What is Total and Permanent Disability (TPD) Insurance?
Total and Permanent Disablement (TPD) Insurance covers serious and permanent disablement if you are unable to work again but does not cover temporary disabilities or many traumas.
This policy is usually taken out in conjunction with Life Insurance and is usually paid out as a lump sum to cover medical expenses, rehabilitation costs and home alteration costs if needed.
TPD has two definitions “Any Occupation” and “Own Occupation”. “Own occupation” means that the TPD payment is made when you are unable to perform your own occupation. “Any occupation” means that you can claim if you are unable to perform any occupation that you are reasonably suited to by way of education, training, or experience. Selecting the right definition for your needs is crucial.
If you are a high income earner in a specialist occupation, especially one that has required many years of training, it’s important to consider a TPD policy with an “own occupation” definition
Give us a call today or fill out the form below to get a free no obligation quote and we’ll make sure your policy is set up correctly to protect your needs.