AXA TPD Plan Review
When accidents happen or you are seriously ill, it can be very stressful for you, emotionally and financially, if you have to take time off work for an extended amount of time. But, what if your disability is so significant that you are no longer able to work? Will your hard-earned savings be enough to sustain your family's lifestyle and ongoing needs? Will you be able to meet the payments for your medical expenses and the costs of rehabilitation when it's required?
This is when total and permanent disability cover from AXA can be helpful, especially when dealing with significant disability. Total and permanent disability (TPD) insurance provides a lump sum benefit payment in the event of disability and the policy holder is unlikely to work ever again.
TPD can be linked with your existing life insurance with AXA or owned as a standalone policy. Having TPD will give you the benefit of being covered for total disability and the benefit payment can be used to cover any financial obligations as you see fit. These include medical expenses, rehabilitation programs, and equipment used for the rehabilitation of the person. Some policies even include payment for the care received by the disabled.
Disability can Affect Any Australians
Many Australians are still significantly underinsured, while some may not even consider life insurance as something of a necessity. Some people even think - 'why pay for something if nothing is ever going to happen to me?'
However, Australian Bureau of Statistics findings have told a reality of something much different. In 2009, there were over 22% of the Australian population between 15 to 64 years of age suffer from some sort of disability and as many as 15% of them were at prime working age. 51% of people with disability were women.
Therefore, either you are the main income earner in the family or the primary carer of the household, it is important to consider total and permanent disability cover to protect the your family's financially. While you'd hope that nothing ever happen to you, at least you will have the peace of mind knowing that if anything should happen, you won't have to worry about money when an AXA TPD cover is in place.
AXA Total and Permanent Disability Insurance Plan Types
The AXA Total and Permanent Disability Insurance Plan has three types of definition – TPD own occupation, TPD any occupation, and Activities of Daily Living TPD or ADL. These types differ on their definition of what disability is and the benefits the insured person gets when disabled.
Furthermore, the TPD Insurance Plan can be purchased in three ways:
- TPD as a plan allows you to buy TPD independent from the life insurance plan
- TPD as an option will let you purchase TPD as an additional option to your life insurance plan.
- SuperLink TPD works like the TPD as an insurance option in terms of pricing and function. They can be attached to your life insurance plan, as well. However, there are certain parameters in the SuperLink TPD must match the other options in the life insurance plan. This means that if one feature is accepted in one plan, it should also be accepted on the other connected plans.
AXA Total and Permanent Disability Insurance Plan Benefits
Positioned as one of the global leaders in the financial market, AXA offers a competitive benefits package in their AXA Total and Permanent Disability Insurance Plan which includes:
- ADL TPD
which you will be paid if you are likely to need future care and has suffered severe cognitive impairment.
- Future Insurability Benefit
This allows you to increase your cover every year without submitting additional medical proof.
- Indexation benefit
This protects your benefits against inflation by automatically increasing your cover until you are 65 years old in line with the Consumer Price Index or CPI.
- Accommodation Benefit
A maximum of $150 per day for a maximum of 14 days will be paid to you if you remain confined to bed during that period and a friend or family member has to travel to care for you.
- Financial Plan Benefit
This benefit is paid to your financial adviser if you have obtained a financial plan from him within 6 months after you have been paid 100% of your benefit.
- Upgrade of benefits
This gives you the access to upgrade or made improvements on your plan without providing additional medical proof.
- 24/7 Worldwide Cover
With AXA TPD, you have the assurance that you are covered anytime, anywhere in the world.
No one knows the future but you can prepare for it. And one of the best preparations you can have is by having the AXA Total and Permanent Disability Insurance Plan. Why wait for something to happen when you can act on it before it happens?