Get up to $1.5 million cover to provide for your loved ones if you’re unable to work due to accident or injury.
Qantas TPD Insurance pays a lump sum benefit of up to $1.5 million when you become totally permanently disabled and are unlikely to ever be able to return to work. You can use this benefit to adapt to your changed circumstances, replace your lost income and continue to provide for your family well into the future.
To find out whether TPD Insurance from Qantas Life Insurance offers the right cover for you, let’s take a closer look at its features, conditions and exclusions.
What features are offered?
- Up to $1.5 million cover. You can choose a cover amount between $100,000 and $1.5 million.
- Choose the cover you want. Qantas TPD Insurance gives you the flexibility to tailor a policy to suit your needs by choosing which of the following covers you’d like to include: Accident Cover, Illness Cover and/or Sports Cover.
- Pause cover for up to three months. Experiencing a short-term cash flow problem? Qantas Life Insurance gives you the financial flexibility to pause your TPD Insurance premiums for up to three months.
- Earn up to 100,000 Qantas Points. Qantas Life Insurance regularly offers a range of special deals to encourage new customers to take out a Life Insurance policy. At the time of writing, you could earn 100,000 Qantas Points by joining Qantas Life Insurance.
- Wellness Rewards program. When you join Qantas Life Insurance you also get access to the Wellness Rewards program, which allows you to earn Qantas Points simply by doing everyday activities. You can track your activities (such as walking the dog or going for a bike ride) via the Qantas Wellbeing app, earn Qantas Points you can redeem for flights and other rewards, and access discounts from a range of partner retailers.
- No medical tests required. There are no medical tests required when you apply for a policy, so it’s quick and easy to get the cover you need.
- Your choice of Any Occupation or Own Occupation. You get the flexibility to choose whether you would like a benefit to be paid based on an Any Occupation or Own Occupation definition of TPD. Note that the premiums for Own Occupation policies are typically higher than for Any Occupation policies.
- Stepped or level premiums. When you apply for cover, you get the option to choose between stepped and level premiums, whichever suits your budget.
- Underwritten by TAL. Qantas TPD Insurance is underwritten by TAL Life Limited. In 2016 alone, TAL paid out more than $1 billion for TPD, life, trauma and income protection Insurance claims.
What options are available?
To further tailor cover to suit your needs, you can consider the following additional options for Qantas TPD Insurance:
- Standalone or Bundled cover. If you select more than one type of insurance with Qantas Life Insurance, you can choose to hold each insurance as a Standalone policy or to have Bundled cover all in the one package. While Standalone cover is more expensive, it also means that if you make a claim on one type of insurance, the benefit payable under any other types of insurance won’t be affected.
- Premium Relief. With this option selected, if you’re unable to work for at least three consecutive months due to an accident or illness, you won’t need to pay your TPD Insurance premiums.
- Life Buy Back. If you decide to bundle TPD Insurance with Qantas Life Insurance, this option allows you to buy back any Life Insurance amount that has been reduced after a TPD benefit payment.
What’s included in cover?
The cover provided by Qantas TPD Insurance depends on the cover you select:
- Accident Cover. If you choose this cover, you’ll be covered for total and permanent disability caused by an accident.
- Illness Cover. With this cover, disability that is caused by an illness (such as cancer, heart disease, neurological disease or organ failure) will be included in your cover.
- Sports Cover. If you want to hold Sports Cover, you’ll also need to purchase Accident Cover. Selecting this option means you’ll be covered in the event that you suffer total permanent disability as a result of a sports injury.
What are the age limits for Qantas TPD Insurance
|Age||Between 18 - 59|
|Other requirements||You must be an Australian citizen or permanent resident or a New Zealand citizen residing permanently in Australia|
How much will it cost?
There are several factors that affect the cost of TPD Insurance, including:
- The level of cover you select. The higher your sum insured, the higher your premium will be.
- The type(s) of cover you select. For example, if you select Accident Cover only your premiums will be cheaper than if you take out Accident Cover and Illness Cover.
- Your age. The older you are when you take out cover, the more expensive your TPD premiums will be.
- Your gender. Men generally cost more to insure than women.
- Your occupation and pastimes. Some jobs and activities place you at higher risk of suffering an illness or injury that could lead to total permanent disability. So if you work in the construction industry or like participating in high-risk adventure sports, for example, you’ll have higher premiums.
- Your TPD definition. Premiums on an Own Occupation policy are typically higher than the premiums on an Any Occupation policy.
- Your choice of premium. You can choose stepped or level premiums. Stepped premiums start out cheaper but increase each year as you age, while level premiums are more expensive in the beginning but generally don’t go up as you age.
When will a benefit be paid?
TPD Insurance provides a lump sum payment when you become totally permanently disabled. However, the circumstances when a benefit will be paid vary depending on whether you choose an Any Occupation or Own Occupation definition of TPD for your policy.
If you choose Any Occupation, your policy will pay a benefit when your disability means you are no longer able to work in any occupation for which you are reasonably suited by training, education or experience.
Under the Own Occupation definition, a benefit will be paid if you are unlikely to ever be able to return to work in your own occupation.
When won’t a benefit be paid?
There are specific circumstances when your Qantas TPD Insurance policy will not pay a benefit, such as:
- If you have Standalone cover, you won’t receive any benefit unless you survive for at least 14 days after suffering the illness or injury that causes your disability
- If the event giving rise to the claim is caused by an intentional, self-inflicted act
In addition, other exclusions may apply depending on which covers you select for your policy. For example, if you have Accident Cover only, your claim won’t be paid if:
- You’re unable to work as the result of an illness
- You’re unable to work as a result of any mental health-related illness, or any mental health-related illness as the result of an accidental injury, sports injury or illness
- You’re unable to work because of a sports injury or other dangerous pastime
*Check the PDS for full information about the exclusions that apply to your policy.