TPD is something that you may hear about from time to time. A lot of Australians may have it and not even be aware. So, if you can’t quite remember what it is or it’s on the tip of your tongue, we’ll relieve your pain. TPD stands for Total and Permanent Disability, and it is one of the wisest insurance policies for every Australian citizen to invest in. Obviously, like all insurance policies, you never appreciate it until you need it, but in unfortunate times, TPD insurance often rises above the rest. Here are five compelling reasons why you should definitely consider it.
- Financial stability in uncertain times
It isn’t nice to think about it, but all of us can have accidents. If you have an accident that leaves you unable to fulfil your current employment role, TPD has your back! It may be included in your Super, but it is worth checking the payout and considering an upgrade. With a good policy, every Australian resident can rest assured that they will receive a lump sum payout to get them through the toughest times. One of the best parts is that TPD insurance is one of the few things in Australia that does not break the bank.
- Get all your medical expenses covered
Our universal healthcare program is fantastic, don’t get us wrong. However, if an Australian resident or citizen has an awful accident that requires urgent care, TPD will ensure you’re bumped to the top of the list and get the best medical care you can.
Another thing to note is the post-medical care you may require after such an incident. With TPD cover, you’ll be sorted for that, too. Nobody wants to be burdened with these costs, and everyone wants the best treatment in a medical emergency, so why not get TPD insurance?
- Absolute peace of mind
Peace of mind is something that we don’t often consider. It is easy to live your life without thinking of the future, but in those moments when we stop and think about it, it can be scary. With this sort of cover, you can certainly go about your day knowing that you and your loved ones will be fine, no matter what. There is nothing like having this level of peace of mind, and if you’ve never experienced it, maybe you need to review your insurance policies.
- Allows you to adapt to a new lifestyle
When a person has a life-changing accident or illness that makes them unable to live life how they once did, adjusting can be pretty tough. Of course, TPD can’t take this burden away, but it can cover any outgoings throughout this process. Adjusting to life with a disability can require a tremendous amount of tweaks around the house or throughout day-to-day life. Examples might be a stair lift or building an extension for a downstairs bathroom or bedroom. You never know what the future holds, so it is certainly wise to be prepared.
- It can be tailored to your employment
Another incredible feature of TPD insurance policies is their adaptability. Depending on what you do for a living, you can have your policy tailored to cover all possible risks. Another big bonus is what it can do for self-employed Australians, too. We all know the self-employed can have difficulty receiving financial support, but TPD insurance ensures they are also cared for. If you’re self-employed, TPD isn’t something you should consider; it is something you need.
In conclusion
Throughout life, everything constantly changes and evolves. If we aren’t prepared to deal with what might come next, it can be highly unpleasant for us and our loved ones. While we all hope to never claim on our insurance, not everyone has that luxury. TPD isn’t just for people with families or the self-employed. It is something that every Australian should have. If you haven’t yet, check your super and other policies and read those details. They might seem long, but reviewing and updating your insurance policy means you can rest assured you are all set for the future.