What is TPD insurance and how can it help me?
TPD insurance stands for total and permanent disability insurance. This insurance protects your financial security in the event of a disability, which makes it difficult or impossible to work. Many Australians are not covered for total and permanent disability, which is incredibly risky, especially for middle-aged, or older Australians, who are at increased risk of debilitating illnesses and injuries. Taking out TPD insurance will ensure that you are financially covered in these situations.
What are the benefits of TPD insurance?
Cover yourself financially if you become permanently or totally disabled. TPD insurance will help you:
- Cover future living costs
- Reduce, or clear loans, mortgages and debts
- Cover medical, or rehabilitation expenses
- Protect your wealth creation and retirement funds
- Contribute to education costs for your children/grandchildren
If your life circumstances change you can alter your level of cover. For example, if you have children, or take out a mortgage, you may choose to increase your cover, whereas if you pay off a large loan, you may decide to reduce you cover.
Setting up TPD insurance in Australia
If you are thinking about taking out TPD insurance, you need to consider your other financial and personal circumstances. First, you need to consider your level of private health insurance and any other insurance policies you have. You also need to find out what government benefits, family assistance or worker’s compensation payments you would be entitled to. Finally, you need to calculate how much income you, and your family, would need to live comfortably if you can’t work for extended amounts of time, or indefinitely.
If you want to protect you and your family with TPD insurance, then contact Guardian Group today. Our financial advisers can help you work our how much cover you need and whether you would be better off with stepped, or level premiums. Before committing to TPD insurance, it’s important to know exactly what your policy covers and how much compensation you will get if you become totally and permanently disabled.