Total and Permanent Disability

Total and Permanent Disability insurance pays you a lump sum and helps to protect your financial security if you suffer total and permanent disability.

Have you ever stopped for a moment and thought what would happen if the unthinkable occurred and you could never work again, due to an accident or sickness?

Any sound financial plan will always include a provision for a Total and Permanent Disability Insurance (TPD) policy to protect you and your family from financial hardship. If you suffer from a Total and Permanent Disability it can actually be worse than death as the costs of living don’t stop. In addition you will have extra medical costs, expensive rehabilitation costs and home modifications that you may need to pay for.

How much Total and Permanent Disability should I have?

This lump sum of money is usually made up of the following:

  • A lump sum to pay out any debts such as home mortgage, car lease, personal loans etc.
  • As well as a lump sum of money you and your family could invest so you can live off the proceeds.
  • Plus any medical and rehabilitation costs.

What is the best way to set up a Total and Permanent Disability Insurance policy?

You can purchase your Total and Permanent Disability Insurance with your Life Insurance policy. This is commonly done with your superannuation plan as you can use your super fund to pay your premiums. In some cases however, it may be better to own your TPD insurance outside of superannuation and/or own the policy as a stand alone plan. You can obtain more details by speaking to one of our advisers who can recommend the best options for you.

Do I still need Total and Permanent Disability Insurance if I have Income Protection?

That depends on each individual’s needs. In most cases we would recommend you have all types of personal insurance included in your financial plan. These include:

Total and Permanent Disability is very different from Income Protection Insurance as TPD will generally only pay you one lump sum benefit, whereas Income Protection will pay you a regular monthly benefit till you are able to go back to work or you have reached your benefit period. Please see our income protection page for more details on Income Protection Insurance or speak to one of our advisers today.

Please also see our easy to use Life Insurance and Total and Permanent Disability calculator, or speak to one of our advisers for more detailed advice.

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