Life Insurance Blog

What are the Necessary Conditions to Qualify for TPD Insurance in Australia?


What is TPD insurance?

We all know that any person can experience major accidents and can suffer from serious and permanent physical disabilities. In such cases, getting a reliable life insurance policy that can provide timely financial support to the family members becomes very important and essential. Life insurance for such permanent physical disabilities is known as Total and Permanent Disability Insurance. In Australia, more than 25% of people are at great risk of serious physical disabilities before their actual retirements. The recent survey carried out by popular life insurance company reveals this fact which underlines the importance of obtaining a reliable TPD insurance policy for every responsible person in Australia.

Benefits of TPD insurance

TPD insurance not just provides timely financial support to the families of the policy holder but this insurance is also capable to pay off any remaining financial liabilities of the policy holder. Other expenses caused due to the physical disabilities can also be compensated with the help of TPD insurance claims. Seriously injured person may need mental as well as physical rehabilitation and also need to invest into personal expenses such as hiring nurse, buying special vehicles such as wheelchairs, and even children’s education expenses too. All these expenses can be paid off with the TPD insurance policy in Australia.

Primary factors affecting TPD insurance premiums

A person in need of TPD insurance must provide detailed information about his/her health and financial status. The following are important factors that are taken into account by popular life insurance companies in Australia while calculating the actual TPD insurance premiums for the insurer.

1) Age of the insurer Age is a primary factor that is taken into account while finding out the actual insurance premium for the insurer. The more the age, the higher are the premiums.

2) Gender of the insurer Gender is another factor that is important in deciding the insurance premiums. Females get lower insurance premiums as compared to males because their life expectance ratio is generally higher as compared to males.

3) Family history of physical ailments Any genetic disease or physical ailment is also considered while deciding the insurance premiums. The higher chances of hereditary diseases increase the premiums.

4) Important health indicators There are several health indicators which show the actual health status of any person. The indicators such as blood pressure, allergies, cholesterol levels, RBCs, etc. are also checked in some cases before approving any insurance policy premiums.

5) Addiction status All types of addictions such as alcohol drinking and cigarette smoking are also taken into account while calculating the insurance premiums for any person. The higher addictions levels usually lead to higher TPD insurance premiums.

The primary eligibility conditions for TPD insurance in Australia

The first eligibility criteria for getting approved TPD insurance in Australia is that the policy holder must be suffered from serious physical injuries and must be entirely physical disabled due to certain accidents. If this condition is satisfied then most insurance companies in Australia approve TPD insurance for such affected person.

The second important criterion is the person can not be able to perform any work due to his/her serious injuries. If the person is physically handicapped due to sudden accidents and not able to work on his/her regular job or business activities then that person gets eligible for TPD insurance policy in Australia.

The third eligibility criteria which is important to get approval for the TPD insurance is the reliable doctor’s medical certificate about the actual assessment of the person’s physical condition after the accident. If the medical assessment says that the related person is not able to perform his work properly and is suffering from serious physical disabilities then there are maximum chances that the insurance companies in Australia can approve the TPD insurance for such affected people.

Getting TPD insurance is now easy with the help of reliable online life insurance comparison websites on the internet. Log on to the popular Australian life insurance comparison websites and find out the most affordable and reliable TPD insurance policy with the help of best online life insurance quotes. These websites can provide instant TPD insurance quotes within few minutes and one can easily find out the best TPD insurance policy available in Australia.

Stephen Handley
Stephen Handley
My name is Stephen Handley. I have over 20 years experience in IT, Project Management and Financial Services. By combining this experience, I hope to make it easier for Australians to find good quality and affordable life insurance. Furthermore, I am not connected to any life insurance company. So, in the unfortunate event of a claim, you'll have someone in your corner, representing your interests.