TPD Insurance provides a benefit payment if you are partially or totally disabled and never to return to the workforce again. Did you know the benefits are generally paid in the form of a lump sum!? TPD Covers you 24hours a day, 7 days a week, anywhere in the world. TPD Insurance is to protect a financial plan against the interruption to the wealth creation process that would occur if the life insured suffered a sickness or injury and was unable to ever work again.
Total and Permanent Disability Insurance
TPD Insurance not only protects your financial protection but its available as a rider to income protection and business expense cover. TPD can be structured to cover the loss of earnings and the reimbursement of ongoing business expenses, respectively. Therefore, the purpose of TPD Insurance is more to cover the additional costs and other financial needs arising of the insured. These additional costs and needs can be separated into business and personal purposes.
Typical items of personal need with regard to TPD Insurance include:
- One-off capital costs such as home and car modifications or even a new, more suitable home or car, and one-off medical expenses.
- One-off capital needs such as debt repayment or reduction, pre-funding of school fees, etc.
- Ongoing revenue costs such as home maintenance transport and regular medical expenses associated with the treatment of the sickness or injury.
For a TPD Insurance benefit to be paid, the following must occur:
- The policy must be in force.
- The applicable definition of sickness or injury must be satisfied.
- None of the policy exclusions should apply.
- The claim requirements must be satisfied; and, most importantly.
- The definition of TPD must be satisfied.
When considering the definition of TPD, it is worth keeping in mind that it is not just current policy definitions that need to be understood.
One in five families will be impacted by the death of a parent, a serious accident or illness that renders a parent unable to work. (Lifewise & NATSEM, 2010).
We recommend you to talk to us direct for TPD Insurance Protection Cover, so you don’t make a mistake and we can give you the right Insurance Advice for your circumstances relating to Total and Permanent Disability Insurance (TPD Insurance ). Call 1300 850 902 today or simply leave your details below.