Total and Permanent Disability
Total and Permanent Disability Insurance (TPD) provides you with a lump sum payment if you suffer from an injury or illness where a physical or mental condition prevents you from ever working again. The definition of total & permanent disability will be clearly explained in your policy document.
A serious injury or illness that prevents someone from working can strike anyone from all age groups or employment backgrounds. It may come as a surprise to many that according to statistics: the most common age for a TPD claim is 45 years of age for men and 44 years of age for women.
TPD Insurance can be used to help cover urgent medical expenses, loan or rent payments, general living expenses or rehabilitation costs.
Basically there are two different definitions of a TPD insurance policy which includes the terms ‘own occupation’ or ‘any occupation’.
Own Occupation definition: you can only make a TPD claim if you are permanently disabled from your injury or illness which prevents you from ever working in your usual/chosen occupation. This is the preferred cover which will be slightly more expensive.
The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Professional Investment Services Pty Ltd (PIS) Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither PIS nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.