Total and Permanent Disability Claims and Financial Advice

Navigating a Total and Permanent Disability (TPD) claim can be confusing! If you are successful, it can also be difficult to determine the best use of your TPD payout.

But that’s where our Certified Financial Planner® can assist.

At Precision Wealth Management we can help you to organise and submit your TPD claim. Plus, we offer personalised financial advice on how best to maximise your payout and minimise tax, so you can make an informed choice.

Got questions? Give us a call and we’d be happy to help.

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Call 07 3180 4430

What is TPD Insurance?

Total and Permanent Disability Insurance can provide cover if you are totally and permanently disabled as the result of an illness or injury.

Is it important to read the fine print of your policy as terms and conditions, along with the definition of can TPD differ significantly between insurers.

TPD claim approved: How we can help

Our main aim is to help those who’ve been successful with a TPD claim understand their options and make the most of their payout.

We believe it’s important to seek financial advice from a qualified and trusted professional as they will strive to ensure you feel financially secure now and into the future, and meet your ongoing income needs. They will also help you to understand the different tax implications for any payout alternatives.

For those whose claims are inside super, there are four common financial options.

Of them, the best alternative will depend on a range of factors including an individual’s current financial position, their needs and Centrelink implications.

01

Leave the lump sum payout in your super fund.

02

Withdraw the money as a lump sum to invest or repay debt.

03

Commence a disability pension.

04

A combination of these three alternatives.

Principles of our Work

Industry Leading Qualifications

Our certified financial planner is university qualified with a Commerce Degree and is a Certified Financial Planner.

Flat Fee Pricing

We are fee-based (not percentage based) financial planners, with our pricing based on the complexity of work involved, not the value of your portfolio.

Privately Owned and Ethically Driven

Our advice and product selection are 100% conflict free. We are not influenced by how we’re remunerated or who we’re licenced through.

Evidence Based Investment Strategies

We are at the forefront of our industry. Our advice is strategic (not product-driven) and in your best interests. Our academic investment approach is based on decades of research in financial markets.
Personal Insurance

TPD Resources

What do I do with my TPD Payout?

How much TPD Insurance do I need?

Tax on TPD Payout in Super

Frequently Asked Questions

How long does a TPD claim take?

It can take some time to see funds from a TPD payout. The best-case scenario is three and six months between the health event and the payment. Oftentimes, it can take a year or more for the claim to be processed and the payment received. Claims can be quicker if it has already been 3 or 6 months from your health event and the claim is straightforward and paperwork is completed quickly from your end as well as your health professionals.

Read more about the TPD claims process here.

Does a TPD payout get taxed?

Those whose Total and Permanent Disability Insurance is within their super funds may pay tax when withdrawing the money. The amount of tax will be dependent on how you choose for the money to be paid to you. Click here for details.

Do I need a lawyer to make a TPD claim?

There are many TPD claims that will not require the assistance of a lawyer and it is far more affordable to organise the claim on your own, or enlist a financial advisor to assist. In saying that, you may need a lawyer if there’s an issue with the claim and the insurer is not paying what you’re entitled to.

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TPD Tax Component Calculator

This calculation for the tax payable is only an estimate. Please contact your insurer or superannuation for the exact calculation. The tax payable can be minimised through careful planning. Please contact us to discuss how we can help you minimise your tax and make the most of your TPD claim.