Total and Permanent Disability insurance, or TPD cover, pays a lump sum benefit if you are unable to work due to a disability or accident that incapacitates you. It offers your family protection against things like hospital costs, and gives everyone peace of mind that the bills will still be paid.
We’re here to help you find the TPD cover you want at a price that makes sense, and we’ll do it all in one place. There’s no need to spend time chasing multiple quotes for cheap TPD insurance—just enter a few details to get started. Our insurance experts will help you find a great price on a policy and they’ll help you make the switch. If only everything in life was this easy!
Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.
With the help from one of our senior specialists he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.
Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.
After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.
Our life insurance specialists were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).
Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our senior specialists.
With our help she’s making the journey from uninsurable to fully protected.
Everyone’s TPD cover needs are different. There is no magic number for TPD cover, because it depends on your personal situation. However, here are some things to consider when working out how much TPD insurance you need.
Number of dependants: Estimate how many dependents you will have now and in the future, because your TPD insurance should cover their upkeep as well as your own.
Income: Think about both your current and future income; TPD cover will need to take its place if you are unable to work again.
Current insurance: Many people already have some insurance in place, either through their super or health insurance. Know what you’re already covered for and think about whether or not it’s enough.
Debts: Your debts will still be there even if you’re not able to pay them. Always factor in the amount of debt you have when working out TPD cover.
Your total and permanent disability insurance scheme will define what qualifies as a ‘total and permanent’ disability. These are usually things like the loss of the use of your limbs, loss of hearing, or loss of sight. Your policy will have certain criteria you need to meet before receiving your benefit, such as being out of work for a set period of time and not being expected to return.
TPD is not designed to cover short-term illnesses; this is something that can be covered through trauma insurance or income protection. As a result, most policies do require that a set period of time passes and that you have been through some rehabilitation. At this stage you should receive your lump sum benefit.
TPD insurance cost is related to your age, gender, lifestyle, and occupation. High-risk jobs or lifestyles will mean a higher premium, as will smoking. However, TPD is one of the least expensive types of insurance because it is fairly niche.
For example, a 35-year-old nonsmoking office worker could get insured for $1.5 million and pay an average monthly premium of $66.
The best TPD insurance depends on your individual needs, but it should fit into your budget and provide the cover you’re looking for.
Here are some tips for finding the best TPD cover for you:
Own vs. any occupation. Decide which type of TPD cover is more beneficial to you as this can make a big difference come claim time.
Weigh up the value. If you have TPD cover, be sure that it will provide the cover you need—too many Australians are underinsured.
Get professional advice. Compare policies with LIfeInsuranceComparison.com.au and you’ll get free financial support from an insurance professional, so you can make an informed decision on your cover.
Everyone has a different idea of what cheap TPD insurance means, but it is really up to you. Here are a few different ways for you to find low-cost cover that fits into your budget: