Total and Permanent
It is simple to think of this policy as –never work again insurance.
It pays a lump sum upon a sickness or injury that stops you from working again.
Imagine the scenario where one day you wake up to the news that you can never work again.
It would be good planning at this time to receive a cheque that allows you to clear your debts and also allows you to have some money to go and get the best medical treatment. There are many options to choose from and many different policy variations available.
I have TPD cover through my superannuation.
Most people do. The major issues arise when it comes time to claim, The policy wordings are usually set up in such a way where the ability to be paid a claim is based around not being able to do any work ever again. The better policies allow for claims based around the ability for you to not be able to perform your own occupation ever gain.
This is a major difference come claim time and can mean the difference between being able to survive financially or not.
We are able to provide advice so you can still use your superannuation to pay for most of the TPD coverage, but also allows you the ability to be covered for the better quality own occupation coverage.