Total and Permanent Disability Insurance (or TPD Insurance) can offer you valuable financial protection, security and peace of mind in the event of an illness or injury that causes you to become disabled and unable to ever return to work.
As another option to consider in addition to standard Term Life Insurance and Income Protection Insurance, TPD Insurance will pay you a lump sum benefit so that you can fund your ongoing rehabilitation as well as continue to care for your family and dependents.
It can be purchased as an add-on to Term Life Insurance or as a stand-alone policy. The lump sum payout is designed to provide a reliable, ongoing income stream for you and your family to help you cover your continuing costs when you’re not able to return to work, such as:
– Mortgage repayments, credit card payments and other debts
– Rent, household and daily living expenses
– Rehabilitation, nursing, medical expenses and long-term care
– Home modifications or other lifestyle changes
– Your children’s education, and other necessary expenses over time
By ensuring you have a quality TPD Insurance policy in place at a very difficult time in your life, you and your family will have one less thing to worry about.
TPD Insurance Quotes and Advice
If you have a pre-existing medical condition or health issue, you may find it difficult to find and obtain Total and Permanent Disability Insurance that provides you with the level of protection you need, for an affordable price. But this is where we can help.
At Special Risk Managers, we specialise in sourcing and securing quality life insurance products such as TPD Insurance for those who aren’t able to get it on their own. With a firm commitment to making life insurance accessible and affordable for as many people as possible, despite their medical circumstances, we can deliver expert advice and a range of insurance products from leading reinsurance companies for you to compare and choose from.
So if you’ve been declined from other insurance providers because of your pre-existing medical condition or health issue, our team of life insurance specialists can make it possible for you to obtain the level and quality of TPD cover you’re looking for. Please have a look at the large range of medical conditions we can help with, and simply fill out the relevant questionnaire to determine your Life or TPD Insurance options with one of our qualified advisors.
If you can’t find your specific medical condition listed or would like to speak to one of our dedicated insurance specialists about your individual situation, please contact us on 1300 665 356 or by filling out our online enquiry form.
Important Definitions In Your TPD Insurance Policy
We can provide you with a number of TPD Insurance options for you to compare and choose the level of protection you need. However it’s also important to remember that definitions and terms within insurance policies will differ between providers, so make sure you always read the Product Disclosure Statement carefully and speak to an expert adviser from Special Risk Managers to ensure you understand exactly what your chosen policy is offering you.
We will always work closely with you to ensure we are sourcing Total and Permanent Disability Insurance options that suit your personal circumstances and budget, and we strongly recommend that you discuss these options with us before purchasing cover to ensure you’re getting the financial support you need.
Below are the most important terms and definitions to be aware of when comparing and choosing your TPD Insurance policy:
Totally and Permanently Disabled
A permanent disability includes the loss of sight, loss of the use of limbs (arms or legs), or an absence from work for 6 months as the result of an illness or injury where the medical opinion is that you will not return to normal work.
Own Occupation TPD cover pays a benefit if you are unable to engage in the occupation you were in immediately before your disability. This type of policy provides the highest level of cover, but is not available for every occupation and the premiums will be higher.
For example, if a surgeon lost the use of their hands under an Own Occupation policy, they should be able to claim a benefit as they wouldn’t be able to ever return to work as a surgeon.
Any Occupation TPD cover pays a benefit if you are unable to engage in any occupation for which you are suited by training, education or experience after becoming disabled.
Under an Any Occupation policy, if a surgeon lost the use of their hands they might not be able to claim a benefit as they are qualified and able to work in another related occupation such as a university lecturer.
Activities of Daily Living
A total and permanent disability leaves you unable to perform some of the activities of daily living without the physical help of someone else.
Some of these activities can include feeding yourself, dressing and undressing yourself, bathing and showering, and getting in and out of bed.
Under this type of TPD Insurance policy, homemakers who perform unpaid domestic duties in a full time capacity and who suffer a permanent disability will receive a benefit.
Home duties often include maintaining and caring for the family home, managing the household, cooking and cleaning, and caring for dependent children.
Partially and Permanently Disabled
This benefit will be paid if you are partially disabled and able to work in your own occupation at a reduced number of hours.
A partial disability includes the permanent loss of use of one arm, one leg, or sight in one eye; and in some policies, a significant cognitive impairment such as dementia.
Included and Additional Extras in Your Policy
Total and Permanent Disability Insurance policies will generally come with a number of included benefits, as well as additional benefits which you can add to your policy for an extra cost.
This gives you the flexibility to tailor your cover to suit your circumstances and budget, and ensure you are provided with all the protection you need.
While the key benefits will vary between insurance providers and policies, some of the more common included extras are:
– Death benefit, which is payable in the event of your deathGuaranteed future insurability, which allows you to increase your amount of cover during major life events such as marriage, children or a mortgage, without undergoing another medical test
– Indexation benefit, which annually increases the sum insured to align with inflation
– Premium freeze option, which allows you to retain your current annual premium
– Buy back option when your TPD cover is linked to your Term Life Insurance, which deducts a TPD claim amount from your Life cover amount and allows you to reinstate that amount
– If you’re looking for a TPD Insurance policy with specific benefits, make sure you let your dedicated insurance advisor from Special Risk Managers know.
They will be able to source relevant insurance products to align with your needs and provide financial support to make your life easier after you’ve become disabled.
How Much is Enough?
The amount of cover you need will always vary from person to person. The best way to determine the right amount of cover is to take a needs-based approach, to tailor your cover to your specific circumstances and to ensure you will have enough to support your family financially without being over- or under-insured.
This is often the most complicated part of the advice process and is an area in which one of our expert advisers can be of particular assistance. There are many variables that can make this process highly complex which is why we stress the significance of getting advice from an expert.
Once we have established the most appropriate level of cover for you, your professional life insurance specialist from Special Risk Managers can help you take out the right policy and ensure you will be adequately protected at a time when you need it most.