This blog will explain the basics of TPD insurance, the requirements to make a TPD claim, what you should expect from a TPD claim, and the steps to actually make a TPD claim.
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TPD stands for Total and Permanent Disability Insurance. Total and Permanent Disability insurance benefits (also referred to as disability insurance benefits) are provided by many superannuation insurance funds across Australia. It is designed to provide thousands of people across Australia with a financial safety net for anyone afflicted with a permanent injury or illness. This blog will explain the basics of TPD insurance, the requirements to make a TPD claim, what you should expect from a TPD claim, and the steps to actually make a TPD claim.
When selecting your TPD insurance, you will be given the choice of any-occupation cover or own-occupation cover. These are the two distinct categories that you will have to choose from; any-occupation tends to be a cheaper cover because it is much harder to receive a claim from.
For the own occupation cover, if you choose to make a claim then you will be paid out if you can 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.
To be eligible for a TPD claim you must be made aware of your specific conditions outlined by your insurance policy in your Product Disclosure Statement. However, conditions with each insurer might vary, as shown:
The amount of TPD payout you would get will vary depending on the terms of the insurance cover you have. If you would like more information on your claim, please click here to go to our claims calculator. TPD benefits are paid out in a lump sum into your super account so they can be a significant amount of money. The payout of TPD insurance is not considered taxable income so you will not be charged tax on the initial payout. However, if you withdraw money from your super you will have to pay superannuation lump sum withdrawal tax.
Making a TPD claim is not an easy process, so we always recommend you seek legal advice when making a claim.
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