TPD: Planning For Uncertainty

Charlotte Miller

One thing we can probably all agree on is the unpredictability of life. While we cannot forecast the challenges that will come our way, we can equip ourselves to face them head-on. Today, we want to talk about TPD and why it is something that many Australians see as essential to modern life.

A brief understanding of TPD

If you’re unsure what it is, TPD stands for Total and Permanent Disability, and it is an insurance policy that, when needed, is invaluable. It is always worth checking your super and seeing if it is included and to what level you are insured. If there is a policy worth upgrading, it is TPD.

TPD insurance can provide a significant lump sum payment to those unable to work due to an accident or illness. All Australian residents can get it, and there is no reason why they shouldn’t. There are several incredible benefits, and it comes at such a low cost it would be silly not to invest in total peace of mind.

What costs can TPD insurance cover?

This can vary depending on the policy you have, but the majority of reputable insurance providers will give a big enough payout to cover the following expenses.

Medical and Rehabilitation – All medical treatments you might need will be covered, and you can rest assured you’re getting the best service. It also covers therapy and rehabilitation to help people settle into their new life.

Living Adjustments – These can range from upgrading to a suitable car or home improvements needed to help people live an ordinary life.

Living Costs – Of course, it wouldn’t be great if you couldn’t use it for general living too. A good TPD policy will ensure you can afford to live your daily life as needed.

Debt repayments – When faced with a devastating incident, existing debts can cause a lot of stress. TPD insurance payments can cover any outstanding debts or mortgage payments.

How do I find out if I already have TPD cover?

If you want to find out if you have a policy already or how good your current policy is, there are a few things you can do. Many Australians have TPD coverage through their superannuation funds, but it is sometimes wise to upgrade it.

To find out about your policy, you can check your Super statements, which should detail what you are covered for. You can also check the Super online portal if you don’t know where your statement is. If you’re struggling, you can even call them directly or seek professional advice to guide you.

A quick Summary

Total and Permanent disability insurance should be a staple of every Australian insurance policy. Investing in TPD can give a person peace of mind like never before, knowing that they have total financial security for the rest of their lives, even in the toughest of times. It is always worth reviewing your policies and tailoring them to suit your needs, but remember, you can never be too safe, and TPD will never break the bank.