How does a TPD claim for Depression work?
The process of applying for a TPD Insurance payout can be overwhelming, particularly if you are suffering from an illness that leaves you with little energy to deal with additional stress. The process is not designed to be stressful however due to the nature of the information that needs to be compiled it can be.
The first step is to understand your policy and what is required to claim. You will likely need a specialist (your psychiatrist) and your treating GP to confirm that they believe you will be unable to ever return to work again in an occupation you are suited to. Further, you will need to understand what your insurance provider considers to be an occupation you are suited to as these definitions range from provider to provider.
Once you understand what is required for a successful claim, it is time to compile the required paperwork. The administrative aspect of a TPD insurance claim can be significant with reports from multiple doctors and your employer often required. In addition to this, the insurer will need to obtain comprehensive details of your working history and other medical information. The forms provided by insurers are generic in nature and there may be a need to obtain additional information if you do not gather information correctly the first time. It is important to understand exactly what the insurer is looking to determine when you are completing these forms to help reduce the back and forth that may ensue.
If you are suffering from depression, the last thing you want is added stress from an insurer with your TPD claim. Your TPD claim is intended to form the foundation of your financial future so the stakes are high, regardless of your ability to handle the added stress. Engaging an expert to ensure you get through this process efficiently can be invaluable.
Can I make a TPD claim for Depression & Mental Illness?
Depression is generally treated no differently to any other physical or mental illness when it comes to TPD claims and is a very common cause of claim. Most policies will cover any physical or mental illness unless otherwise specified in your contract.
Does it matter what the cause of my mental illness or mental health issue is?
Generally it does not matter what the cause of your depression is when lodging a claim. That said, many policies have restrictions relating to self harm and also drug related illnesses which is why it is crucial to understand your cover prior to lodging a claim.
I can’t work because of my mental illness. What should I do?
Speak with your super fund or financial adviser to determine what coverage you have in place. If you are unable to get a sound understanding of what you are covered for and what will be required for you to claim, please get in touch with us to discuss your situation further.
If I do not consult with a psychologist, can I still make a claim?
If you are not under the ongoing care of a medical practitioner, as well as following their advice, it is likely you will have trouble having a claim accepted. It is important to understand that TPD Insurance requires you to be permanently unable to return to work as well as adhere to the advice of your treating doctor. If you are unable to return to work due to mental illness, it would be incredibly unusual for you to not be under the regular care of a medical practitioner, it does not necessarily have to be a psychologist.
What will I receive from my TPD claim?
A TPD claim is typically paid out as a lump sum. The amount you receive will depend on the level of cover you had at the time of stopping work as well as the tax that is payable on the proceeds. A financial planner can provide you with advice to help maximise the benefit of these funds to you as it is intended to secure your financial future.
