Have you been injured or ill, and it’s prevented you from working?
If you’re in this situation and are eligible for a total and permanent disability insurance payout, we believe you shouldn’t call a lawyer to put the claim through in the first instance.
Why? Well, the team at Precision Wealth Management has heard stories of lawyers charging obscene amounts of money to submit a simple claim that would probably be approved without much paperwork or effort.
Of course, there are some instances where lawyers are needed – but we believe that’s only a small portion of cases.
Keep reading as we discuss the topic in greater detail, or watch the video here: Why You Should Speak to a Financial Advisor Before a Lawyer
Superannuation TPD Claims
When it comes to superannuation TPD claims, we believe your first point of call should be your own super fund or a financial advisor.
In our experience, most claims don’t require the assistance of a lawyer and you will pay far less by organising the claim yourself or getting a financial advisor to help you with it.
Now, if there is an issue with the claim and you feel the insurer is not paying what you’re entitled to, then maybe you need to use a lawyer and go down that avenue.
TPD Payout: How Financial Advice Can help
If you are successful with a claim, a qualified financial advisor can help you understand your options, so you can determine the best way to make use of the money.
A lot of the time these TPD claims are inside super so you need to work out if you want to:
- Withdraw the money as a lump sum and then potentially:
- use those funds for debt repayment, essential rehabilitation, or carer costs.
- or invest the money in your name, a trust or possibly a special disability trust.
- Leave it in superannuation
- Start a disability pension
- A combination of these options
EXPERT TIP: It’s important to note that there are different tax implications for the above options, and that’s why it’s important to research your options and, if possible, discuss them with a qualified professional before making a decision.
In addition, a financial professional like the Certified Financial Planner® at Precision Wealth Management is also able to provide assistance and recommendations to ensure you meet your ongoing income needs.
Why You Should Speak to a Financial Advisor Before a Lawyer when making a TPD Claim
Precision Wealth Management is proud to be privately-owned and ethically driven, which means we always have our clients’ best interests at heart.
If you need help with your TPD claim or any other personal insurance, please don’t hesitate to read out to our North Brisbane team today on 1300 200 012.
Precision Wealth Management is a local, privately-owned financial planning firm based on Brisbane’s northside.
Our certified advisors work with each individual client to determine the best wealth creation strategy based on their unique situation.
We strive to stay at the forefront of the industry, and our investment approach is based on decades of research.
Financial Planner Brisbane
Our services include Superannuation Advice And Planning, personal Insurance Advice, Budgeting And Cashflow Management, Investment Strategy And Advice, Aged Care Financial Advice, Retirement Planning Advice, and Debt Reduction Financial Planning.
At Precision Wealth Management, we offer flat fee pricing which is determined on the complexity of the work – not the value of your investments.