Total and Permanent Disability (TPD) insurance cover pays a lump sum if you become totally and permanently disabled and are unlikely to ever work again.
TPD insurance ensures you retain as much quality of life as possible. It can:
- provide funds to allow a family member to give up work to care for you or to fund other home care
- allow you to repay debts including a mortgage, personal loans, guarantees, credit cards or store cards
- pay for any major renovations to your home, such as wheelchair access
- This type of insurance can be set up as an attachment to Term Life cover. It can also be in or out of a superannuation plan so the cost can be tax effective if you are self-employed.