Total & Permanent Disability (TPD)
What would happen to you and your family if you could never work again?
How would you pay your mortgage?
Your children’s education?
Or even your electricity bill?
More than half of all serious accidents occur away from work[1], this means that if you suffer a serious accident outside of work, you would not be covered by worker’s compensation.
Case Study
Brian (40) runs a cafe and earns $90,000 per annum. His wife Elizabeth (35) is a school teacher and earns $65,000 per annum and together they have 3 children aged between 8-14 years old. They have a $700,000 mortgage and living expenses (excluding their mortgage) of $30,000 per annum. Neither Brian nor Elizabeth have any personal insurance in place.
On his way home from work, Brian is involved in a serious car accident and is left in a critical state and will never be able to work again. Elizabeth, distraught and emotional reduces her working hours in order to care for Brian. Not only have their expenses increased due to Brian’s medical costs, their combined income has been drastically reduced as Brian is no longer working and Elizabeth has reduced her working hours.
TPD cover helps you and your family by providing a lump sum payment in the event of you becoming permanently disabled. This lump sum payment can be used for the following:
- Pay your mortgage or other loans
- Provide funds for any medical expenses
- Provide funds for you and your family’s living expenses.
[1] Source: ABS National Helath Survey 2004-2005
