Life Insurance Blog

Do You Need TPD Insurance? – Learn Why It is Necessary to Obtain TPD Insurance in Australia

What is Total and Permanent Disability Insurance (TPD Insurance)?

According to Lifewise/NATSEM Underinsurance Report of the year 2010 in Australia, it has been estimated that more than 25% of Australian parents are at the risk of serious physical disabilities and death before their actual retirement age. Considering the facts of this report, one can not underestimate the importance of getting life insurance for the serious physical disabilities.

There is a type of life insurance that can provide financial protection for the family members of the insurer in case of serious injuries and permanent physical disabilities for the insurer. Most of the times, the family members get a lump sum or a fixed insured amount once it is confirmed that the insurer is permanently physically disabled due to certain accidents. This type of life insurance is known as Total and Permanent Disability Insurance.

Now the actual meaning and definition of this TPD insurance can vary from company to company in Australia. The actual insured sum is dependent on the type of serious injuries and physical disabilities suffered by the insurer. Total and Permanent Disability Insurance implies that the Australian insurer must be completely physically disabled and must suffer permanent injuries for the rest of his/her life. Once this condition is fulfilled, then the family members of the insurer can claim for the insured amount of the TPD insurance.

Important factors affecting TPD insurance premiums in Australia

There are various factors that affect the premiums of TPD insurance in Australia. Some of the prominent factors are as follows.

1) Age of the person This is the very primary factor which is obviously used to figure out the current health status of the insurer.

2) Gender of the person Scientifically it has been found out that females have usually higher life span as compared to male counterparts. So gender of the person is also considered when calculating the actual TPD insurance premiums.

3) Several health indicators There are different medical health indicators such as blood pressure, cholesterol level, RBCs, hemoglobin in the blood, certain allergies and other physical ailments that are also taken into account when finding out the actual premiums for this insurance.

4) Hereditary diseases Genetically transferred diseases are also considered by popular insurance companies when calculating the premiums for TPD insurance.

5) Serious addiction levels Several insurance companies also pay close attention to all types of addictions such as cigarette smoking and alcohol drinking of the person when drawing out the actual TPD insurance premiums.

6) Past driving records Past and current driving records are equally important. Any past drunk driving or bad driving habits of the person are taken into account while calculating the TPD insurance premiums.

Benefits of obtaining reliable TPD insurance

There are several financial advantages of obtaining reliable TPD insurance. Some of the important benefits are as follows.

1) The insurance helps to cover liabilities of policy holder This is the primary benefit of having a reliable TPD insurance. In case of serious and permanent physical disabilities, it becomes difficult for an insurer to pay off his/her debts and mortgage payments due to loss of job or business. In such situation, TPD insurance can help in paying off all types of liabilities of the insurer such as mortgages, personal loans, car loans, house loans, credit card debts, and any other types of financial liabilities.

2) Payments for other disability related expenses There are also several other associated expenses that come with serious physical disabilities such as payments for mental and physical rehabilitations, lifestyle related payments such as employing a full time nurse and transportation cost, payments for housing alternations, children&rsquos education expenses and to supplement lost super contributions to the family income. All these expenses can be paid off with the help of reliable TPD insurance policy.

Best way to obtain reliable and affordable online life insurance quotes for TPD insurance

If you want the most affordable and reliable TPD insurance then the best way to obtain it is to search on the internet. There are popular online life insurance comparison websites that can provide instant online life insurance quotes to their users within few minutes after application. Instead of spending countless hours chasing insurance company reps and insurance brokers, it is a good idea to search the best life insurance quotes with the help of popular life insurance comparison websites.

These websites also provide special support and extra services such as medical checkup at the comfort of your home, help during the insurance claims and verification of all the related documents needed to get faster approvals for TPD insurance policy. You will get opportunity to apply to almost all popular life insurance companies in Australia with the help of such life insurance comparison websites online. So if you want professional TPD insurance with affordable insurance premiums then it is strongly recommended to visit the popular Australian life insurance comparison websites today.