Take out St George TPD Insurance to ensure you're covered if you can't return to work.
Total and permanent disability cover from St George will pay you a benefit if you are unlikely to ever be able to return to work as the result of a permanent disability.
What does St George TPD Insurance cover?
St George Total and Permanent Disability Insurance includes the following features and benefits:
- Choose your cover amount: You can choose a level of insurance cover from St George, up to $1 million, to meet your family’s needs in the future and maintain your lifestyle, while at the same time fitting with your monthly budget now.
- TPD Benefit: St George will pay a lump sum benefit amount in the event that you suffer from a total and permanent disability. For a successful claim, you must satisfy the definition of total and permanent disability that you have chosen at the time of application - Own Occupation, Any Occupation, Home Duties or General TPD Cover definitions.
- TPD Partial Benefit: You will also be eligible for a partial benefit if you are partially and permanently disabled.
- Future Insurability Benefit: You can increase your TPD cover amount without further medical underwriting during a specified personal or business events.
- Financial Planning Benefit: St George will reimburse the costs associated with preparing a financial plan following a TPD claim of up to $5,000.
- Counselling Benefit: St George will also reimburse the costs of up to ten counselling sessions of up to $5,000 following a TPD benefit payment.
- TPD Death Benefit: Your beneficiaries will receive a benefit payment of $10,000 should you pass away and no TPD benefit has been paid.
- Optional benefits: The total and permanent disability insurance cover from St George offers all the benefits you could need at a difficult time. However, St George also allows you to add to your protection according to your stage of life, and family’s needs, for example you can add features like a child care benefit, injury cover or funeral protection.
- Worldwide cover: Your St George Total and Permanent Disability Cover will protect you wherever you are in the world, 24 hours a day, seven days a week.
- Choice of stepped or level premiums: You can choose to pay stepped premiums which start out low and increase each year, or you can choose to pay level premiums, where the amount you pay remains the same each month. Your choice depends on your financial situation now, and how you see your finances developing in the future.
- Loyalty rewards: When you have held your total and permanent disability insurance with St George for three years, you will be eligible for an additional 5% to be added to your total and permanent disability benefit amount, at no cost to you.
- Multiple policies discount: If you hold more than one insurance policy with St George, you will be eligible for a 5% discount on your premiums. It is therefore important to note that the loyalty benefits apply to the death cover, children’s benefit, income protection insurance and business overheads insurance policies.
- Premium holiday: St George understands that your circumstances may change. Therefore, if you have held your policy for at least six months and are experiencing financial hardship, you can suspend your cover for up to 12 months to save you from re-applying in the future.
- Indexation benefit: Inflation has the ability to eat into your benefit amount, until a value which you chose as substantial at the time of application, becomes less than enough to survive financially in 10, 15 or 20 years time if you make a claim. Therefore, to protect your benefit from inflation, St George offers an annual consumer price index increase to your benefit of 3%.
- Cover within superannuation: St George allows you to hold your total and permanent disability insurance within your superannuation account. Depending on your circumstances, this can offer you tax benefits and make the insurance easier to manage and claim. However, whether you hold your life insurance inside or outside of your super account should be based on your financial situation, so discuss which option is best for you with your financial adviser.
And what won't be covered?
- Your St George TPD Insurance claim will not be paid if you do not satisfy the relevant definition of TPD that applies to your policy.
- In addition, no benefit will be paid if the total and permanent disablement is caused by an intentional self-inflicted act or attempted suicide.
- No benefit will be paid if your claim relates to any other specific exclusions that apply to your policy.
Who can apply?
You don’t have to be put off from taking out total and permanent disability cover by intrusive medical exams, as St George has done away with that excuse, offering Australian residents who are 18 to 69 years old cover without a medical test. Instead, you simply need to complete a health declaration with your application, and your cover is then guaranteed to be renewed each year, until you are 100 years old.
If you suffer a permanent disability which renders you unable to work ever again, you are likely to be facing endless hours in hospital and between specialists’ offices, medical bills, modifications to your home, and new and difficult emotional stresses. This is before you even start to look at the medical bills, the household bills, education costs for the kids now and into the future, and how you will maintain security and stability for your family. Now think about how much security and stability a total and permanent disability benefit would bring at this time, allowing you the time and space to look after yourself and your family, and leaving St George to look after the finances.