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SOBERING FACT: For every home lost through fire, there are 48 homes lost through disablement.
Source: MLC
It is an unfortunate reality that we cost more alive and disabled than we do dead. Particularly in the case of permanent disability, there are significant costs associated with home care, medical operations (the gap between the cost and private health cover), rehabilitation, renovations to your home, additional child care, loss of income of carer (e.g. your partner) and the list goes on. But consider what assets you have, what you are willing to sacrifice and how readily those assets can be liquidated when you need money the most. What are you willing to sacrifice from your family's future?
Money should be the last thing your family needs to worry about if you or your partner were to become disabled - the emotional and mental stress is enough to deal with. Living off your savings and assets can not last long, particularly when it's not just you, but your entire family as well. Health insurance can help reduce the costs, but gaps in coverage are more common than not and home care (as an example) is not covered by Private Health Insurance.
TPD Insurance can pay a lump sum to you in the event you are deemed to be Totally & Permanently Disabled in order to contribute to the costs associated with your disability, supporting your family with an income and payout your large debts (e.g. mortgage). TPD claims are most commonly from:
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Please click on graph to enlarge
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I believe TPD Insurance is one of the most important forms of protection we can have and is applicable for everyone, not just those who are actively employed or with a young family - EVERYONE!
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