from ATB Wealth Strategies
TPD insurance or total and permanent disability insurance helps relieve the financial burden placed on you if you suffer a physical impairment that prevents you from working. It pays a lump sum, giving you a safety net that can help support you and your family.
The definition of a permanent disability can vary hugely between insurance providers, and deciphering which policy is best for you can be challenging. Our financial advisors at ATB Wealth Strategies can identify the life and TPD insurance policies that will provide you with the cover you need. We will take into account any TBD cover in super and ascertain whether a stand-alone policy might better suit your circumstances.
Build peace of mind into your wealth strategy by talking to our financial advisory team today.
TPD Life Insurance: What You Need to Know
There is little doubt that if you become permanently disabled due to an illness you would face a significant reduction in income. Total and permanent disability insurance helps protect your financial wellbeing and can help pay for necessary expenses, including:
- Medical treatment, specialist therapies and pharmaceuticals.
- The cost of rehabilitation — that Medicare or your health fund doesn’t cover.
- Funding living expenses, debts and your mortgage while you cannot work.
- Necessary modifications to your home due to changes to your mobility.
- Care support, including carers.
- Extra income — should your partner need to stop working to care for you.
What is covered under the umbrella of a total permanent disability insurance policy can vary between providers. As financial advisors, ATB Wealth Strategies aren’t tied to limited suppliers and can search for the policy that meets your requirements. We will make sure the cover included within your financial plan has the aspects of life and disability insurance to keep you and your family financially comfortable.
There are many different definitions from insurers as to what constitutes a total and permanent disability, and ATB Wealth will scour the small print so you are fully informed. You can choose from cover, including:
- Your own occupation — this is generally a more expensive option. It insures you if you’re unable to work again in the job you were working in before your disability.
- Any occupation — the thresholds for a claim are usually set higher on this option, but the premiums can be lower. It covers you if you’re unable to ever work again in any job suited to your experience, training or education.
With a plan in place the possibilities are endless, so contact our financial advisory firm today.
Do You Need TPD Insurance?
You might be wondering if you have income protection insurance whether you need death and permanent disability insurance as well. What you need to ask yourself is, how would you and your family be able to maintain their current lifestyle if you became seriously ill and couldn’t work? Would you be able to fund the substantial medical and rehabilitation costs?
ATB Wealth Strategies experts will help you identify how much income you’d need for you and your family if you were unable to work for a considerable time. We will take into account any other death cover and insurance policies you have, as well as private health care, savings, and investments. Our financial planners will make sure we have the whole picture and build a wealth plan to include TPD insurance.
Our research will include a policy comparison — ascertaining the pros and cons, and also the features and premiums. We will also consider whether you need to purchase a policy outside your superannuation and structure your death and TPD insurance to provide you with the cover needed. Hedging your bets and having both means that in the event the unexpected happens, there is more likelihood of you making a successful claim and receiving a disability insurance payout.
We will also apprise you of the tax implications if you have TPD insurance in super and how taking a lump sum might impact future benefits from social security.
ATB’s team will get to know your unique situation, including your finances, details of your family, and any other circumstances that need to be addressed. Once we establish what you require, we will make sure that we keep you fully informed and up-to-date with any changes that affect your insurance needs — now and into the future. You can rest assured knowing ATB Wealth Strategies has your back and will assist you every step of the way.
ATB Wealth Strategies: Independent Permanent Disability Insurance, Australia
As a financial advisory firm that is locally owned and operated, we have access to a multitude of insurances to cover you if the unexpected happens. We offer insurance underwriting services from our offices in Parramatta, Sydney, and you and your family have peace of mind. We can offer life insurance, TPD (Total Permanent Disability), income protection or trauma insurance.
Our personalised services are perfect for individuals, families, couples, and businesses.
We will find the best fit for your needs with any reputable insurer available in Australia — saving you the hassle of shopping around on your own.