Superannuation fund details
Details regarding the superannuation policies, such as the fund name and membership number (if available).
Life insurance refers to a life policy a person takes out to pay a defined "insured sum" to someone, usually their spouse or children but sometimes their business partner, upon death.
Death Benefits is a reference to the insurance benefits payable under the mandatory insurance associated with employee superannuation fund membership upon the fund member's death. All Australian superfund policies include death benefits. Some government and military funds provide pensions to surviving partners or children.
If you're a spouse, child or another dependent you may be eligible for all or a portion of their superfund balance and death benefits and if there is a separate life policy, of the life insured sum. Our life insurance and death benefit claim lawyers are experts at compiling compliant life insurance or death benefit claims and have helped many people quickly access funds to keep their families going.
The death benefit qualifications that most funds require applicants to meet are:
- You must be married or be able to demonstrate you have lived with the deceased for at least two years before the person's death.
- You meet any specific qualification requirements in the superannuation fund's trust deed. If there is no designation to whom the death benefit should go, some trustees require the benefit to be distributed equally to the deceased's dependents. Other funds leave the decision to the trustee's discretion.
- If you suspect the trustee of your superannuation fund has abused his or her death benefit discretion, you can make a complaint with the Australian Financial Complaints Authority.
Remember that the specific procedures and requirements for life insurance and death benefit claims may vary depending on the insurance provider or superannuation fund. It is crucial to carefully review their policies and seek guidance from professionals to ensure a smooth and successful claim process.