What is TPD insurance? It pays the victim a lump sum if the victim becomes totally and permanently disabled and is unable to work due to an injury or illness. The payment covers the victim’s daily living expenses, medical and rehabilitation costs and debt, such as a personal loan or home loan.
Who needs TPD insurance? Anyone, who is employed, in a paid occupation. Here are 5 things to know about your TPD insurance:
1. It Covers Both Physical and Mental Illness or Injury
Total Permanent Disability is determined if you are unable to return to the occupation, which you were reasonably qualified. Therefore, if you are unable to return to the occupation due to both physical and mental injury or illness, then you may be eligible for TPD. And it does not need to be work-related injury or illness.
2. Your Occupation and Qualifications Matter
You will need to prove that you are not fit to perform the work for which you are reasonably qualified in a TPD claim. It is better to hire a TPD lawyer to review your insurance’s trust deeds and policies. Your lawyer will help prove you are unfit to perform the occupation that suits you based on your experience, training, and education.
3. No Need to Prove Who Is At Fault
When it comes to TPD claims, there is no need to prove the injury or illness was due to anyone’s fault. You only need to prove that you are unable to perform your occupation because of the injury or illness. However, if you are injured because of someone’s negligence, you can file a negligence claim in addition to a TPD claim.
4. You Will Get All or Nothing Lump Sum
You are either totally and permanently disabled or you are not. If you are totally and permanently disabled, you will get the full sump policy. However, if you are not, you will get nothing. Hire a TPD lawyer to make sure you fit the definition because you must fit the definition to receive any benefit.
Also read: How much TPD Insurance do you need?
5. You May Have TPD Insurance and You Do Not Know
A lot of people usually call lawyers to ask if they can sue someone, who has injured them. Most people do not know they have TPD insurance. If you use an insurance broker or financial planner to buy your insurance, then you need to contact a TPD insurance lawyer to check if you have TPD insurance.
If you are looking to get a TPD insurance cover in Perth, Western Australia, then contact Absolute Insurance for your insurance needs. They have the best TPD insurance brokers who can help you set up TPD insurance on your behalf.