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Post by boxr on Mar 18, 2021 17:27:43 GMT 7
Just wondering to use a lawyer or not to handle this? It looks like im eligible, as ive just been approved for the DSP due to a long term disability.
Im with Cbus an industry super and my experience with them withdrawing super in the past has been stress free, so i kinda trust em. Looking at there process to claim it they provide a case manager who lets you know whats needed.
So im wondering how much a lawyer costs and are they worth it?
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Post by genx on Mar 18, 2021 17:56:34 GMT 7
Just wondering to use a lawyer or not to handle this? It looks like im eligible, as ive just been approved for the DSP due to a long term disability.
Im with Cbus an industry super and my experience with them withdrawing super in the past has been stress free, so i kinda trust em. Looking at there process to claim it they provide a case manager who lets you know whats needed.
So im wondering how much a lawyer costs and are they worth it?
You can't trust the insurance company with a TPD payment mate. That's not like withdrawing super. When you withdraw super you are asking for your own money. When you claim TPD you are demanding their money. Their "case manager" is not on your side. You need a law firm for this. The process is adversarial. |
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Post by tasjo on Mar 18, 2021 18:03:31 GMT 7
I did but my claim was prior to DSP approval.
At the time I just wanted someone else to deal with it for me.
Be aware that no matter how 'helpful' the super fund are TPD will always be an insurance policy. The aim of the insurance company is to reduce their liability. They will almost definitely engage lawyers and 'independent' medical assessors. The super fund dont generally manage the insurance themselves.
However, there are things you can do that, in my opinion, improve your chances of a successful claim, such as ensuring you have Permanent Incapacity (direct with the fund) and have claimed any income protection.
Most lawyers will do on a 'no win no fee' or 'no win no pay', where there fee is taken from your settlement. If you do it, make sure you understand the contract properly. There are some things I wish I had prepared before I contacted the lawyers that would have saved a lot of time and money.
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Post by tasjo on Mar 18, 2021 18:10:55 GMT 7
Make sure you understand the Product Disclosure Statement for your specific TPD before you apply, often there are differences between policies (as with any insurance)
To me this was where the lawyer was also most helpful. The insurer could have told me anything and I would have believed it... in fact with Income Protection due to the low value I did it myself and got given the runaround.
The higher the value of the TPD often the more you need to fight.
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Post by boxr on Mar 18, 2021 19:31:16 GMT 7
Look like lawyer it is Most lawyers will do on a 'no win no fee' or 'no win no pay', where there fee is taken from your settlement. If you do it, make sure you understand the contract properly. There are some things I wish I had prepared before I contacted the lawyers that would have saved a lot of time and money. How much did lawyer end up costing? |
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Post by tasjo on Mar 19, 2021 4:08:48 GMT 7
They quoted individually on the policies... going on what mine cost and what others I have spoken to experienced roughly 10% of the total payout. Usually there is a max cost, but they are legally entitled to a 25% uplift due to waiting till the end for payment.
Sometimes the lawyers know which insurers will be more difficult based on the PDS and previous experience, so it can be more.
If you are able to pay upfront obviously it saves you considerably.
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Post by tasjo on Mar 19, 2021 7:54:38 GMT 7
Does the earlier post mean you heard and your DSP was approved?
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Post by Trevros on Mar 19, 2021 9:35:51 GMT 7
I claimed TPD without a solicitor and it was far easier and quicker than the hoops I had to jump through over a period of 18 months to get the DSP. It was an absolute nightmare having to survive on 6 bucks a day for food after rent and utilities were taken out, luckily I had a bread maker so I pretty much survived on bread and whey protein. I don't think I will ever eat bread again.
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Post by rainyday on Mar 19, 2021 21:09:16 GMT 7
I claimed TPD last year end of February, and it was approved and paid in June last year. The process turned out relatively easy despite my claim for DSP was rejected, and I have another claim put in for the DSP, and awaiting another review. I haven't been able to work since end of 2016 and still having cancer treatment, plus other health limitations/disabilities.
Do you know if your policy is for "own" or "any" job? Mine was for "any" job, and they still assessed that I wasn't able to do "any" job, which is quite possibly harder to assess, but the insurance company gathered all my medical records from doctors, and I had to submit a statement of jobs I had held in the past (basically a resume). I didn't have a lawyer involved, and mine was also only a small amount as I had only 2 years left on the policy to claim for a TPD.
I did get some advise from a financial planner who encouraged me to apply as I hadn't worked since end of 2016, and so early last year (2020) I submitted a claim and was approved only 4 months later.
P.S. I had also received Income Protection for 2 years preceding applying for the TPD.
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Post by boxr on Mar 19, 2021 22:27:10 GMT 7
Does the earlier post mean you heard and your DSP was approved? Yep DSP was approved.
Ill check TPD forms before i think about using a lawyer. That min 10% thing is something id like to avoid.
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Post by tasjo on Mar 20, 2021 6:59:01 GMT 7
Boxr - its relatively easy to check the Product Disclosure Statement before you make any enquiries. I would strongly recommend doing this - it would give you an idea of where, if any, there are weaknesses in any potential claim.
I mostly used a lawyer due to the value of my claim and the fact that I had been through a lot of trauma with my workplace and centrelink in the months (and years) leading up to making the claim. As rainyday mentioned some people also use a financial planner rather than a lawyer.
If I can help at all let me know - happy to do it via message for more specific details.
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Post by tasjo on Mar 20, 2021 9:41:07 GMT 7
I would also check the PDS before contacting the fund for the TPD forms. I would assume that similar to workers comp when someone contacts and requests TPD forms the insurers are alerted to a potential claim.
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Post by boxr on Mar 20, 2021 10:49:15 GMT 7
I would also check the PDS before contacting the fund for the TPD forms. I would assume that similar to workers comp when someone contacts and requests TPD forms the insurers are alerted to a potential claim. Thanks thats a great tip.
Ive also downloaded my previous super statements in case they try to secretly drop the amount covered.
Financial planners a good tip too, thanks for that.
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Post by boxr on Jun 13, 2021 7:03:36 GMT 7
Just an update, have been approved for TPD
I did the paperwork myself there was no need for a lawyer.
Most of the documents needed i already had from applying for the DSP, only extra bits where a letter to be signed by my GP and another GP from same clinic. I filled the forms out and they just signed em.
Heres a tip for anyone else doing it. Transfer your super into a respectable industry super company like CBUS the process should be easier then. I had no headaches at all with the process.
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Post by tasjo on Jun 13, 2021 19:27:43 GMT 7
Congrats boxr... one last thing to check now you have TPD is whether you need to roll-over the funds to have the correct concessional tax rate on withdrawals.
I did a few withdrawals without realising and paid higher tax on them so it's worth checking.
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