How to Choose TPD Insurance

You and your family deserve to live a comfortable and worry-free life. This is even more important if you suddenly become totally and permanently disabled due to an injury. A situation like that can be devastating since your disability could create a void in your household finances. Aside from that, you also need the funds for your medical expenses and rehabilitation. Now the question is where you will get the money if and when that happens.

Enter Total and Permanent Disability Insurance or TPD Insurance. It is a type of insurance that will provide you with continued financial aid in case, as the name would suggest, of your total and permanent disability.

Most, if not all personal insurance companies offer this type of insurance. However, not all of them are created equal. So, how would you choose the perfect type of TPD insurance for your needs? Here are some things you need to do:

  1. Compare quotes. Before taking out an insurance policy, you need to compare quotes from different insurance companies first. This will give you an idea of which one really provides you real value for your money in terms of coverage and features. Ideally, you'd want the one that provides great cover and features at premiums you can afford.
  2. Find out exactly what you're covered for. The term disability is a broad term used by insurance companies. However, each of them defines that differently. It's therefore important that you look into the types of disabilities they cover. The most common ones on the list would include paraplegia, quadriplegia, and total loss of sight. Some may also provide partial coverage for partial disability, so it's worth looking into as well.
  3. Find out how much you can expect to pay. Insurers consider a number of different factors when deciding on the value of your premiums. These include your age, gender, the type of work that you do, and the medical history of your family. What these factors do is give insurers an idea of your risk level--the higher-risk you are, the higher your premiums will be and vise versa. If you're a smoker for example and work as a miner, your premiums will be more expensive than if you were an accountant with a desk job.

Of course, you can make taking out TPD insurance a lot easier if you work with experts. The consultants at Rate Detective will do just that. They will assess your needs and help you find a policy for you from one of 12 Australian insurers. Contact us today for more details!

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Published on June 6-th, 2013 in TPD Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.