At Ryan Carlisle Thomas, our TPD Insurance Claims Lawyers are always ready to assist with any questions you might have about your superannuation funds, particularly as it pertains to your level of insurance. When it comes to Total and Permanent Disability (TPD), your superannuation insurance is crucial to ensuring you are financial secure in spite of your injuries, so having an appropriate level of coverage is key.

With a lot of focus on Superannuation Funds in the media lately, there has been a raised awareness of certain Super Funds performing better for their members due to lower administration fees. While there is limited correlation between fees and performance when it comes to Super Funds, it is easy to understand why people may want lower costs, particularly with cost of living pressures and longer life spans impacting on the volume of one’s superannuation amount upon retirement.

However, switching Super Funds for lower administrative fees may not be as immediately advantageous as it may seem, as it can affect the level of Total and Permanent Disability insurance you are may be allocated by the new Fund.

Some immediate questions to ask yourself upon the consideration of a new Super Fund’s coverage are:

• Is the Total Permanent Disablement (TPD) and Income Protection (IP) insurance cover the same as your previous Policy?
• Will you be paying a higher premium for the same level of insurance cover?
• Are there any additional exclusions that may apply to your specific circumstances?

Switching Super Funds may also impact a future insurance claim where a pre-existing illness was not disclosed to the new Super Fund. While you might not think about these things in the rush of swapping Super Funds, these questions may impact you negatively were the worst to happen.

It is imperative to look at all aspects of a Superannuation Fund before switching. Chasing lower administration fees can easily be out-weighed by a possible insurance claim that may be financially life-changing.

We would strongly suggest robust comparison between Super Funds in order to ensure your protection is maintained now and into the future, regardless of the fees. If you or a loved one has ceased work due to injury or illness, talk to our TPD Insurance Claims Lawyers today for a free initial consultation.