What would you do if you were too sick or injured to ever be able to work and earn an income again? Total and Permanent Disability (TPD) insurance is a potential back-up plan if you want to ensure that your needs, lifestyle, and your family’s costs of living are maintained should you no longer be able to provide for them.
By providing a lump sum payment in the event of your total and permanent disablement, Macquarie Group’s FutureWise TPD Cover lets you insure yourself for a minimum of $50,000 and a maximum of $5 million, giving you peace of mind should the worst occur.
What does FutureWise TPD cover?
You could receive your FutureWise TPD cover benefit if you’re totally and permanently disabled under the definition of disablement outlined in your policy.
The definitions are:
- Own Occupation
Allows you to receive a benefit cover if you’re unable to work in the occupation that your were employed in at the time you make a claim, and you were working for at least 20 hours per week prior to your injury.
- Any Occupation
Allows you to receive a benefit cover if you’re unable to work in any occupation ever again, and you were working for at least 20 hours per week prior to your injury.
- Domestic duties
Because illness and injury don’t just affect your ability earn an income, you can receive a benefit if you’re a stay-at-home parent. This can help cover the costs of hiring additional domestic support, such as a nanny or a housekeeper.
- Modified TPD
You could receive a benefit if you’re prevented from working due to loss of limbs, loss of independence, or loss of cognition.
What’s included?
Macquarie Group’s FutureWise TPD Cover provides more than just a lump sum payment.
You could take advantage of:
- TPD advancement benefit:
You could receive an advanced payment of up to $500,000 if you suffer from partial loss of limbs or loss of sight.
- Financial Planning benefit
If you need to seek the advice of a financial adviser to help manage your finances following the full payment of your TPD cover, you could be reimbursed up to $1000 to cover the costs of fees payable.
- Indexation increases
It’s important that your cover retains its value over the years, so on each cover anniversary Macquarie Group will increase your sum insured to stay in line with the Consumer Price Index (CPI).
- Life Insurance Buy Back
If your TPD cover is included within a Life Insurance policy, or connected to a Life Insurance policy through Flexible Linking, your sum insured can be reinstated in full to the amount it was before a claim without the need for medical underwriting*. To find out more about Flexible Linking or connected your TPD cover to another policy, please see below.
- Partial impairment (TPD Platinum only)
You could receive a partial payment under your TPD cover if you’re partially impaired and unable to work.
- Avoid Premiums (optional)**
Avoid the costs of ongoing premiums throughout your TPD cover’s lifetime, such as making TPD claims or involuntary unemployment.
- Double TPD (optional)**
Your sum insured could be reinstated 14 days after you make a claim, letting you make multiple claims should you need additional assistance due to your illness or injury.
- Protect your business (optional)**
You can protect your business with a Business Increase Option. When you apply for this option, your nominated business can be included in your cover, letting you increase your sum insured.
**These options are available at an extra cost.
*Subject to certain policies.
Macquarie Group will also automatically pass along any future upgrades to their policies to any existing policy holders, as long as an increase in premium is not applicable. Macquarie Group also guarantees they never cancel a policy even if changes to your health or occupation should occur.
What kind of cover can I choose from?
In 2013, Macquarie Group changed its TPD cover and added two levels of insurance. These are:
- TPD Plus
A comprehensive cover that includes all the basic features.
- TPD Platinum
A premium level of protection that includes all the basic features and an additional Partial Payment benefit.
Both levels of cover can be held within or outside of your superannuation policy, meaning you can pay for your TPD premiums using your superannuation funds.
Another option is to connect your insurance covers under Flexible Linking. This reduces the premium and provides a more affordable insurance option. However, any claims made under one cover can affect the other cover.
If you’re taking out TPD Cover on its own, the cover operates independently and is not affected by claims made under any other covers.
Want to see if Macquarie TPD Cover is right for you? You can compare more insurance premiums through our free quote service.
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