim, critical illness claim, and even total and permanent disability claim.
Making a claim
In some cases, insurance policies are skewed towards the company and this could pose a challenge for the layman to make a claim. Besides the need to overcome the legal jargon, there is also a need to submit the appropriate paperwork like the medical reports, checklist, etc. For someone who is suffering from a chronic injury or experiencing bereavement, the entire process of making a claim can be daunting and stressful for all parties. It is always prudent to read the fine print carefully and note the extent of your coverage.
Engaging a lawyer
If you believe that your case is a genuine one, and your insurance company has decided not to pay out due to some clauses in the contract, it is best to approach a lawyer for legal help. A reputable and decent firm will first speak with you to know about the problem and then decide whether to take it up or not. While the costs may be higher in the long run, the chances are always higher as they are the qualified professionals who understand the legal process and are able to present a fighting chance.
Knowing the cost model of each firm
Each law firm has a different way of billing their customers. Some have a billing system of per-hour basis, some have an upfront fee where you will be billed a single lump sum, no matter the outcome. Some will have a guarantee that if the case is not won, a single cent would not be paid. If you are in considerable financial difficulties, it would be good to explore this option.
Going through the process of making a claim and even understanding the terms and conditions in an insurance policy can be a time consuming process. Even if you are able to understand the terms, it may not guarantee a successful claim in some cases. A qualified professional would know what is the process involved, the documents needed and duration to file a claim and the evidence needed to support the claim.
