Total and Permanent Disability insurance is designed to cater for serious accidents and illnesses where it is more than likely that you will never be able to return to work in either your own or any occupation that you are suited to either through experience or education and training. This type of insurance provides you with a lump sum in order to contribute to such costs as medical costs associated, household renovations and replacement of income.
It is possible to have Total and Permanent Disability insurance as a policy on its own (stand alone) or as a combined policy with Term Life insurance. You can hold this policy either within superannuation or outside however this will need to be reviewed based on your personal situation and your personal requirements.
There are two main definitions regarding Total and Permanent Disability – either ‘own’ occupation or ‘any’ occupation. The ‘own’ occupation definition will provide you with a greater opportunity of making a successful claim in the event of serious accident or illness as the definition relates to your specific occupation. This type of policy is therefore slightly more expensive than an ‘any’ occupation definition as the type of work that you will be judged upon being able to do is broader.
Please make an online enquiry or call us and we look forward to discuss any queries that you have and assistance that you require regarding Total and Permanent Disability insurance.
After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....
Dr S.T (BDSc)
We work with: