Total and Permanent Disability Insurance - TPD Insurance
Lifebroker compares leading insurance companies to help you find the right TPD insurance cover. Lifebroker helps you easily compare both the price and fearures of a policy online, so you can make a confident decision to meet your insurance needs.
What is TPD Insurance?
TPD insurance provides a lump sum payment if you become totally and permanently disabled. Depending on the definition you choose in your policy, you will be covered if you cannot work in varying capacities, this can include your own occupation or any occupation that you are suited to by edcucation, training or experience.
TPD cover may be used to help cover rehabilitation costs, repayment of debts and the cost of living for you and your family. Payments are not usually made until the disability has been evident for six months, and the insurer deems that you are unlikely to work again based on the occupation definition in
your particular policy.
What Options Do I Have?
Definition of occupation permit both an 'any occupation' and 'own occupation'; definitions:
- Any Occupation definition: this means you may be entitiled to a claim if you are permanently disabled and unable to perform any occupation that you are suited to by education, training or experience.
- Own Occupation: you can claim if you are unable to work in your usual occupation or your chosen field of employment again.
Does TPD Insurance Differ Across Insurers?
Generally TPD policies are very similar across different insurance companies. However make sure you read the insurer’s product disclosure document carefully to see what conditions are included and excluded.
How Much Does TPD Insurance Cost?
Like most personal insurance options, your TPD premiums will vary according to:
- Smoking status