TPDI
Total and Permanent Disability (TPD) Insurance
You probably know someone that has suffered a serious illness or an injury and is permanently disabled and unable to work. While modern medicine can provide a good chance of recovery, the financial consequences of a serious illness or injury can be devastating if you are unable to ever return to work again.
Why do you need TPD?
* To cover your mortgage or pay other debts.
* To provide an income stream for you and your dependents or to supplement any income streams you may receive.
* To meet medical costs.
* To meet the costs of a modified lifestyle, due to being disabled : for example a nurse or carer and home or car modification.
Few people have the necessary savings to pay all these expenses or to manage without a regular income.
TPD provides a lump sum benefit in the event that you become totally and permanently disabled. Payment for TPD may be made if the conditions of the policy are met. You could be considered to be totally and permanently disabled when:
* you have been unable to work for more than six months due to a disability
* you are under the care of a doctor, and
* you are considered to be unable to ever work again in a job to which you are suited by education, training or experience.
Definitions for total and permanent disablement vary greatly between insurance providers and you must therefore read the PDS to understand which circumstances are covered.
For advice on financial protection contact us.