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Total & Permanent Disability (TPD) Insurance

Total & Permanent Disability Insurance provides a lump sum in the event that the person insured becomes totally or permanently disabled, unlike Life Insurance it is payable without the insured person actually dieing. It is designed to help discharge any outstanding debts you might have as well as help with your ongoing living expenses and help pay for medical costs while you are disabled. 

The difference between Total & Permanent Disability Insurance and Income Protection Insurance

The main difference between TPD and Income Protection insurance is that TPD pays out a lump sum, whereas Income Protection (IP) provides an income on the basis of you being unable to do your own job for a specified waiting period and until you can go back to work or until the end of your benefit period.

Types of Total & Permanent Disability Insurance

Currently in Australia there are four main types of Total and Permanent Disability Insurance available. These include:

  • Own occupation – this is where the insured is unlikely to ever work in their own occupation for the rest of their life.
  • Any occupation – this is where the insured is unlikely to work in their profession, business or similar occupation
  • Home Duties – where the insured is unable to engage in any normal domestic duties for a continuous period of at least three months.
  • Modified – where the insured is permanently and totally unable to perform without physical help from someone else or suffers cognitive impairment requiring permanent and constant supervision and has been disabled for 3 preceding months and will continue to be disabled in the future.

So why not call one of our experienced Financial Advisors for an obligation free assessment of your Total and Permanent Disability requirements on 180 111 445

 
 

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Tony Bice is an Authorised Representative of Pivotal Financial Advisers Limited (Authorised Representative No. 295215). 
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The contents of this document are intended for information purposes only and may contain personal opinions of the author. It is not intended to be a substitute for specific financial or legal advice. Before making any decisions you should consider your personal situation, objectives and needs. While all reasonable care has been taken in the preparation of this information, we take no responsibility for any actions taken based on the information contained in the newsletter or for any errors or omissions.