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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, loss of income of carer (e.g. a parent) 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 future?
I am a single person without children myself, but I have a mortgage, assets and other personal debts that in the event of my permanent disablement, I would not like to burden my family with. No doubt, I would have to depend upon my parents in the event that I was permanently disabled and the financial impact is not just on me, but my parents who try to care for me.
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 and payout your large debts (e.g. mortgage). TPD claims are most commonly from:
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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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