Life happens…and in life you can sometimes plan for the unexpected! But have you ever considered what would happen in the event of a serious injury or illness that results in permanent disability? Think for a moment the impact this will have on your family.
Total Permanent Disability insurance provides financial protection should you become totally and permanently disabled. TPD insurance is normally purchased with your life insurance cover in order to protect you further.
TPD insurance will help to cover the costs of any rehabilitation, cost of living, care services, outstanding loans and debts to help ease the burden on you and your family. Our Newcastle TPD insurance advisors will be happy to discuss this in more depth with you.
Choosing the right Total Permanent Disability Insurance
There is a significant distinction between the two types of TPD insurance contracts, which provide a lump sum payment if you are deemed totally and permanently disabled.
For an “any occupation” policy to pay out, you must be unable to do all forms of work for which you’re reasonably suited according to your training, experience and education.
“Own occupation” pays out if you’re incapable of ever working again in just your current occupation.
The classic example is a surgeon who loses a hand. No longer able to perform that job, even though they may be able to work as a consultant or general practitioner. With ‘own occupation’ cover, they would receive a payout. With an ‘any occupation’ policy, they would not.
There are a variety of considerations that our TPD insurance advisors can discuss with you through this process.