Within modern day society, the market for life insurance is very popular. As humans, we take a peace of mind knowing that we are prepared in the best way possible for what the future holds. There are numerous life insurance products available across the market, including Total & Permanent Disability insurance or just TPD Insurance. But what is it and why should you consider purchasing your own Total and Permanent Disability insurance policy?
What is TPD Insurance?
The basic responsibility of the Total and Permanent Disability insurance policy is to help look after you and your loved ones in the event of an accident or illness leaving you entirely incapacitated by disability.
In the event of you making a claim, you will need to see two medical practitioners (usually at least one must be a specialist) to assess your situation. If the medical practitioners deem that the disability you have received is total or indeed permanent, and will indefinitely continue, thus likely preventing you from ever returning to work. The insurance company with whom you are insured will provide you with the financial assistance to maintain the lifestyle of you and your family.
The money for your claim is commonly dispensed in two ways. Firstly, you could receive a lump sum installment of money upfront. The limits on this lump sum can vary depending on which insurance company you have your policy with. Secondly, you could be receiving continuous benefits and financial aid spread out over a certain period of time.
Different companies will have their own interpretation of what they deem as a permanent disability. However, if you were to lose both of your arms or legs, or become blinded from the loss of both eyes, this is something that would totally and permanently disable you and hinder your ability to work independently. Some companies also consider a viable claim to be if a client has been unable to work for six months due to injury or illness and shall not be expected to return to their job in the foreseeable future.
TPD Insurance Policies
You can purchase a TPD insurance policy as a stand-alone product and even as part of a combined policy with some insurance providers. Naturally, if you already have other types of life insurance elsewhere, you may just be interested in buying Total and Permanent Disability cover on its own. Alternatively, you could combine your other life insurance products with this one; possibly leading to cheaper premiums in the long run.
It is very important that you look to compare the offers on Total and Permanent Disability insurance just like you would with any other insurance product. This is because different companies will offer you different things. You may not necessarily be looking for the cheapest policy, but rather the most comprehensive and valuable one.
For example, the limit on a lump sum payment can vary from insurance provider. Therefore, you want a policy that has the potential to pay out the most helpful amount of money in the event of you making a claim. You could find a company that has a $1 million maximum TPD payout and then find an even better offer with a $5 million limit.
You will also want to consider what benefits and additional features you can receive when taking out your policy. For example, some companies will offer the waiver premiums feature. This looks to waiver the premiums in the event of you becoming indefinitely, permanently and totally disabled due to injury or illness.
Purchasing Total and Permanent Disability insurance is the best way to prepare yourself and your loved ones for life’s twist and turns. It looks to provide you with the money and support you need in the event of a disability.
Finding the Best TPD Insurance in Australia
Please submit the form on this page and compare TOP-11 insurance companies which offer total and permanent disablement insurance in Australia. Find TPD insurance that best suits your needs and your budget...