Things to Know About TPD Insurance

 

If an individual is unable to work due to illness or injury, he/she mighty be entitled to the TPD (Total & Permanent Disability) insurance benefit by superannuation. The insurance provides the cover in the form of a lump-sum payment if you get an injury and cannot work in your usual occupation. Even if you are unable to work in any occupation for which you are educated or trained, you can make total permanent disability claims.

Important Facts About TPD Insurance

TPD insurance can provide financial support if you are unable to work. It is best suited in case you are likely to never work within the current skills due to illness or injury. To claim on the insurance policy, you would need to show that you are unfit for the usual employment permanently. Along with these, there are numerous things that you need to know about the insurance

·         Lump-Sum Payout

TPD takes the form of a one-off cash benefit that could be up to $1 million. It is completely your choice that how you use the funds. However, it can help to cover medical costs, in-home nursing support, and other costs.

 

·         Covers Both Physical and Mental Scenarios

TPD insurance is designed to provide financial support in case the insured suffers an illness and injury and unable to return to work again. The cover responds when an insured becomes disabled due to events like spinal cord injuries or after on-set of illness like heart disease, neurological disorder, and cancer.

 

·         No-Fault Insurance

Another important thing about TPD insurance is that it is no-fault insurance. Many people do not realise it, however, to make a claim, you need not prove anyone that someone else is at fault. Moreover, you also need not show that the illness or injury is the result of the negligence of your employer or any other individual.

 

·         Flexible Cover Options

Different types of TPD covers are available. You can choose the one according to your occupation as well as lifestyle. Moreover, you can choose between level or stepped premiums. With stepped, the premium increases every year with the level of cover and age. Whereas the level premium remains constant. 

Along with these, the time to process a TPD insurance claim depends on your current job and supplied medical information. In case you experience an injury and wish to begin the total and permanent disability insurance claims, you can consult an expert at Life Matter Claims. Seeking expert advice would help to speed up the process.

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