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Family of Life Insurance Policies: Total and Permanent Disability Insurance

Often together with your life insurance policy, total and permanent disability (TPD) is often overlooked.  When you’re shopping for life insurance in Australia, it is quite important to look into when you consider the unfortunate scenarios that can occur.

What Would You Do?

It could happen.  You suffer a disability that leaves you permanently disabled: where you are absent for six months without expecting to return to work.

It is with these realisations that many look towards total and permanent disability insurance for their needs.  Certainly, the possibility of missing work from an extended period of time is troubling.  Like life insurance, it is something to consider and cover, appropriately.

This is exactly why total and permanent disability insurance is grouped in the family of life insurance policies.  The primary subjects are life insurance, TPD insurance, and income protection insurance (trauma is seen as well).  If you are missing one of these, you might not be appropriately covered in these “what-if” scenarios.

Basics of TPD Coverage

The mechanics of total and permanent disability insurance is like that of life insurance.

In the event of total and permanent disability (there are important variations, of course), you will be paid a lump sum.  This is present when the disability occurs according to the insurer’s definition, along with an important nuance: the policy might specify being unable to perform your “own” or “any” occupation, which is important to consider.

Premiums are not generally tax deductible, though that can change if it’s inside of a life insurance policy/package.  Your premiums will be determined by your medical history, occupation, and other factors.

Bundle It!

Bundling insurance policies is always an important strategy in saving on insurance.

As you might have guessed, due to TPD insurance being in the “family of life insurance policies,” it is often bundled with such a policy.  Its brother, income protection insurance, is also commonly grouped together (trauma insurance could be a cousin, perhaps).

Always look to bundle total and permanent disability insurance with life insurance.  If possible, you might realise the best savings with such a discount.

While you could make an argument for many types of insurance, it is wise to give TPD insurance some thought.  Along with the possibility that you could die, disability is also present.

Disability insurance can be something that is extremely valuable.  If you were to suffer from some type of disability in which you can’t work, having that protection could be a life saver.  Unfortunately, some who ignore such protection meet the very explicit financial impact that such a scenario brings.

Carefully evaluate how TPD insurance could play an important role in your protection.  Along with the other life insurance family policies – and everything else – it could give you the tangible protection and peace of mind you need.  Get to know total and permanent disability insurance, which is certainly a part of the life insurance family.

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