Employers in Australia are required to make contributions to superannuation funds for their employees.
While the primary purpose of superannuation is as a savings account for retirement, many superannuation funds also contain insurances for the benefit of the employee. Such insurances often include:
- Life insurance – lump sum payable on the worker’s death;
- Total and permanent disablement insurance – a lump sum payable in the event the worker loses a capacity to work;
- Income protection insurance – periodic payment insurance payable when a worker is unable to work for a period; and
- Trauma Insurance – cover in the event of specified illnesses (this generally only exists in older policies).
The benefits payable under these polices can be significant. Segelov Taylor are able provide advice and representation to ensure that all benefits are recovered.