While life insurance policies generally cover you in the event of your death, they typically don’t cover you in the instance of a permanent disability. This is where Total Permanent Disability cover, (TPD) comes in. TPD covers you if you become totally and permanently disabled as a result of an accident or illness and are never likely to return to work again. It will not cover any temporary disability or disablement. The key words to understand with this cover is that in order to make a successful claim you need to be ‘Totally’ and ‘Permanently’ disabled.
While the chances of suffering from a long term disability may appear to be small, the financial burden of this can be massive. Some of the financial pressures can be removed if you have the right cover in place.
Many of us don’t think about what changes we would need to make if for some reason our ability to work and earn an income was totally removed for the rest of our lives.
Expenses not only come in the form of ongoing medical and rehabilitation costs or the cost of home modification or lifestyle changes, but also from the day to day living costs that we take for granted.
It can sometimes be difficult to work out the exact cover you need, so it can be best to speak to a Life Insurance Broker who is qualified to provide advice based on your individual needs. Ken Ryan at Coast & Country is fully qualified and completes a full needs analysis to completely understand the cover you require. Coast & Country also helps you with any claims you may have, so it’s one less thing to worry about during a stressful time.