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Total & Permanent Disability Insurance

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    What is TPD Insurance?

    TPD Insurance will provide financial support to you and your family in the event that, due to sickness or injury, you become totally and permanently disabled. There are 3 different definitions for total and permanent disability, they are outlined in the feature summary below.

    Why take out TPD Insurance?

    In the unfortunate event that you become totally and permanently disabled, TPD Insurance aims to ease the financial pressures of no longer being able to work, can allow for funding the services of a carer if required and make any necessary adjustments to your lifestyle.

    Feature

    Description

    Age restrictions

    The maximum entry age for TPD Insurance varies slightly between insurers, typically ranging between 59 and 62 years of age.

    Policy expiry

    Typically, cover expires at age 99. However, the TPD definition will change to “non-working” at age 65 or 70 depending on the insurer.

    Amount of cover

    The minimum amount that can be applied for is $50,000.

    The maximum amount that can be applied for is $15,000,000.

    TPD definitions

    (the wording may slightly differ between insurers)

    Any occupation” – Due to sickness or injury, it is unlikely that you will ever again be able to work in any occupation that you are reasonably suited to by education, training or experience.

    Own occupation” – Due to sickness or injury you have not been working in your current occupation (usually for three consecutive months) and it is unlikely that you will ever again be able to work in your own occupation.

    Home duties” – Due to sickness or injury you have been unable to perform home duties (usually for three consecutive months) and are unlikely to ever again be able to perform home duties.

    Non-working” – Due to sickness or injury you have suffered one or more of the following:

    ·         Loss of limbs or sight

    ·         Loss of independent existence

    ·         Cognitive loss

    Ownership structures

    Self owned

    Superannuation owned (only available for “any occupation” TPD)

    Self Managed Superannuation Fund owned (only available for “any occupation” TPD)

    Superannuation optimiser – has an own occupation definition under a “split” policy whereby approximately 2/3 of the premium is paid by your super fund and approximately 1/3 of the premium is paid by you personally.

    Who receives the benefit?

    In the event a claim is made, the lump sum benefit will be paid to the policy owner. We have significant expertise in the handling and management of TPD claims, you are in good hands.

    Common built in benefits

    Death benefit – If the life insured dies and no TPD benefit has ever been paid under this policy, a lump sum payment of a specified amount will be paid accordingly.  

    Common additional benefits available at an extra cost

    Indexation benefit – Your sum insured will increase each year at the rate of CPI.

    Life cover buyback – This benefit applies only if your TPD cover is linked to Life cover, enabling you to reinstate your Life Cover for the amount of a TPD benefit paid without being subject to further medical underwriting.

    Making a claim

    In the unfortunate event that a claim is made on your TPD policy, you must notify us and we will handle the entire process and assist in making this simple and efficient for you. We have significant expertise in the handling and management of TPD Insurance Claims, you are in good hands.

    General Advice Disclaimer

    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.