Insurance is a tricky business, and it is increasingly common for insurance claims to result in a dispute, especially in relation to superannuation. The most common reasons for disputes are disagreements over your right to claim or the amount of compensation you are eligible for. After making an insurance claim, the insurance company will have to assess the validity of your claim and make a pay-out offer. If you are unhappy with their assessment or offer or believe that it is unfair, the good news is that there are plenty of rules and regulations placed on the insurance industry in Australia in order to protect you.
By law, insurance companies are not permitted to misrepresent your policy by knowingly making you believe that it entails anything that it doesn’t. In addition, it is required that the customer is informed of any changes to their policy in writing in advance of them taking effect. So, if you are trying to make a claim which your insurance company says is no longer included in your policy, they will need proof that they informed you of the amendments in advance. Superannuation insurance claims are often an urgent matter involving finances that you rely on to conduct your daily life, and for this reason insurance companies are obligated process claims punctually and must not attempt to delay the process in any way without a valid explanation. They are also not permitted to withhold payment of a certain part of your claim in order to try and coerce you into backing down on a different part of your claim.
One type of insurance dispute that is particularly complex is that of entitlement to superannuation. Many people face problems when they attempt to make a Total and Permanent Disablement claim (TPD), as a result of being off work and unable to return. It is common to get into insurance disputes over the rules for permanent disablement, so if you are facing a superannuation dispute it is wise to seek the advice of an experienced lawyer who can navigate this complex field for you. Other claims relating to superannuation come over disputes for income protection in the event of sickness or injury or death benefits claims in the event of the death of a loved one.
How to Protect Yourself
The best way that you can protect against a nasty and time-consuming insurance dispute is to make sure you know your policy inside out and be sure it covers everything that you need it to. It is wise to have it checked over by a lawyer who will be able to spot any clauses or loopholes which are liable to catch you out. In case you do have to open a dispute, then a professional lawyer will be able to advise you on the best way to successfully go about it. They should also be able to attempt a negotiation before resorting to taking it to court.
If you are facing a superannuation dispute, then a good lawyer is essential to ensure that you get what is owed to you. Luckily, courts tend to favour the policy holder over the insurance company in any dispute, so if you have valid grounds to complain then you stand a good chance of winning your case.