If you are an ADF member (present or Veteran) and you have an injury or illness that is accepted as being related to your ADF service, you may be entitled to compensation from the DVA.
There is a process that needs to be conducted to process your claim however there are a number of prerequisite steps that need to be met for it to succeed.
- You must have an accepted condition resulting from your service with the ADF; and
- You must have a resulting impairment; and
- The accepted impairment is likely to continue indefinitely; and
- The impairment has stabilised
If you meet these conditions, PI compensation from the DVA will be assessed and can be paid for the accepted physical and/or mental impairment in combination with and lifestyle restrictions resulting from your accepted conditions.
Once the DVA have calculated your entitlement based on the level of impairment resulting from your accepted conditions you will receive an impairment rating and resulted offer of either a lifetime tax free pension paid weekly or the option to convert some or all of your assessed entitlement to a tax free lump sum.
As a Licensed Financial Advice Practice here at CTWealth we can then help you decide what is the best option in your personal circumstances between the lump sum and lifetime pension. Some issues we will discuss as part of this process are:
- The Net Present Value (NPV) of the lifetime payments you are being offered; vs
- The expected return we could get from a lump sum if invested at your assessed risk profile;
- The impact of cashflow and any resulted new investment opportunities that may arise, including using lump sums and/or pensions to help build your retirement wealth.
Cameron Teague from CTWealth is a Certified Financial Planner who is part of the ADF Financial Advice Referral Program.
We are committed to providing genuine non conflicted Personal Financial Advice that is billed directly to the DVA to help ADF members and their families make the required decisions when a DVA offer of Permanent Impairment (PI) compensation has been received.
We offer a complimentary and obligation-free 10 minute phone discussion to explore likely advice needs prior to committing to an initial appointment.
Information discussed will be general advice only.
