Taking care of an injured loved one can take a toll on you and them both emotionally and financially. If they are out of work due to an injury, or illness it is possible that they may be able to access their superannuation balance earlier than retirement age. For further information go to http://www.tfqlawyers.com.au . Otherwise, keep reading to find out what financial support is out there for you and your family.

Claiming permanent disability

Even if your loved one has already claimed any workers compensation, they can claim benefits from other types of insurance. When claiming permanent disability, they do not need to prove that the injury was sustained in the workplace. They must simply prove that the injury has hindered them from earning an income, or completing daily activities. A total and permanent disability (TPD) claim provides benefits to those who are no longer able to work in their usual workplace, or any other occupation. TPD can still be claimed even if your loved one eventually does return to work. The amount that can be granted depends on the type of insurance cover your loved one has.

Research the super coverage

It is important you research your loved one’s super and insurance coverage. Know what steps are in place when accidents, or injuries happen. The amount of payment the injured person receives depends on the type of insurance coverage they have and how much they are insured for. If there are multiple super accounts with different coverage levels, it is possible for claims to be put in for each one.

Seek the help of a financial planner

Your superannuation sum should be maximised to its fullest extent for your loved one to receive the best benefits. With the advice of a financial planner, your super accounts can be protected, while still getting you and your loved one the best-case scenario amount paid. A financial planner will be able to assist you in assessing your loved one’s superannuation and insurance coverage and the best course of action in terms of claiming that coverage early.

Financial hardship

If the injury sustained to your loved one does not meet the criteria to gain access to your superannuation, or insurance coverage early, you could still be eligible for a financial hardship claim. If your loved one is suffering from financial hardship due to unexpected medical expenses, or absence from work, they still may be able to claim their super early. In conjuncture with your financial planner, lawyer, and the Department of Human Services, there are systems in place to help those in extreme financial need.

Having an injured and out-of-work family member can cause undue stress and hardship on you and them. Consider taking out a workers compensation claim while looking into a deeper superannuation claim. If the injury is long term and there is no possibility of your loved one returning to work, gaining access to their super fund early, can help to assist and ease the strain of further financial difficulties. A qualified financial planner can help you to understand the benefits of claiming your loved one’s super early, and the options available.

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