How can I decide which Tpd definition is right for me?
Deciding which cover type or product is right for you depends on your financial situation, personal circumstances, and long-term goals. It is about balancing coverage with affordability.
Own Occupation – Not available to all occupations, is often considered by professionals eg: surgeons, accountants who want to be paid a benefit if they are disabled to such an extent that they cannot perform their own occupation. As it is based on your occupation it is more expensive than the Any Occupation Definition, and cannot be held within your super fund.
Any Occupation – is generally available to most occupations, however not based on your specific occupation, as you need to be disabled to such an extent that you cannot perform any occupation suited to your training, education and experience. This definition is more affordable, and can be held within a super fund.
Home Duties – Is for those home duty parents who cannot get Own, or Any Occupation TPD – while it is more affordable than Any Occupation – you need to be unable to perform all duties of a home maker.
Activities of Daily Living – For those occupations who cannot get Own, Any Occupation TPD cover or the default type of cover after a certain age. You must be disabled to such an extent that you cannot perform 2 of the 5 daily activities of living.
