Total and Permanent Disablement Insurance
TPD Insurance also pays out a lump sum benefit if you become totally and permanently disabled and it is unlikely that you will ever be able to work again.
There are generally four definitions or types of TPD available:
In order to receive your benefit you will generally need to be diagnosed by at least 1 medical practitioner and will need to be totally and permanent disabled for a period of at least 3- 6 months and have been receiving treatment.
An example of the number of claims paid out for 2012 by one of the insurers we work with is below:
Bowel Cancer 1.3%
Breast Cancer 1.7%
Other Cancers 11.1%
Central Nervous System Disease 5.7%
Heart Attack 1.1%
Heart Disease 2.3%
Mental Illness 16.1%
Respiratory System Disease 1.9%
This insurer paid out over $100 million in claims in 2013.