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What Is TPD Insurance
Total and Permanent Disability Insurance also known as TPD insurance is a type of insurance protection policy offered to Australian residents. Insurers who offer this type of policy understand that people who have been disabled have special needs and need additional money for various things. Insurers also understand that permanent disablement can lead to various problems such as unemployment which can in turn lead to financial problems.
This type of cover ensures financial protection to policy holders when they are disabled permanently and require financial aid for rehabilitation or to make their lives more comfortable.
There are many benefits of opting for a TPD plan. The main benefit is that if
you opt for this plan then the insurer will give you a lump sum amount when
tragedy strikes. Other benefits include peace of mind for you and your family.
Some insurers may offer rehabilitation benefits as well with the policy; however
this depends on the selected cover and insurer.
TPD insurance is offered by many reputed insurers in Australia and there are
various levels of covers available to suit the needs of people with different
budgets. Certain insurers may offer TPD insurance as add on covers while other
insurers may offer these policies as standalone policies.
Remember, if you want to invest in your future and protect your family from
ups and downs in life then you may want to opt for at least a basic TPD
insurance plan, if not a comprehensive insurance plan. As far as possible, you
should opt for a plan that offers a high compensation payment and you should
keep factors such as inflation in mind when you choose an insured amount.