Total and Permanent Disability Insurance Claims Through Superannuation
Your TPD claim has been approved! What happens next?
Once your Total and Permanent Disability (TPD) insurance claim is approved, this amount is paid into your superannuation account and added to your existing balance. Due to the fact that you are no longer able to work again, you then have access to your entire superannuation and TPD amount sitting in your superannuation account.
You then have the following options:
- Leave funds in Superannuation
- Withdraw a portion or entire super balance
- Commence a superannuation income stream
If you are under preservation age (which is between age 55 and 60 depending on your date of birth) then you will pay tax when you withdraw your superannuation. This tax rate is different for everyone.