TPD Insurance
Providing a lump sum should you become permanently disabled and unable to work again.
What is TPD insurance?
Total and Permanent Disablement (TPD) insurance pays a lump sum if you become permanently disabled due to illness or accident. This cover is designed to provide for, and replace the lost wages for someone unable to ever earn an income, often being adjusted for any income protection that is held simultaneously. TPD is often linked to life cover and similarly can be owned personally, through superannuation or via a company. If held personally; TPD is generally not deductible whilst benefits are not assessable.
TPD Insurance
facts & figures
The below points are drawn from claims experience of Austbrokers Life from 1 July 2021 to 30 June 2022.
45
years
Average age
at claim
63
%
Paid under
‘any occupation’
50
%
Related to
mental health
$
1.1
M
Average
claim paid
More Information
TPD insurance is largely based around two definitions: A policy with an ‘own occupation’ definition assesses your ability to work in your own occupation whereas a policy with an ‘any occupation’ definition assess against your ability work in any occupation for which you are reasonable suited by education, experience or training. Although there are a few other definitions, the own occupation definition provides the most comprehensive level of cover.
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