Total Permanent Disability (TPD) Insurance
Total Permanent Disability (TPD) insurance pays a lump sum in case you suffer from a permanent disability due to injury or sickness that leaves you unable to go back to your occupation.
Why is it important?
Most people use TPD cover for:
- Paying for their family members to take time off, allowing them to give extra support.
- Getting additional source of income to cover medical cost and everyday living expenses.
- Paying of mortgage and other debts in lump sum.
- Making necessary life changes such as where to live, clearing debts and updating their home.
Permanent disablement can cause serious financial troubles in your family. Because of your new situation, you no longer have a source of income to pay for household bills and normal living expenses.
To make matters worse, you will probably need to spend money on home care expenses and medication. These costs can quickly add up.
Depending on your circumstances, you could use the compensation to shoulder the medical bills, treatment and rehabilitation expenses that could easily pile up. You and your family could also use the money to cope financially as you adapt to your new situation.
Who is it for?
If you are the primary income provider of your family, we highly suggest that you get a TPD cover.
In the unfortunate event that you become totally and permanently disabled, providing for your loved ones will be almost impossible.
However, if you are insured, you could avoid this devastating situation. You could rely on the fact that you have a dependable income replacement from your insurance. This could support you and your family’s living expenses in the foreseeable future.
Even if you are not a breadwinner, you should still get a TPD insurance. Accidents and sickness can happen to anyone at any age. It is better to be prepared in case your life turns upside down.
Think about how worse the situation would be if you have existing loans and you suddenly can’t do your job anymore. With the compensation you will receive from TPD insurance, you could settle any outstanding debts from mortgages and other mortgages.
TPD insurance will not compensate policyholders if the disability is the result of intentional self-inflicted harm or participation in criminal activity.