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TOTAL & PERMANENT DISABILITY (TPD) What is TPD Insurance? TPD is an optional benefit that’s generally available with most Term Life Insurance policies. TPD Insurance provides a lump sum benefit in the event of the insured member becoming totally and permanently disabled. Why do you need TPD Insurance? For the same reasons as you need Term Life Insurance. Protection against permanent disability where you may never be able to return to work, can have the same devastating effect on your financial security. Just like your Life cover, TPD Insurance pays a lump sum benefit when it is most needed. The difference is that it’s paid to you. Depending on your occupation, TPD Insurance covers you if you have been totally incapacitated for at least 6 months and your incapacity is such that it is unlikely you will ever be able to resume your occupation. When selecting the cover you require, either “own” or “any” occupation options are available depending on your current occupation. Some Term Life policies cease when TPD is paid out, others may include a buy-back option, where Term Life cover can be reinstated. If preferred you can now apply for TPD cover as a ‘stand alone’ policy. Are the premiums for TPD Insurance also Tax Deductible? Yes, the premiums paid for Term Life and TPD insurance under a Self Managed Super Fund are tax deductible to the fund. Otherwise, we can arrange cover under a Life Company Super Fund whereby the life insured may be eligible to claim a tax deduction. For details call us toll free on 1800 808 027. Get a FREE Quote for TPD |
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