Total And Permanent Disability Insurance Policy

Do I need a TPD Insurance?

To decide whether you need TPD insurance or not, you need to assess your individual situation, needs and financial planning that you have in place. Reviewing how you will pay for expenses such as your living, family, medical, rehabilitation, financial, and any mortgages or debts you owe if you can longer earn an income.

Based on these, you should be considering if you have the financial means or options to support yourself. Income protection insurance or trauma insurance are other alternatives that can support you in needs of lost income. These investments can provide you with more financial security, particularly if your family members are unable to care for you. Figure out why you should have TPD insurance here. If you’re unsure about your circumstances or situation, seek financial advice here.

How much does it cost?

The cost to purchase a TPD insurance depends on the sum you want to insure, your age, occupation and other information relative to the particular risk. The sum you wish to insure usually depends on your financial circumstances.

It would be best to consider your mortgage or rent repayments, debts, children’s education, medical, nursing & rehabilitation costs, daily expenses, and retirement plans to conclude on the sum you would like to insure. Aspect’s intelligent cover builder offers a detailed rundown of the total cost and breakdown of your premiums based on the details you provide. Get an obligation-free TPD insurance quote now and determine how much it would cost you.  

What’s covered?

Aspect’s TPD cover is available for a wide range of occupations. Whether you’re a white or blue-collar worker, we cover the majority of professions (including some hazardous occupations). We cover normal occupation or any occupation.

• An any-occupation policy pays you if you are permanently incapable of working in any job, even if it is a lower-paying job.
• If you choose to cover your normal job, in that case you will receive a benefit if you are permanently unable to do your ‘normal’ or ‘own’ job, based on your education, experience and age.
• Unable to perform home duties
• Loss of independence.
• Even if you are unemployed at the time of injury or illness but were employed while purchasing the TPD policy.

Payment of benefits is subject to standard terms and conditions provided in our product disclosure statement.

What’s not covered?

As part of the Aspect TPD Insurance exclusion clauses, here are some general exclusions.

• Deliberate exposure to exceptional danger.
• Intentional self-inflicted injury or illness, suicide or attempted suicide.
• Any professional sporting activities.
• A criminal act committed by an insured person.
• Any pre-existing illness.
• Any injury that occurs before the policy’s commencement date.

For the entire list of exclusions, please read our product disclosure statement.

Aspect’s Accident & Health insurance products give you the option to get a customised quote that fits your needs. Our intelligent cover builder provides you with the flexibility to get a quote for a standalone Total and Permanent Disability insurance cover; combine it with any of the following products or get a quote for the complete package and purchase it to protect your family’s financial security during difficult times:

Income Protection Insurance

Income protection insurance is a product that replaces your income if you are temporarily unable to work due to illness or injury. Most policies will provide you with a fortnightly or monthly benefit payment of up to 75% (some up to 85%) of the income amount you’ve insured. This can also be customised to include an additional benefits bundle, by paying an additional premium, for benefits such as overseas assistance, child’s trauma and housekeeper benefits.

Accidental Death Insurance

Accidental Death Insurance (death by injury) is an easy and low-cost alternative to Life Insurance (death by any cause), or a good way to supplement an existing life benefit. Accidental death cover will pay your estate a benefit amount upon your death as a result of an accident/injury. Generally, the sum insured would be $100,000 to $1,000,000, depending on your circumstances.

Trauma Insurance

Trauma insurance provides you with a lump sum payment, payable on diagnosis, if you suffer a serious medical condition like a heart attack, stroke or cancer. A trauma benefit is typically used to pay off immediate medical bills, rehab expenses, replace income and assist with your ongoing costs, protecting you against future debts and time away from work. The sum insured could range from $50,000 to $500,000, depending on whether it’s a standalone cover or purchased in conjunction with other products.