TPD Insurance is generally paid when you have been advised by a medical specialist that you will never work again.
A pre-agreed lump sum will be paid to you in order to clear debts, provide funds for medical costs, and supply an annual income stream to ensure you maintain the same quality of financial support for you and your family.
Definitions of total permanent disability vary between providers, so it’s essential to discuss this in detail with your Resolve Financial Planner, and read over the Product Disclosure Statement of the recommended insurance so you know exactly what’s covered and what isn’t.
Greg is a mechanic who manages an automotive shop. He’s saved hard and has purchased his first home, which has a mortgage of $350,000 owing on it. He intends to renovate the kitchen and bathroom of the home in the next six months.
On his way home from work, Greg is in a car accident and the mobility in his arm is permanently affected. As a consequence, he is no longer able to continue his occupation as a mechanic.
Thanks to his TPD insurance, Greg receives a lump sum payout, which pays off the mortgage on the family home, as well as providing the money for the additional renovations, so he is not financially stressed during his recovery and as he embarks on a new career path.
If you were no longer able to work in your chosen field, would you be able to support yourself financially?
Contact a Resolve Financial Planner today to assess your options.