How Total Permanent Disability and Income Protection Insurance can secure you

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Two of the most important forms of insurance coverage are Total Permanent Disability or TPD and Income Protection. Both can cover the same event in several cases but it may be wrong to think that you need only one and not both. In fact, these insurance forms can work pretty well together.

The Total Permanent Disability Insurance protects the policy holder in case of permanent inability to work because of illness or injury. The TPD policy pays a single lump sum, which can be used for different purposes.

On the other hand, the Income Protection insurance protects the policy holder in case of a temporary absence from work because of illness or injury. Unlike the TPD policy that pays a single lump sum, this insurance can cover up to 75% of the policy holder’s income on a monthly basis until such time when he or she is ready to work.

How can they work together? In case you suffer from a serious injury or illness, it could take months or years before your doctor can declare that you are unfit to work. You have to wait for your doctor to give his opinion that you are unfit to work before the TPD insurance pays out.

If you have to wait for several years to get the insurance money, income protection insurance can work for you. While you wait for your doctor’s diagnosis, it can cover the period you are unable to come to work.

What can you do?

You can click here to know more about Chan & Naylor services. If you would like to know more about the different forms of insurance suitable for you, you can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.

Whether you are a beginner, seasoned investor or business owner, our business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.

Click here to schedule a chat or call any of our local offices near you.

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Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.



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