Injury and financial stress tend to go hand in hand… and being unable to work due to serious illness or injury can cause significant mental and financial strain, especially if it’s permanent. Not many people know, however, that they may be entitled to a lump-sum payment through disability insurance provided by their super fund. We typically take our superannuation for granted until the time we are looking to retire. But superannuation is much more than a nest egg. So if you are forced out of because of an illness or injury, there are ways to reduce your financial burden through it.
The wider impacts of your injury
Coping with a serious injury or illness is never easy, especially when medical bills are piling up and you are unable to work. Managing daily expenses can be tough – mortgages, rent, bills, and routine living expenses can all add financial stress while recovering. Not only are you struggling physically and financially, but your mental health can be further impacted when serious injury or illness results in a loss of skills and opportunities. Everyday activities such as work, study and socialising are not as easy as they used to be, and the effects of this are not often understood until they actually occur.
So who do you turn to for help?
- Your employer
It’s important to contact your employer and inform them of your inability to attend work. While it is completely up to you how much detail you are willing to provide, you should inquire as to a few basic things which may help you financially while first dealing with your injury and working out a plan moving forward:
- Check to see if you have any leave available;
- Ask if you need to provide medical certificates and by when to avoid impact on your regular pay cycle;
- Ask whether it is possible for you to return to work with reduced capacity and/or light duties; and
- Ask for some guidance regarding your rights, which can be found via healthdirect.
Another option to explore is Centrelink sickness allowance, which may be available to you if you can’t work or study temporarily due to illness or injury. You can check to see if you meet the criteria for claiming via the myGov website.
- Your superannuation fund
If your injury or illness is significant enough that you are unable to work, you can also inquire as to whether you can claim income protection. A policy will often cover you for up to two years of loss wages. ( wage loss?)
The other option is claiming Total and Permanent Disability (TPD) cover, which is designed to cover the cost of rehabilitation, lost income and future living costs and it is usually paid in a lump sum. However, making a TPD claim is a lengthy and complex process, so it is imperative that you engage an experienced professional.
How can WKB Lawyers help you?
At WKB Lawyers, we understand that you are going through significant financial and personal stress. We will be on the journey with you each step of the way and ensure we can make your life easier and lift your financial burden. We also don’t believe in processing claims in masses. Instead, we are dedicated to investing time and creating a process for each individual client.
We have a No Win, No Fee Guarantee policy and we can assure you that there are no hidden costs, no 25% uplift fee and no expenses for photocopy, printing or faxing. Moreover, if your claim is taking several months or even years to resolve, we can help you expedite the decision.