‘TPD age’ refers to the term for which Total and Permanent Disability (TPD) insurance is valid. It is extremely important to know all of the eligibility criteria when applying for a TPD benefit. This includes potential age restrictions on your policy.
At TPD Compensation Lawyers, we have in-depth familiarity with TPD insurance through superannuation and other types of cover. We can assess the available insurance and advise you if you have a viable TPD claim.
TPD Compensation Lawyers serve clients in Melbourne and all of Victoria. Call 03 9966 7188 today for a FREE consultation.
What Is the Age Limit for TPD Coverage?
Generally speaking, the age at which superannuation-based TPD cover stops is 65. However, the TPD age limit varies by insurer. Some superannuation insurance companies provide TPD coverage through age 62–64, while others extend cover up to age 69 or 70.
Most Australians have TPD cover through super. Outside of super, TPD cover is generally ongoing as long as you continue to pay the premiums.
If you have been seriously injured or suffer a serious illness and you are wondering if you qualify for TPD, understanding your insurance policy is crucial. With our FREE claim check, you can easily find out if you are eligible for benefits.
Is There a Limitation Period on TPD?
As a rule, no, there is no limitation period for TPD claims. Your TPD cover may end once you reach a certain age, but otherwise there is generally no time limit for making a TPD claim after an injury or medical condition stops you from working.
It is critical to review your TPD insurance policy as soon as possible so you are aware of any age restrictions or limitation periods that the insurer may have in place. Swift action is also beneficial for gathering any medical records and other evidence you may need for your application.
Read More: How Long After an Injury Can You Claim TPD?
Another important consideration is whether you have cover under more than one TPD policy. The TPD age limit, time limitations, and waiting period may vary from one insurance provider to another.
You may have multiple TPD claims if you hold more than one insurance policy. Or, if you have aged out of cover under one policy but you’re still covered under a separate one, you may still be able to apply for TPD.
What Is Age-Based TPD Insurance Cover?
Age-based TPD insurance is a type of cover that adjusts to your financial needs and responsibilities as you age. With age-based TPD insurance, the amount of TPD cover is highest when people need the most protection for financial obligations such as buying a home, starting a family, etc. Premiums generally rise with age, in reflection of the likelihood that you will need to make a claim.
The alternative to age-based TPD insurance is fixed cover. With fixed TPD cover, the amount of insurance stays the same over time while premiums typically increase as you get older.
Read More: Is It Worth Getting TPD Insurance?
Some people are unaware what type of TPD cover they have. Many don’t know how much money is in their super or the available cover in a self-owned insurance policy.
Knowledgeable TPD lawyers understand the complexities of Total and Permanent Disability insurance. We can provide you with informed guidance about the terms of your policy and how much your entitlement may be worth.
Can You Claim TPD If Retired?
Sometimes people are forced to stop working as a result of an injury or illness, effectively sending them into a kind of (involuntary) ‘early retirement’. This situation likely matches the definition of Total and Permanent Disability used by your insurer, in which case you should explore making a claim.
All TPD policies have waiting periods, and many people try to go back to work or find a different job before they look into disability benefits. If you have been unable to earn a living for some time, even years, you may be eligible for TPD compensation.
The situation may be different if you retired of your own accord, as TPD insurers generally define disability in light of the ability to work. However, there is no harm in exploring your entitlements—especially if you retired before reaching TPD age or have TPD outside of superannuation.
Am I Too Old to Claim TPD?
Total and Permanent Disability insurance is complicated. Most people dream of ageing gracefully and entering their golden years with financial security. An unfortunate accident or illness can spoil these plans, leaving you without an income or means of supporting yourself in the future.
A TPD entitlement is usually paid as a one-off lump sum, providing you with the funds to make up for lost earnings and the income you may have earned. Insurance companies can make it hard to know if you are entitled to TPD compensation. Qualified legal counsel is essential.
Contact TPD Compensation Lawyers Today
Most people who need to make a TPD claim have to make a claim well before the ‘TPD age’ (the age at which TPD cover ends). Our goal is to help clients in Melbourne and other areas of Victoria maximise their compensation through super and/or other insurance policies.
For a FREE consultation, contact TPD Compensation Lawyers today. With our No Win, No Fee agreement, you pay nothing upfront and only pay fees and disbursements if our lawyers obtain a favourable outcome.