TPD Policy Options

Total and Permanent Disablement Insurance (TPD), offers a number of options that can further enhance and customise your policy to suit your needs.

Generally, these are paid extras but select companies may include some of these options as part of their standard cover

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Policy Structures

Stand Alone Cover

Total and Permanent Disablement cover is available as a stand alone policy and does not have to be combined with any other type of cover. Stand alone cover is generally more expensive then a combined policy.

Combined (Linked/Bundled) Policies

Combined policies, also known as linked or bundles cover, allow you to combine your Life Cover and TPD cover into the one policy. These policies are generally cheaper than stand alone policies as they reduce the liability of the insurer.

Additional Options

Life Cover Buy Back

Only available with combined policies, the Buy Back option allows you to re-purchase the portion of life insurance that is reduced when a TPD claim is made. The option is available to you 12 months after the claim. Select insurers are now offering this as a built-in feature.

Double TPD

Double TPD works similarly to Life Cover Buy Back however it allows you to re-purchase your life insurance immediately after your claim, rather than 12 months later. Premiums are also waived on the re-purchased amount.

This is an added cost option; however select insurers have started offering it as part of their standard cover

Premium Options

Stepped Premiums

Stepped Premiums start off cheaper than level premiums but increase each year as you get older.

Level Premium

You can take advantage of more affordable premiums over the life of your policy with Level Premiums, which do not increase each year due to a change in your age. Level Premiums are generally more expensive initially compared to Stepped Premiums.

Published: November 12, 2012

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