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:

  • Any occupation: You can claim if you are permanently disabled and cannot work in any occupation you are suited to by education, training, or experience.
  • Own occupation: You can claim if you’re unable to work in your usual occupation or your chosen field of employment.

Let’s compare these two types of cover against one another.

Pros Cons
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.

Other types of TPD Insurance

In addition to the above, there are three other forms of TPD Insurance cover you may not know about:

  • Activities of daily living: unable to perform certain activities needed for daily living (e.g. showering, eating).
  • Home duties: unable to perform your full-time duties as a homemaker (e.g. stay at home parent).
  • Loss of independent existence: unable to live independently, you have a cognitive impairment, and/or cannot perform certain activities needed for daily living.

Are you covered for total and permanent disability? Compare policies on our website. Otherwise, go back and learn about the other types of life insurance.

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.