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Education Centre Should I apply for (TPD) Total Permanent Disability?
Education Centre Should I apply for (TPD) Total Permanent Disability? | Should I apply for (TPD) Total Permanent Disability? |
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Life is uncertain and anything can happen to anyone. You might as well be hit by another vehicle while driving to office without any fault of yours or you might just drown in a swimming pool!
However, it is very much possible that you survive a tragedy but not before getting totally disable. Your Life Insurance will pay you only when you die, but what if you survive? What will happen if you become totally and permanently disabled? What if you cannot report to work? Would you be able to pay your bills and living expenses and maintain your lifestyle?
Yes. You can. But only if you are covered under the Total and Permanent Disability Insurance Plan. In case you are thinking this cannot happen to me, you may very well note that more than 1.5 million Aussies below the age of 65 have some kind of physical disability. TPD ensures that you are able to meet your living costs in addition to the cost of recovery like joining a rehabilitation program. What is TPD? TPD is when you find it very difficult to carry on with the basic things of your life due to the disability caused to you because of illness or injury. This could include inability to do simple chores like using toilet, getting a bath, getting dressed, doing laundry or cooking. In other words a person suffering from TPD will always need assistance of another human being to carry on even the most simplest of tasks. TPD Insurance Program Total and Permanent disability program is available as a combo with Life Insurance Policy or as an Independent product and covers you in case you are involved in a serious accident at home or workplace which makes you totally and permanently disabled. TPD pays a lump sum to the insured in case of such a tragedy and help you combat your financial difficulty thereby giving you confidence to live. TPD insurance pays a lump sum only when it is medically certified that you have been Totally and Permanently rendered disable by our illness or accident and that you can never work again. TPD insurance is mostly available as added benefit in Trauma and Life Insurance Policies. How much TPD insurance should I apply for? The amount you get must be enough to pay for your mortgage and any other debts and provide for your living expenses. TPD Lump Sum Benefits: 1. covers the cost of living for a family member who has to be away from home and be with you all the time to take care of you 2. cover is index linked and increases every year to keep up with inflation 3. pays for rehabilitation 4. pays for changes to your lifestyle eg, redoing your home 5. pays of debts Conclusion Given the uncertainty of the conditions in your day to day life or workplace, you might think of getting a TPD cover. Also, if the nature of your work is itself hazardous and you are prone to some accident (for eg. If you are a stunt performer in a film studio), it is critical that you are adequately covered and receive a lump sum payment should an accident render you disable for the rest of your life thereby preventing you to work any further and put a stop to your ability to earn. |
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