Total and Permanent Disability (TPD) Insurance is one of the best life insurance products to have if you’re unable to perform your occupation due to a severe illness or injury. You’ll get a lump sum payment whenever you encounter such conditions.
TPD insurance is usually an added benefit of your life insurance policy.
Benefits of TPD Insurance
A TPD benefits you and your family if your source of income is cut because of illness or injury. It will help you focus more on your recovery rather than on your finances.
Depending on your provider, the level of cover of a TPD can be either your occupation or any occupation.
A TPD covering your current occupation will pay you out in the event you’re unable to perform your current role or job. It is usually more expensive to get.
A TPD can also cover you for any occupation. It is cheaper to get, but it is harder to claim.
How Much Should You Get?
When deciding on the amount of TPD cover to get, look at your total expenses and financial goals. Ideally, the TPD should be enough to meet both of them.
These include the following:
- Minimum daily expenses you and your family need to survive
- Hospital and treatment bills due to the illness/injury sustained
- Debt you need to be repaid, such as a mortgage
- Any amount you want to leave for savings or retirement
However, don’t forget to consider other sources of money first. They can significantly lower the amount you need to get from the TPD. These include additional health insurance you might have.
Why Choose Absolute Insurance for TPD Insurance Advice
Insurance is a numbers game, but we don’t treat it that way. Here at Absolute Insurance, we get to know every client that comes our way. Only by knowing you and your situation inside and out can we advise you on the right TPD coverage to get for you and your family.
We are the best TPD insurance in Perth, run by a father and son team, Greg and Daniel Maguire. That’s why we know about families so well, what their unique needs are, and the challenges they face. With Absolute Insurance, you’ll get expert advice that’s in the best interest of both you and your family.