Why do you need Total and Permanent Disablement (TPD) Cover?
Total and Permanent Disablement (TPD) Insurance cover pays a lump sum if you suffer a sickness or injury that leaves you permanently unable to work.
Think about the things that are vital to you performing your occupation. For instance, how might the development of a tremor in your dominant hand or losing your sight in one eye affect your ability to continue working? What about cutting a tendon in your thumb in a DIY accident or a head injury permanently impairing your memory and ability to concentrate at work?
For many professional occupations, experiencing such a sickness or injury may have a significant impact on your ability to carry out your own or any occupation. If you were unable to ever work again as the result of such an event, how would you and your family cope financially?
Own Occupation Criteria
This occupation pays a lump sum if you become unable to perform your occupation due to a sickness or injury and are unlikely to ever be able to do so again. This cover is most suited to people in highly trained or specialised occupations.
Any Occupation Criteria
This option pays a lump sum if you become unable to perform your occupation due to sickness or injury and are unlikely to be able to perform any occupation for which you are reasonably suited by education, training or experience ever again.
Non Occupational Cover
- Domestic Duties
Pays a lump sum if you suffer a sickness or injury leading to a permanent inability to undertake full-time domestic duties in your own home. A great option for stay-at-home parents or those responsible for full-time duties in the family home.
- Loss of Limbs/Blindness/Cognitive Impairment
Pays a lump sum if you permanently lose two limbs, your sight in both eyes or experience permanent cognitive impairment.
- Activities of Daily Living
Pays a lump sum if you suffer a sickness or injury leading to a permanent inability to perform two or more of a defined list of activities of daily living.
Other Cover Provided
- Non-qualifying Death Benefit
Provides a payment up to $15,000 of the TPD sum insured upon death or terminal illness if you do not have a Life Insurance policy in place, and not otherwise entitled to claim under your TPD cover.
- Single Loss of Limb or Eye Benefit
Provides a payment of 25% of the sum insured up to $30,000 if the insured person suffers the loss of a single limb or eye.
- Special Events Increase Benefit
Major life events often mean you need to increase your TPD cover. In the following circumstances you can purchase additional cover, irrespective of your state of health at the time:
- Having a child (by birth or adoption)
- Becoming a full-time carer for the first time
- Death of your spouse
- Effecting or increasing your mortgage
- Entering private practice or becoming a partner or director in a company for the first time.
- Accelerated or Standalone Cover
You can choose to have your TPD cover standalone or attached to your Life Insurance. If you select the latter option (known as accelerated cover), any payment made under TPD cover will reduce your Life Insurance sum insured.
- Life Insurance Buyback - Accelerated Cover Only
If you have selected accelerated TPD cover, a built-in Life Insurance buyback benefit is automatically included. This allows you to apply to reinstate your Life Insurance cover up to an amount equal to the TPD cover payment, 12 months following this payment, irrespective of your state of health at the time.
For more information read our Total and Permanent Disablement Insurance summary sheet. The next step is to meet with a MAS adviser who will conduct a free financial review. MAS advisers are happy to meet when and where it suits to fit into your busy schedule.
This webpage is intended as an information guide only and does not form part of the policy document or any contract with MAS. This webpage does not take into account your own personal financial situation or goals. If you would like more detailed financial advice we can get one of our advisors to contact you. Normal underwriting criteria apply for all insurance products. Special conditions and/or excesses may apply to the situations that meets your specific needs.