Total and Permanent Disability (TPD) Insurance
Total and Permanent Disability (TPD) Insurance Explained
Why do I need TPD Insurance?
TPD Insurance is a simple and effective insurance that pays a lump sum in the circumstance where you are incapacitated and are unable to continue working. Thousands of Australians are forced to leave the work force due to injuries and unfortunately are left in a vulnerable financial position.
TPD policies generally pay out on injuries such as the loss of a limb, eyesight, paralysis or any capacitating injury. Some of the things you may need to consider when looking at TPD are what risk you carry in your profession or pursuits, and what level of coverage you would need to pay off your mortgage, loans etc and what you would need to become financially independent. Injuries generally of the nature covered in a TPD policy may come with a high instance of medical bills and costs associated with altering home and car to suit your needs.
How do I apply for TPD Insurance?
There are a several reliable, reputable companies and financial institutions that offer many different variations of TPD. You can apply directly with many insurers or alternatively apply through your insurance or finance broker. It’s best to shop around, and make sure you read provided the PDS (product disclosure statement) when it comes to TPD as many providers offer varying plans and varying premium charges. You have options of family and single coverage, and payouts criteria’s from TPD policies generally vary from insurer to insurer so ask for a list of covered conditions.