The shocking truth buried in your super
<p><span data-contrast="none">A recent review by ASIC (the Australian Security and Investment Commission) has made </span><span data-contrast="none">shocking findings</span><span data-contrast="none"> into the design of TPD (total permanent and disability) benefits within basic life insurance policies. For example, </span><span data-contrast="none">over 12 million Australians automatically pay for TPD through their super</span><span data-contrast="none"> but in the case that the TPD is an “ADL” style of coverage, it’s been found that </span><span data-contrast="none">60% of claims are denied</span><span data-contrast="none">.*</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">Imagine not only having your health permanently taken away from you, but years and years of premiums as well – now down the drain. So much for a nice big super fund to help you retire. ASIC went as far as to say that </span><span data-contrast="none">Australians were still being sold “junk policies” – yes, even by superannuation providers!</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">A fast and easy way to compare TPD cover on your own terms is to use the online tool at </span><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"><span data-contrast="none">Life Insurance Comparison</span></a><span data-contrast="none">. A friendly team of experts can help you find cover so that you don’t have to rely on a default policy that may have been automatically set up and is sucking funds out of your super as you sleep.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p aria-level="3"><strong>Here’s How It Works: </strong></p>
<p><strong>Step 1:</strong><span data-contrast="none"><strong> </strong>Select your current </span><span data-contrast="none">age below.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><strong>Step 2:</strong><span data-contrast="none"><strong> </strong>Once you answer a few questions, you will have the opportunity to compare quotes from up to 9 of Australia’s largest insurers. You may also be entitled to a free consultation.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"><img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7832974/life-comparison-insurance-1.jpg" alt="" data-udi="umb://media/0a4e45fd838746e595065ab90ceadaa1" /></a></p>
<p><span data-contrast="none">TPD cover is supposed to provide you financial protection in the case that you ever get so sick and injured that you can never work again. It’s a reality we don’t like to think about, but it’s one that can befall absolutely anyone.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><strong>So what type of TPD cover is ADL? </strong></p>
<p><span data-contrast="none">ADL stands for ‘activities of daily living’. This kind of policy typically only pays out in the most dramatic of circumstances, such as a permanent situation where you are unable to feed, dress or wash yourself.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">If you are permanently injured or disabled enough to no longer work, an ADL policy may reject your claim on the grounds that you’re still at least able to care for yourself.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">That means even if you’re one day put in a wheelchair unable to do your regular line of work, the TPD insurance in your super may still not pay you a cent!</span><span data-contrast="none"> Is that a safety net you’re comfortable with?</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">The 60% decline rate on this narrow type of TPD insurance (ADL) is five times higher than the average declined claim rate for all other TPD claims. Other structures of TPD, however, do exist and have a much lower declined claim rate of 12%.**</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">These include: own occupation and any occupation, which are designed to cover you when you can no longer work in your own or any occupation at all. This is a much broader type of coverage that many people generally think of when they seek TPD insurance.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">Insurance lawyer John Berrill recently explained to the Australian Financial Review (AFR):</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">“To be eligible for a standard TPD definition, a person needs to be permanently unfit to do their usual job or any other suitable work given their education, training or experience, perhaps with a retraining clause added.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">In contrast, to satisfy an ADL definition, a person must be unable to do two or more daily living activities such as feeding, bathing, dressing, toileting, walking and transferring from bed,” he said.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">Keep in mind that any TPD cover can be paid 100% through your super, although your preferred type may not be what has been set up for you when you first joined your superannuation provider.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">At </span><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"><span data-contrast="none">Life Insurance Comparison</span></a><span data-contrast="none">, we typically assist Australians with approval for own occupation TPD policies, and a range of other popular life insurance products. Comparing cover and understanding what your policy actually looks like is a crucial step to protecting yourself and your family for the future.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><span data-contrast="none">Not sure where to start? </span><span data-contrast="none">Leave it to the experts</span><span data-contrast="none">. Our service helps take the guesswork out of life insurance and can help set you up with quality cover that will pay out when it’s supposed to.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><strong>Compare now for policies that aren’t “junk.” </strong></p>
<p aria-level="3"><strong>Get Started Now: </strong></p>
<p><strong>Step 1:</strong>Select your <strong>state below.</strong></p>
<p><strong>Step 2:</strong><span data-contrast="none"><strong> </strong>After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.</span><span data-ccp-props="{"201341983":0,"335559739":420,"335559740":276}"> </span></p>
<p><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"><img style="width: 500px; height: 281.20516499282644px;" src="https://oversixtydev.blob.core.windows.net/media/7833020/cta.jpg" alt="" data-udi="umb://media/eab7b5deeeb74516807699ac980077a5" /></a></p>
<p><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"><em>LifeInsuranceComparison.com.au's</em></a><span data-contrast="none"><a rel="noopener" href="https://lifeinsurancecomparison.com.au/form/stepn/?utm_source=over60&utm_medium=sponsoredarticle&utm_campaign=lic-december&utm_content=shocking-truth-buried-in-your-super" target="_blank"> </a>online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers. </span></p>
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