Total Permanent Disability (TPD) Insurance
Total permanent disability insurance is paid as a one-off lump sum payment, should you be totally and permanently disabled due to injury or an illness.
You may wish to set up a TPD policy to safeguard you and your family from financial hardship, should you have an injury or illness that renders you unable to work. Financial implications as a result of being totally and permanently disabled include medical / rehab costs, living expenses, amendments to your home / nursing support, and ongoing bills such as mortgages, loans and dependent-associated costs.
The amount of TPD coverage is up to you, however the cost of the premium will increase with increased cover. A range of quotes can be provided to help you finalise your decision.
Total Permanent Disability (TPD) Insurance FAQ:
How much is Total Permanent Disability (TPD) insurance?
On average in Australia, the average TPD insurance policy is for $200,000, and costs approximately $15/month. There are many variables when it comes to TPD insurance premiums however, including age, gender, medical conditions, family medical history, as well as the amount of TPD insurance being applied for. Once I have these details from you I can obtain specific quotes for you to compare.
How much Total Permanent Disability (TPD) insurance should I get? Can you tell me?
As I can provide general advice only, I cannot assess your financial situation or provide guidance on how much TPD insurance you should get. I can however provide several quotes for you, should you wish to specify a range of TPD insurance amounts, to help you make you decision.
How do I apply for Total Permanent Disability (TPD) insurance?
The application process is relatively straight forward, and our insurance brokers can help you every step of the way. Our aim is to make the process quick and streamlined for you, while answering any questions you may have along the way. Here’s a link to a guide that explains in more detail, What is the process to get Insurance with Blue Fox Insurance?
How do I choose an insurance provider?
I provide you with quotes from our four providers (Zurich, OnePath, AIA and Clearview). Choosing which one to apply with is completely up to you, and many people choose simply based on the most economical option. Here’s a link to: Helpful tips to choosing the right provider for Insurance.
Do I need to apply for Total Permanent Disability (TPD) insurance if I have Superannuation?
This depends on your Superannuation plan, and the insurance provided by Super. If you are happy with the cover (including the value), then you probably do not need anything else. If you would like to increase it, or compare other providers, then I can provide quotes for you. Here’s a link that explains: What’s the difference between Superannuation life insurance and getting life insurance through an insurance broker?
Do I need a medical assessment to get Total Permanent Disability (TPD) insurance?
Typically, the insurance provider will arrange a nurse to complete a basic medical assessment (height / weight / heart rate / blood pressure etc), and also do some blood work. Depending on your age and medical conditions, some additional tests may be required, but those will be highly dependent on your specific circumstances.
How long does it take to get a Total Permanent Disability (TPD) insurance policy?
The application process can be completed within a couple of days – once I have a completed client information form / Duty of Disclosure and FSG, I can create quotes within 24 hours, and if you review and confirm, we can arrange to complete the application within another 24 hours. Once submitted the provider can take between 2-10 weeks to underwrite, complete the medical assessment and issue the paperwork, depending on the complexity of the application and your circumstances.
Can Total Permanent Disability (TPD) insurance premiums be stepped or levelled?
Yes – they can be either. I can provide a comparison graph for you to help decide which is best. Here’s a link to a description of how to choose the best option for you: Stepped vs Levelled – what does it mean and what should I choose?