Wealth Smart compares leading TPD insurance policies to help find TPD cover that is right for you and fits your family's budget. The right TPD insurance policy can be extremely helpful for your family. The insured amount should be sufficient to cover your needs in case of a total or partial disability. It helps the insured if they lose their proper ability due to injury or illness. We can guide you through the many options available and help you achieve peace of mind and a secure income for your family, regardless of what the future holds. We also recommend taking out life insurance policies to complement the benefits you'll receive from TPD insurance to provide ongoing family support when you're no longer around. When you consider other types of life insurance cover, you build wisely on your life strategy should you ever be unable to work.
Disabilities like the loss of limb or vision, or paralysis can render you unfit for work and unemployment follows soon. In such cases, you need a definite source of income to support your family's needs. Total and Permanent Disability insurance (TPD) provides a lump sum payment in case you are totally and permanently disabled and are unable to work again. It can cover the cost of rehabilitation, repayment of current debts, and the cost of living for you and your dependents. It is especially important for jobs that require a high degree of physical mobility or strenuous fieldwork. It is the insurance that keeps you going even when you can't as it takes care of your major financial concerns.
CHOOSING TPD INSURANCE
Wealth Smart compares leading TPD insurance policies to help find TPD cover that is right for you and fits your family’s budget. The right TPD insurance will be able to help you and your family in case of a mishap.
With the help of the right cover, your family will be financially stable even if you face a disability. We can guide you through the many options available and help you achieve peace of mind and a secure income for your family, regardless of what the future holds.
HOW IT WORKS
TPD insurance is usually purchased as an optional extra on a Life Insurance policy, with the amount of cover that you can buy usually limited by the amount of life cover that you have purchased. When finalizing the insured amount for life and TPD insurance, it is helpful to make an estimate of your minimum, unavoidable expenses.
Disability insurance payments usually begin only when the disability has been evident for a minimum of six months, and the insurer has deemed you unlikely to gain employment again based on the definition that applies to your individual policy.
FAQs
WHAT IS TPD INSURANCE COVER?
TPD is total and permanent disability insurance. The PDS for your chosen insurer will always provide the best definitions. In layman’s terms, a doctor will need to determine that you are permanently unable to go back to work before a claim can be considered. A TPD payment is a lump sum payment.
WHAT DOES TPD INSURANCE COVER?
TPD policies can vary from insurer to insurer. There are three main types of policies to consider before applying.
An own occupation policy, an any occupation policy or an ‘Actitvities of Daily living (ADL)’ policy. These policies differ is What is required for a successful claim to be paid. Generally speaking an ‘own’ occupation will carry a higher premium than ‘any’ occupation, which will then carry a higher premium than the ‘ADL’ definition in descending order. Please give us a call if you would like to discuss the main difference or consult the policy PDS.
WHAT IS COVERED IN TPD INSURANCE COVER?
A lump sum payment that will trigger if a doctor has determined that you are permanently unable to work.
WHY CHOOSE AN INSURANCE BROKER FOR TPD INSURANCE COVER?
As insurance brokers, we will get on the phone and help you choose a policy that matches the criteria you are looking for. There are a lot of different policy providers and cover types that are all designed to serve a different purpose.
We always suggest giving us a call to ask any questions you might have about the policies you are quoting for. We are able to provide any factual information about the policies you could need and we have all of the Product Disclosure Statements available if you would like to do some research yourself.
Please reach out if you would like any further information or are unsure about any of the policy wording.
Why Choose Us
Quote yourself in 2 minutes. You choose your own policy.
Call our experts to ask any questions you have about the policies.
We will step you through the process to get the policy into force.
It is helpful to remember that TPD life insurance is different from many health insurance plans. Total and Permanent Disability insurance can be relatively cost-effective and offers lower premiums than other types of health insurance. Whilst the level of coverage provided is similar across different providers, premiums can vary according to:
Age (as you get older premiums can increase and coverage decrease)Gender (males tend to live more risky lifestyles and attract higher TPD premiums)Occupation (manual and outdoor occupations attract higher premiums than office work)Whether you smoke
Although most policies offered are similar, make sure you read the insurer’s product disclosure document (PDS) completely to check which conditions are excluded. This also ensures that you or your dependents receive the exact amount insured, not a left-over fund post numerous deductions.
WHAT TYPES OF TPD INSURANCE ARE AVAILABLE?
There are two basic options of TPD insurance coverage available: Any Occupation and Own Occupation. They are defined as follows:
Any Occupation: A TPD insurance claim can be made if you are permanently disabled and unable to undertake any occupation that is suitable according to your training, education, and experience Own Occupation: You can claim TPD insurance if you are no longer able to work in your chosen field of employment
The insurance premium for TPD may help you make savings along with creating a disability fund. TPD premiums are also not tax-deductible. But the benefit paid to the injured individual is itself tax-free (i.e. not covered by superannuation law).
WHY GET TPD INSURANCE?
TPD insurance is of particular value to individuals with life circumstances or occupations where specific abilities are important, such as those involved in manual labour, problem-solving, or a high degree of physical coordination. In such circumstances, you want to know that you have income protection insurance to take you through the hard times.
Our life insurers help in calculating life insurance premiums for term life insurance and TPD to give you the best options. Provide us with your medical history and other details to start the application process. Then, once you know the life insurance cost, you can determine how much life insurance you need and if you receive life insurance tax deductible advantages.
In the interim, you can take comfort knowing that TPD insurance or life insurance cover can:
Help you pay off existing debts
Cover family costs and maintain living expenses
Enable you to pay for ongoing medical expenses
More easily pay school fees
Remove one more worry from your shoulders
Get the best TPD insurance from Australia’s leading insurers only with Wealth Smart. Compare life insurance quotes and TPD insurance values, and see your payment options. Find out more about TPD insurance by reading further here, or contacting one of our experienced advisers at 1800 765 100.
