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Total and Permanent Disability Insurance

If you are ever faced with a serious injury or illness, it may be hard to work and financially support your family.  If you take out a total and permanent disability (TPD) insurance policy, you will be providing you and your family with peace of mind and an income in case something like this should ever happen.

How Does TPD Insurance Work?

Total and permanent disability insurance is often offered as part of a life insurance package, along with death cover and other benefits. If you have TPD cover and you become totally and permanently disabled due to sickness or injury, the insurance company will pay you a lump sum of money.  TPD insurance can help cover the costs of rehabilitation, any debt repayments, and your future cost of living.

If you are unable to work again, you and your family may face serious financial problems.  However, if you have the right amount of coverage, you will have peace of mind.  You will know that if you ever suffer from a total and permanent disability, you and your family will be taken care of financially.

Do I Need Disability Insurance?

When deciding if you should take out a TPD insurance policy, be sure to consider the level of private health insurance and any other types of insurance you currently have.  If something happens to you, the am0unt of money your family will need to live on is also important to consider when deciding whether or not to take out a TPD policy.

Keep in mind, if you are disabled and unable to work, an income protection policy may only replace up to 75% of your income.  TPD coverage can be used in addition to that, which means more of your income will be replaced.

If you are still unsure about taking out a TPD insurance policy, you can make an appointment to speak with a financial adviser.  A financial adviser will help you understand how your financial situation will be impacted if you suffer a total and permanent disability.  The adviser will then help you choose a TPD insurance policy to fit your family’s needs.  You can make these decisions on your own, but it may help to have an expert point you in the right direction.

Buying Disability Insurance

It is very important that when you apply for TPD coverage, you are honest about your health history as well as your current lifestyle.  If you fail to share certain past injuries or illnesses with your insurer, your claim may be denied and your policy will then not give you as much value for your money.

Deciding whether or not to buy TPD insurance may seem like a daunting task, but it doesn’t have to be.  If you research life insurance websites and product disclosure statements, you can find a range of policies to help take care of your family’s needs if you become disabled.

Be cautious of advertisements that offer disability coverage with no medical checks.  Coverage such as this is often very limited and not necessarily cheaper.  Remember, you get what you pay for.  If you buy cheap insurance, the coverage may be minimal.  Other insurance policies may be more expensive, but they may provide greater coverage and other value added benefits.  Keep this in mind while you compare life insurance rates.

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