TPD is Total and Permanent Disability insurance. It is commonly found within your superannuation policy. TPD can only be claimed when you are totally and permanently disabled and cannot be expected to return to your former occupation under any circumstances. It is not governed by state or federal governments, meaning that each individual super policy is in charge of maintaining and determining the different TPD methods. TPD exists along with other forms of life insurance, like insurance protection, death benefit, and permanent impairment. TPD insurance can be bought as a standalone product or come pre-packaged into a superannuation fund. This blog will highlight the different types of TPD insurance, as well as how to check if you already have a TPD policy. 

How do I check if I already have a TPD policy?  

TPD insurance can be found as part of your superannuation policy. As such, most people could normally find that they have TPD insurance without realising. You can find out whether you have a TPD insurance policy with one of these simple steps:

  • Read your members statement
  • Contact your fund directly
  • Access your super account online. 

If you have multiple active superannuation accounts (e.g., you have received a payment in the last 16 months), you could be covered by multiple TPD policies. 

What is the difference between TPD Policies? 

There are two types of TPD policies. These are ‘Any’ and ‘Own’ TPD insurance. For the Own occupation cover, if you choose to make a claim then you will be paid out if you are no longer able to work in your chosen occupation. For ‘Any’ occupation cover, you will only be covered if you cannot return to the occupation that you have the education, training, and experience for. In general, it can be said that if you have an ‘Own’ TPD policy, it will be more reliable for making a claim than an ‘Any’ policy. When assessing your TPD insurance policy, we recommend that you look at your superannuation funds Product Disclosure Statement so that you have a complete understanding of the conditions you must meet in order to make a claim. 

What happens if I have multiple TPD policies through different super accounts?

Claiming your TPD insurance could be a complex procedure if you have multiple superannuation accounts. This is because you may have multiple policies, all of whom could payout to you if your claim is successful. However, while complex, if you are successful in your claim, it could be highly beneficial to you. This is because if you succeed in making a claim on one policy, it is likely that the other insurers will also payout. This means that you would have multiple TPD insurance payouts which would provide significant financial support. 

When dealing with multiple TPD claims, we recommend that you have experienced legal support. This is because it can be a complex process. If you would like to start your TPD claim, please click here to see how much your claim could be worth. What’s My Claim Worth partners with the best law firms in Australia, and works on a ‘No Win No Fee’ basis.