HomeAboutTax + accountingSuperannuationFinancial planningInsuranceLatest newsContact

Total and permanent disability

The possibility of becoming totally and permanently disabled in your lifetime is more likely that many people realise.  In fact, the Australian Bureau of Statistics reported in 2009, that just under 1 in 5 Australians reported having a disability. 

This means they may require either occasional or continual personal assistance with self-care, mobility or communication.  For many, this would affect their ability to work.

Tragically, the onset of such a disability can be sudden and the financial ramifications severe.

Total and Permanent disability (TPD) insurance can help you cope financially and maintain your quality of life if you become totally and permanently disabled. 

It can provide a lump sum benefit that can be used in many ways, such as:

  • Helping to pay for rehabilitation costs for changes to your lifestyle, such as refitting your home;
  • Enabling a partner or family member to reduce their work hours to care for you;
  • Paying for a professional career;
  • Providing funds to repay debts; or
  • Creating an ongoing income stream for the future.

Some of the considerations with TPD are:

  • ‘Any’ or ‘Own’ occupation policy – an ‘Any’ occupation policy will pay a benefit if you cannot perform the duties of your current occupation or any other occupation that you are suitably qualified for whereas an ‘Own’ occupation policy will pay a benefit if you cannot perform the duties of your occupation only.
  • Do you hold the cover inside or outside of superannuation?
  • Do you hold the TPD as a stand alone policy or as a ‘rider’ to Life insurance?

We can assist you in putting together a complete personal insurance package that includes total and permanent disability cover.

If you would like to know more about Total and Permanent Disability cover or compare your current cover, contact our office to speak with one of our insurance specialists.