Accessing Your Superannuation Early
Financial hardship can often arise in times of severe injury or illness, especially if you lose your job as a result. We can help you to access your superannuation or associated insurance cover, to make life easier and reduce the burden of financial hardship.
Things to consider:
- Temporary or permanent disability may arise from an injury at work, or a chronic medical condition, which may prevent you from working. This is a reason for you to access your superannuation or insurance cover early.
- If you are a member of more than one fund, then multiple claims may be made in some cases.
- In the event of an incident causing death, the death benefit component of the policy may be paid out to a surviving spouse, a de facto or same sex partner, children, or any other dependents of the deceased. Alternatively, it may be paid to the deceased's estate for distribution in accordance with the Will.
When can I apply for early access to my super?
If you have been unable to work because of injury or a medical condition and you are experiencing financial hardship, you may be eligible to apply for a portion of your super if:
- You have been receiving Centrelink benefits continuously for 26 weeks or more, and you are unable to return to work.
- You are unable to pay for reasonable living expenses.
Other factors may support a claim for early access to part, or in some instances all of your super, on compassionate grounds:
- Your bank is about to take possession and sell your home due to outstanding loan repayments.
- You, or a dependent, have become severely disabled requiring modification of your car or home.
- Payments need to be made for things like medical expenses, palliative care, or funeral expenses.
If you have a terminal medical condition early access can be made:
- When two registered medical practitioners certify that your injury or illness will likely result in death.
- One of the certifying medical practitioners is a specialist in the area of the injury or illness.
If you suffer from a chronic illness, severe disability, or permanent incapacity which prevents you from working:
- A claim can be made under the Total and Permanent Disability insurance cover associated with your superannuation.
Should you suffer a prolonged illness or injury:
- You may be able to apply for assistance under your income protection insurance cover, which will give you a regular income over a temporary period.
Should you or a member of your family be unable to return to work, either temporarily or permanently because of injury or a medical condition, contact us and we will assess your situation.