Total & Permanent Disability (TPD) cover provides a lump-sum payment if you become disabled and you are unable to work again. Some TPD plans will also provide payment for other seriously disabling situations, such as loss of sight.
A huge emotional strain is placed on a family to provide support to someone who may not be able to work again and requires full-time care. Money is the last thing you would want to think about when faced with a lifelong disability care.
Own vs Any occupation TPD?
An important feature of TPD is the ability to cover your ‘own occupation’ or ‘any occupation’.
With ‘own occupation’ cover you are generally determined to be totally and permanently disabled in the event that you are unlikely to be able to return to work in your regular job, even if you might be able to work in another occupation. This type of TPD cover is generally higher quality and not available for all occupations. As you may expect, premiums for ‘own occupation’ TPD cover are generally higher than ‘any occupation’ cover, the difference varies depending on things like your occupation, age, smoking status, gender, health and amount of cover.
With ‘any occupation’ cover you are generally determined to be totally and permanently disabled when you are permanently unable to work in any occupation.
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