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Total & Permanent Disability
Total and Permanent Disability Insurance (TPD) provides a lump sum payment in the event of a permanent disability (as per the policy definitions) that renders the insured unable to work.
Payments are generally made after the disability has been evident for a period of 6 months and when the insurer deems that the insured is unlikely to ever be able to return to work.
TPD benefits can be utilised to pay down debt, pay for initial and ongoing medical expenses and to fund permanent changes to lifestyle which have occurred as a consequence of the disability. This could include renovations to the current home or needing to move to somewhere more disability friendly or the costs of a daily nursing service for instance.