Total Permanent Disability Insurance or TPD insurance plans can be a standalone plan or an add-on to other life insurance plans. When you buy an insurance package, you can opt for a basic plan, a premium or a more comprehensive plan.
TPD plans are cheap for a non-smoking young adult, who does not have any pre-existing health condition. A more comprehensive TPD plan, on the other hand, gives a maximum compensation payout for a higher premium.
To be eligible for a TPD plan, you have to be an Australian resident, employed or self-employed and on a certain age. Child life insurance plans are different from TPD plans and have different eligibility criteria.
If you buy a TPD plan, the most important benefit is a lump sum payment given to you once your claim application is approved by the insurer. This lump sum may be used to pay for medical bills, repay loans, run a household or any other payments. The lump sum ensures the policyholder will have the money to pay for different expenses because of disability.
What can you do?
If you would like to know more about TPD insurance plans, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
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