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It is becoming increasingly common for superannuation funds to have both a death benefits component and a TPD component, that is, total and permanent disability. There is a growing trend for most superannuation providers, particularly host superannuation funds, to have a component for this in their policy, which you may not be aware of.

It becomes vitally important when you become injured or sick and cannot perform some or all of the tasks of your employment, as it can become either the only means of compensation, or alternatively, bonus compensation.

Because it is an insurance policy, it is a contract and unless the terms of the policy state otherwise, you can receive the full proceeds of this policy and still make a compensation claim.

As the premiums of the policy are paid out of superannuation funds, it is an extremely practical and inexpensive means of having additional coverage.

Please be aware that all polices are not created equal. The terms of each policy differ and for some policies, such as those held by the employees of the state government, they become almost impossible to satisfy the criteria of, unless you are severely injured or ill.

It is certainly something to keep in mind when you consider your superannuation fund.