Having an insurance claim accepted for a client is one of the most satisfying parts of the job when you’re a financial advisor, particularly when it helps a grieving family. There are many ways financ …
Total and Permanent Disability
While it’s not something any of us like to contemplate, a serious accident or illness can leave you unable to work or support yourself and your family. Although we can’t control the unknown, we can control financial risk and exposure. Total and Permanent Disability (TPD) Insurance provides a financial safety net for unforeseen events.
It’s important to note that Total and Permanent Disability Insurance is not the same thing as Trauma Insurance. Trauma Insurance pays you if you suffer a critical illness or traumatic event, while TPD Insurance pays you if you become totally and permanently disabled.
Do I need Total and Permanent Disability (TPD) Insurance?
While most of us like to think we’re indestructible, unfortunately terrible accidents or debilitating diseases can happen. A serious injury or illness can make it difficult or impossible for you to continue to work. If this happens, TPD Insurance can be an essential way to support yourself and your family.
What can Total and Permanent Disability (TPD) Insurance cover?
Total and Permanent Disablement (TPD) Insurance pays out a lump sum payment if you’re permanently unable to work. This can help you cover the costs of rehabilitation, debt repayments and future costs of living.
Other things to consider
When considering Total and Permanent Disability (TPD) Insurance, be wary of promotions offering cover with no medical checks. This type of cover is often very limited, which is why it is cheap. Further, you are able to obtain two types of definitions, “any” or “own” occupation rating, so it is essential to get professional advice on the right policy for you.