What percentage of TPD claims which are approved in Australia vary According to the Australian Securities and Investments Commission (ASIC) report 633, the approval rate for TPD claims in Australia is relatively low.
In the 2019 financial year, only 82% of TPD claims were approved. The approval rates are dependent on insurers with some insurers having a higher approval rate than the others. For example, in the year 2019 and according to ASIC, Asteron had a decline rate of 29% of submitted TPD claims.
There are several reasons for the above approval rate of TPD claims in Australia. One reason is that the definition of total and permanent disability is quite strict, and only applies to individuals who are completely unable to work in any capacity. This means that many people who have disabilities that allow them to work part-time or in modified roles may not meet the criteria for a TPD claim.
Another reason for the percentage of TPD claims which are approved in Australia is that TPD claims are often contested by insurance companies. These companies may argue that the individual is not permanently disabled, or that their disability is not severe enough to qualify for TPD benefits. This can be a difficult and stressful process for claimants, who may have to provide extensive medical evidence and undergo assessments to prove their disability.
Despite the 82% approval rate, TPD claims are an important source of financial support for many Australians with disabilities. If you are considering making a TPD claim, it is important to seek professional advice from a law firm that specialises in TPD claims like WKB Lawyers who can help guide you and put your best foot forward and to be an experienced advocate and support your claim. This can increase your chances of a successful outcome and ensure that you receive the financial support you need to manage your disability.
If you are struggling with your claim and need help. Please contact us at 1800 865 225 or visit our website at www.wkblawyers.com.au for further information.
