Compare TPD Insurance - Total and Permanent Disability

Total and Permanent Disability Insurance (or TPD Insurance) is often referred to as Disability Insurance, and will pay a lump sum benefit if you become disabled due to sickness or accident and the medical opinion is that you will never be able to return to work. Similar to a life insurance payout, it will give you the financial support and protection you’ll need to take care of your family and loved ones even when you are no longer able to earn an income.

The benefit will be able to help you: 


-     Pay off your mortgage and other debts, fund lifestyle changes and make modifications to your home

-     Pay for rehabilitation, medical expenses and long-term care

-     Meet ongoing household and living expenses

-     Pay for your children’s education

-     Provide a continuing income for your family and loved ones


TPD Insurance policies can generally be purchased as a stand-alone insurance policy or in addition to a life insurance policy.

The life insurance experts and advisers at Cover Australia can help you choose and compare TPD insurance quotes from a wide range of insurance providers to ensure that you and your family will be properly provided for if you ever need it.

As part of our comprehensive service we also provide ongoing assistance and advice for the life of your policy, and can help you with the claims process if you become disabled and need to request your payout.

Our flexible insurance products vary in their inclusions and optional additional benefits, so that you can tailor a solution that works for your circumstances.

 

Important Terms to Understand

Like with any life insurance policy, when comparing TPD Insurance quotes, policies will vary greatly between providers in their inclusions, exclusions and additional benefits, as well as the definitions of particular terms in the policy.

It is very important that you compare policies closely before taking out any life insurance or TPD Insurance policy, to ensure you are choosing one that will provide you with the level of cover you need.

There are a few common definitions which are critical to this type of insurance and they are: 

 

Own Occupation

This means that due to your disability, you are unable to ever again perform the occupation you were in immediately prior to disability. 

For example, if a surgeon becomes disabled and is unable to use their hands, under an ‘own occupation’ policy they would be able to claim a benefit as they wouldn’t be able to work as a surgeon ever again. 

This type of TPD Insurance policy offers a higher level of cover, however it is not available for every type of occupation and the premiums will be more expensive.

Any Occupation

This means that due to your disability, you are unable to ever again perform any occupation for which you are suited by training, education or experience.

In this situation, if a surgeon is unable to work with her hands, under an ‘any occupation’ policy they would not be able to claim a TPD payout as they are still qualified and able to work in another occupation such as a general practitioner, hospital supervisor or university lecturer. 

Activities of Daily Living

This means that due to your disability, you are unable to ever again perform some of the activities of daily living without the physical help of someone else.

These activities include bathing and showering, dressing and undressing yourself, eating and drinking, using a toilet, getting in and out of bed, and moving from place to place. 

Home Duties

This means that due to your disability, you are unable to ever again perform all normal domestic duties. 

Partial & Permanent Disablement

This comes into effect if you permanently lose the use of one arm, one leg, or sight in one eye.

In some insurance policies it may also cover significant cognitive impairment, such as a dementia-type illness or condition. In most cases you will typically be paid a 25% partial lump sum benefit.


These definitions vary from policy to policy and from insurance company to insurance company, so it is very important that you carefully read the Product Disclosure Statement before applying for TPD cover orcall the insurance specialists at Cover Australia for advice.


Commonly Asked Questions About getting a TPD Insurance Quote

Total and Permanent Disability insurance policies will help you protect and secure your family’s future and finances at a very difficult time in your life.

Becoming disabled brings many ongoing struggles for both you and your loved ones, but at least with adequate TPD cover there will be one less thing for you to worry about.


Below are some of the most common questions we get asked about Total and Permanent Disability Insurance: 

 

How much TPD Insurance Cover do I need?

The amount of cover will always vary depending on your personal circumstances and situation. You should go through your income, earnings, assets and debts, and work out how much you have available to you and how much you would need to support yourself and your family without your normal income.

Consider your level of private health insurance, any other types of life insurance you have including insurance through your super fund, and any government benefits or workers compensation you would have available to you.

Then you need to think about how much you would realistically need to get by, including what you would need to fund your day-to-day living expenses, future expenses and savings, and pay off your mortgage and any debts.


If you need assistance, talk to one of the insurance advisors at Cover Australia. We will be able to examine your financial situation and help you come up with the right amount of cover for you. 

How much will it cost?

The cost of your cover and your insurance premiums will be based on a number of individual factors such as your age, gender, occupation, smoking status, health, and the level of cover you choose. In most cases, for an average person, the cost of taking out a TPD insurance policy is roughly equivalent to the cost of a takeaway meal once a week. 

Can I just use my included superannuation benefits?

Some super funds do include life insurance and/or TPD cover. You can check this by referring to your member statement, Product Disclosure Statement or by contacting your super fund. If you are covered by your superannuation, make sure the amount of cover and type of cover included is suitable for your circumstances.


Talk to your insurance advisor about the cover provided by your super fund and whether it is appropriate to your needs. There are some additional factors to take into consideration when you use your super benefits, such as tax concerns and when and how your benefits will be paid.

What will TPD Insurance Cover?

TPD insurance covers a number of different disabilities and conditions, including accidents, musculoskeletal disease, mental illness, cancers, diseases of the nervous system and sense organs, strokes, heart attacks and many more. Please refer carefully to your particular policy to find out what disabilities and conditions are covered.


It’s important to note that it’s not only the cost of the disability that needs to be considered in your TPD cover – the cost of care is often overlooked. The majority of primary carers in Australia are aged between 30 and 64, and are usually a partner or spouse of the disabled person.


You need to make sure your insurance policy will adequately support your ongoing care and protect not only you, but your loved ones and carers as well. 


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