No one likes to think about the possibility of becoming disabled, but it’s a reality that parents need to consider. If you became disabled and could no longer work, how would you support your family? That’s where total and permanent disability (TPD) cover comes in. TPD cover is insurance that pays out a lump sum if you become totally and permanently disabled. In this blog post, we’ll take a look at what TPD cover is, how it works, and whether or not it’s something you need to have.

What is TPD Cover?

TPD cover is an insurance policy that pays out a lump sum if you become totally and permanently disabled. The definition of “totally and permanently disabled” varies from insurer to insurer, but generally speaking, it means that you’re unable to work ever again due to an injury or illness. TPD cover can help you pay off your mortgage, handle other debts, and cover everyday living expenses.

How Does TPD Cover Work?

If you make a claim on your TPD cover and it’s approved, you’ll receive a lump sum payment from your insurer. The exact amount of the payment will depend on the details of your policy. For example, some policies will pay out a certain multiple of your salary (e.g., 3x your salary) while others will pay out a set amount (e.g., $500,000).

Do You Need TPD Cover?

Whether or not you need TPD cover is something that you’ll need to decide for yourself. Some people feel more comfortable having the peace of mind that comes with knowing they have TPD cover, while others would rather save the money and invest it elsewhere. Ultimately, the decision comes down to personal preference.

No one likes to think about becoming disabled, but it’s important to be prepared for anything life throws your way. Total and permanent disability cover can give you peace of mind by knowing that you and your family will be taken care of financially if the worst should happen. Do some research and talk to your insurer to see if TPD cover is right for you.

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