TPD Insurance FAQs

What benefits does Total Permanent Disability insurance offer?

TPD insurance plans protect you financially in case things go south and you need help from an insurer to make ends meet. TPD plans ensure that the policy holder gets one compensation payment if he files a claim for disability. The compensation payment is given to the policy holder shortly after the claim is accepted.

This lump sum compensation amount is given to the policy holder to pay for hospital bills, to repay loans, to make mortgage payments, to run the household, to hire a full time nurse, to repay to get modifications made to his home or vehicle and to ensure that the policy holder has money to take care of his needs while he adjusts to his new life conditions.

Policy holders who opt for TPD plans can lead a stress free life knowing that the selected insurer will take care of the policy holder financially if a claim is filed. Policy holders can also lead a stress free life knowing that their dependants will not have to suffer in case the policy holder is permanently disabled. Some of these plans may offer a death benefit as well.

 Why should I purchase TPD Insurance as an add on option?

You should purchase tpd  insurance if you want to ensure your financial stability, invest in your future or protect your dependants. These plans not only protect your interests when you are disabled but also your dependant’s lifestyle when you are unable to work due to your disability.

TPD plans are a must for those Australian buyers who play rough sports, ride a bike, drive a fast car or indulge in any other risky behaviour that can lead to disabilities. TPD plans can be purchased as add on plan with life insurance plans easily. If you purchase these plans as an add on option the n chances are that you may get a discount on the add on plan, you may not need to submit additional medical documents for the add on plan.

Other perks may also be offered to buyers who meet certain eligibility criteria. It should be noted that since the compensation amount may not be tax deductible, you may not be able to enjoy tax benefits on income insurance plans or life insurance plans if you purchase a TPD plan as an add on cover. If you are looking for tax benefits then you may want to consult a tax expert, financial advisor or insurance advisor before you make a purchase.

 How can I ensure that my TPD claim is approved by the insurer?

To ensure that your claim is accepted you should file a claim in full by filling out all the required details. You should also ensure that you meet the minimum eligibility criteria set by the selected insurer.

For instance, some insurers offer a compensation payment for loss of one or all limbs, while other insurers offer a compensation payment for loss of vision, head trauma or other injuries.

To ensure that your claim application is approved, you should support your claim with documents such as proof of injury, doctor’s notes, medical bills and other documents that will prove that you are eligible to receive the compensation payment.

In addition, you should remember to review your policy from time to time, check for updates from the insurer, and disclose health, job and other important information to the insurer whenever there is a change worth mentioning. Withholding information or refusing to co-operate can lead to rejected TPD claims.

 Why should I review my policy if I am a high risk buyer?

If you are a high risk buyer then you should review your policy periodically, usually once in 6 months or once in a year; because a review will help you understand if your current policy is adequately protecting you or not.

Your life will change periodically; situations will change and so should the terms of your policy. Reviewing your insurance plan periodically can also make you eligible to get premium discounts if your risk level changes.

For instance, if you were a smoker while purchasing the policy however; after making the purchase you quit smoking for 12 months or more then the insurer will consider you as a low risk buyer and if your policy’s terms allow a change, then your insurer may be asked to pay lower premiums.

Reviewing your policy can help you understand what limitations are on your policy, the definitions of your policy before you file a claim and any additional eligibility criteria you may have to meet to get the compensation payment.

Low risk buyers should review their policy as well; since doing this will make them aware of all the benefits you have, limitations of the policy and any new insurance needs you may have.

 Where can I buy Total Permanent Disability insurance from?

While you may believe that in order to purchase insurance you will have to visit an insurer or fix a meeting with an insurance agent, the truth is that, purchasing TPD insurance is an easy task and can be done from your home via your computer.

All you have to do is, visit the website of an insurer of your choice or visit the website of an insurance comparison website. Insurance comparison websites offer deals, free comparison services, discounts and free quotes from multiple insurers through their websites.

Buyers can compare plans online and get quotes from 2 or more insurers through the click of a button by visiting a good comparison website. Policies can also be purchased via the phone, if the buyer prefers to talk to an insurance representative on the phone before making a final decision.

Many buyers prefer purchasing TPD plans online since these websites offer articles, FAQs and other important information that is not available via the phone.

Many insurers and insurance comparison websites offer a real time chat option through which you can chat with an insurance representative if you need help.

 


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