Total and Permanent Disability Insurance - TPD Insurance
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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. The TPD payout can 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 definition in your particular policy.
What Options Do I Have?
- Any Occupation definition: you are able to make a TPD 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 of chosen field of employment
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?
TPD cover has relatively low premiums as compared to other types of insurance. Like most insurance, your TPD premiums will vary according to:
- Smoking status
TPD Insurance premiums are not tax deductible; however, the benefit payment is tax-free if paid to the injured person (non-superannuation).