Have you ever thought of what would happen if you were unable to return to work due to a sickness or an injury? Would you have enough savings put aside to ensure minimal disruption to your and your family’s lifestyle as you all adjust to your new way of life? Total and Permanent Disability (TPD) insurance can provide you with financial peace of mind.
Who should have Total & Permanent Disablement (TPD) Insurance cover?
Anyone who does not have a significant amount of extra money readily available to be used if sick or injured and unable to return to work such as those:
- with families or financial dependents
- with mortgages or other significant financial liabilities
- who don’t wish to burden others financially
- with their own businesses
Why is Total & Permanent Disablement (TPD) Insurance important?
If you choose to have TPD added to your Term Life policy, a lump sum benefit will be paid to the insured in the event of a total & permanent disability. The insurance proceeds can be used to clear any debts and/or make alterations with your life moving forward. This ensures that you are not forced to sell your home or other assets at ‘fire sale’ prices if the bank calls in the loan.
How does Total & Permanent Disablement (TPD) Insurance work?
Most companies will pay if the life insured is unable to return to work. Depending on which definition you choose, this means that the life insured either will be unable to work in their own occupation, or any occupation for which they are suited by training, education or experience, or Loss of Limbs or Sight, Unable to Work or Unable to Perform Daily Living Activities. Generally you must be considered ‘never to be able to work again’ and this is permanent in nature. This is NOT the same as Income Protection. Your Experien financial adviser will be able to assist you with which definition would be best suited to your situation. There are specific circumstances for this payment and it is paid as a one off lump sum. Always read the appropriate Product Disclosure Statement for exact definitions.
Please speak with an Experien Insurance Adviser for further information.
Information on our website is general in nature and does not take into account your personal circumstances. You should consider personal advice that allows for your own goals and situation and always read the Product Disclosure Statement (PDS) issued by an insurer before considering buying cover.
