Total & Permanent Disability (TPD) insurance
Total and Permanent Disability insurance (TPD) is designed to help take the pressure off you financially if you suffer an illness or injury that leaves you totally and permanently disabled. The lump sum benefit paid is often used to eliminate debts, pay for medical expenses or fund permanent lifestyle changes. For example, moving to a home that is more accessible for your condition.
The definition of what a ‘total and permanent disability’ is will vary depending on the particular product and insurance policy. Most companies allow you to choose whether you want coverage against:
- being unlikely to be able to work again in your 'own occupation’ following an illness or injury or,
- being unlikely to be able to work again in 'any occupation’ following an illness or injury.
For example, if a surgeon injures her hands in a car accident she may receive a payout under an ‘own occupation’ definition as she’s unlikely ever to work again as a surgeon. However, she might not receive a payout under an ‘any occupation’ definition as she can still work as a GP based on her education, training and experience.
A Suncorp Financial Adviser can help you consider, among other things, what may be most appropriate for your personal circumstances.
How much is enough?
How much TPD insurance you’ll need depends largely on your personal situation. The right amount of cover means that, in the event of serious illness or injury, you’ll have funds available to:
- Pay off the mortgage and other debts
- Make home modifications or pay for rehabilitation
- Pay for nursing or other medical care
- Meet ongoing household expenses
- Pay for your children’s education.
To discuss the level of TPD insurance that’s right for you, make an appointment with a Suncorp Financial Adviser.
TPD insurance from Suncorp
Suncorp Financial Advisers can work with you to determine an appropriate level of cover for your needs. And because we undertake an assessment of your current situation and medical history, the insurance you’ll receive is likely to be more relevant and cost-effective.
TPD insurance can be purchased in a number of ways:
- as a stand alone contract; or
- as an addition on a life insurance policy.
To discuss your own insurance needs, please make a no-obligation appointment with a Suncorp Financial Adviser.
To find out more about TPD insurance from the Suncorp Group, please read the Asteron Life Complete Product Disclosure Statement.
This information is general advice and doesn't take into account your objectives, financial situation or needs. You should consider the Product Disclosure Statement and consider obtaining financial advice before making any decision about this product. This product is jointly issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 and Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 RSE L0002059. This product is not a bank deposit or other bank liability. Financial product advice is provided by representatives of Suncorp Financial Services Pty Limited ABN 50 010 844 621 AFSL 229885. Products and services are provided by different entities in the Suncorp Group and each entity is not responsible for, does not guarantee and is not liable in any respect for products or services of other Suncorp entities.