Receive cover for Total and Permanent Disablement with Suncorp.
Total and Permanent Disability insurance (TPD) is a type of cover that is designed to provide a lump sum benefit payment in the event that the policyholder suffers an illness or injury that results in total and permanent disablement and he/she is unable to return to work ever again.
If you are considering purchasing TPD insurance cover, it is important to make sure that you choose a suitable plan from a reputable provider, compare key components of the policy such as the cost of the cover and the features and benefits. For comprehensive total and permanent disability insurance that is affordable, you may want consider TPD insurance from Suncorp, one of Australia’s leading personal risk insurance provider.
Cover can be bundled with your life cover policy or purchased separately. This review will outline the benefits of TPD cover from Suncorp.
What does the policy cover?
No one wants to find themselves in a situation where an illness or injury leaves them with a permanent disability, but there is no guarantee in life that you will not fall victim to such devastating events. It is important to consider a form of protection to shield yourself and your family against the financial pitfalls as a result of a permanent disablement and you are unlikely to return to work again.
Suncorp total and permanent disability insurance comes with a variety of benefits and features, which include:
- Total Permanent and Disablement (TPD) Benefit: Suncorp will pay the cover amount insured if you become totally and permanently disabled.
- Single Loss of Limb or Eye Benefit: If you suffer from the loss of a single limb or eye, 25% of your total TPD benefit will be payable.
- Limited Death Benefit: In the event of death or terminal illness, Suncorp will pay a benefit of up to $20,000 (if the TPD benefit is not payable).
- Financial Planning Benefit: Financial advice fees of up to $2,500 will be reimbursed when the TPD benefit is paid.
- Premium Freeze Option: You can continue your TPD benefit upon application (on any or own occupation TPD definition) until your 70th birthday.
- Continuation of Cover: Financial advice fees of up to $2,500 will be reimbursed when the TPD benefit is paid.
Optional benefits that are available from Suncorp TPD insurance for additional costs include:
- Business Security Option: You can increase your TPD coverage amount each year without having to provide further medical evidence at a specified business event.
- Child Cover: When the policyholder’s child dies, becomes terminally ill, or suffers from one of the specified medical events, a benefit will be payable.
- Waiver of Premium Option: If you are significantly disabled and unable to work for six or more consecutive months, your TPD premium payments will be waived.
Features available across all Suncorp TPD policies
With every Suncorp total and permanent disability cover, you will have access to the following features:
- Worldwide cover: No matter where you are in the word, Suncorp TPD cover will cover you 24 hours a day, 7 days a week.
- Automatic increase: Your coverage amount will be increased each year to protect your policy from inflation.
- Guaranteed upgrade: When improvements are made on Suncorp TPD, including benefits and features, you will be offered these improvements if they don’t result in an increase to your premium.
- Guaranteed future insurability: You will be able to increase the amount of cover insured without having to undertake further medical examination at specific life events (such as marriage, birth/adoption of a child, etc.)
- Grief support service: At time of claim, if you or your family members require immediate grief counselling, Suncorp will pay up to 4 hours or 6 hours for combined counselling for the initial confidential session.
- Choice of stepped or level premium structure: You have the option to select the premium structure that is most suited to your needs and financial situation. Stepped premiums start off low at policy commencement, but will increase overtime as you age, while level premiums are calculated on average over the length of your coverage. Level premiums don’t change with age and while it will start off quite high at the start, it works out cheaper as you go through the later stages in life.
More benefits to consider
- Protection and peace of mind: Dealing with total and permanent disability is difficult enough, but having to deal with the financial obligations stemming from such event can add another layer of stress that you don’t need.. With Suncorp TPD insurance plan, you will have the peace of mind that you and your family will be financially protected and you will be enabled to focus on your recovery rather than stressing about finances.
- Ability to deal with financial commitments: With the benefit that you receive from your Suncorp TPD Insurance, you can utilise the benefit payment to pay off your mortgage, debts and keep on top of the daily living expenses. You can use the funds to make all the necessary changes to accommodate your new condition. You can modify your home or car, or even take a holiday with your family.
- A range of options to suit your needs: With Suncorp TPD Insurance plan, you can choose to take it as a standalone plan or you can add it onto life insurance cover.
- Competitive premiums: You can get the peace of mind and protection that comes with the Suncorp TPD Insurance plan at a very competitive price.
Who can apply?
To be eligible to apply for Suncorp TPD cover, you will need to be:
- Between the age of 18 to 60, for level premium structure, or to 62, for stepped premium structure;
- An Australian citizen or permanent resident of Australia.
To apply for total and permanent disability insurance policy with Suncorp, you will need to make appointment with Suncorp financial advisers. If you are looking to discuss your own insurance needs, you can speak to one of our insurance advisers to help you determine the appropriate level of cover by assessing your current situation and medical history. This way, they are able to tailor their advice and offer you an insurance policy that is relevant to you and affordable.