TPD Insurance (which stands for total and permanent disability) is a comfort for any family who relies on their income to maintain their lifestyle. When you take out this type of product, you have the choice to insure yourself in a number of ways – each of which affect the likelihood of a successful payout.
There are two main ways to insure yourself with a TPD policy:
Let’s compare these two types of cover against one another.
|Any occupation||Less expensive than ‘own cover’.|
Available for more occupations.
|If you could conceivably return to work in another field, you won’t receive a payout.|
|Own occupation||You’ll receive a payout whether you can’t return to your usual occupation or another (i.e. more likely to pay a claim).||More expensive than ‘any occupation’ cover.|
Doesn’t cover certain occupations.
You should be able decide which is right for you by using the above table as a guide. If you’re still confused about it, call one of our experts and discuss it with them before you take out cover.
In addition to the above, there are three other forms of TPD Insurance cover you may not know about:
The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.