Total & Permanent Disablement Insurance (TPD)

What is TPD Insurance?

TPD is designed to pay a lump sum to you in the event you suffer an illness or injury that means you are totally and permanently disabled and/or can not ever return to work.

Becoming Totally & Permanently disabled will not only be emotionally disruptive but can be financially devastating as well. Generally, your families world will be turned upside down.

A lump sum benefit can be used to help you:

  • Repay your home mortgage
  • Meet ongoing medical expenses such as the cost of care, hospital and medicinal costs
  • Meeting the family’s ongoing income needs (loss of income to person TPD’d and potentially also the partner to care for them)

What does ‘Any Occupation’ and ‘Own Occupation’ mean?

When assessing your eligibility for a TPD claim, depending on your TPD definition (‘any’ or ‘own’) the insurance company will assess your ability to ever return to work i,e.

– It is unlikely you will ever return to work in your own occupation; or

– It is unlikely you will ever return to work in any occupation which you are suited to by education, training or experience.

As an example, if you are an architect, and you loose the use of one or both hands, it is unlikely you would be able to continue as an architect.

Under an ‘own occupation’ definition, you would likely be eligible for a claim but under an any occupation definition, given you could potentially become a lecturer or something similar, you may not be eligible for a claim.

Each insurance company’s definition differs so it is important to understand what your TPD definition is and the specifics of it.

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