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TPD Insurance or Total and Permanent Disability will render a lump sum payment when it happened that you suffered an illness or injury which entirely and permanently prevents you from working again.
There are two general definitions of Total and Permanent Disability:
Own Occupation - The insured must present that he or she has a total and permanent disability that prevents them working in their own occupation which they disclosed when applying for this cover. "Own Occupation" is a more broad definition of disability, because even if you can work in another occupation, you may still be eligible to receive disability benefits. Because it is relatively easy to qualify for benefits under this definition of disability, insurance companies are limiting the availability of this type of coverage. Own occupation coverage is often more expensive, and may only be available to individuals who have a clean medical history and work in a relatively risk-free occupation.
Any Occupation - The insured must establish that he or she is totally and permanently disabled and is unable to work in their usual, or any other occupation for which he or she is reasonably suited by their education, training or experience. "Any Occupation" is often the cheaper option, however it can be more difficult to meet the requirements of this type of disability definition.
Some insurers have a third definition available to clients - a "Homemaker" definition. Payment of benefits under this definition would be based on the provision that the insured, through sickness or injury, is unable to do any normal physical domestic duties and will never be able to effective again.
DoMyQuote will find an TPD Insurance Company in Sydney Melbourne Brisbane Adelaide Perth Canberra Darwin and Hobart that service and provide ongoing coverage with professional advice on how to maximise benefits from your insurance Requirements, and show a Return on Investment. TPD Insurance quotes are also available in all reional areas of NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania, ACT and Northern Territory
The information above is general in nature and does not take into account your particular insurance requirements, financial situation or investment needs. DoMyQuote is not qualified to provide this information, our mission is to forward your quote request to our network of brokers that DoMyQuote has and is continually pre-screening to provide you with the qualified brokers close to you that we believe will provide good advice, professional service and competitive prices from the most appropriate insurance companies in Australia to satisfy your requirements.
There is no obligation to appoint any of the brokers that contact you