You may be deciding to take out a Total and Permanent Disability or a Trauma Cover policy or both. Before you decide which policy to take out, it is important to know what they offer and the differences between the two policies. This guide focuses on the advantages and disadvantages of both.
In short neither policy is a substitute for the other as they offer different benefits.
Secondly we often get asked about the differences between TPD and Income Protection Insurance cover, the former pays a lump sum payment if you are made totally and permanently disabled where the later pays a monthly benefit should you be off work due to an illness or accident. It is important that you consider this topic as well should you want to know more about further options.
To help you better understand the differences we have listed a number of key elements when comparing tpd vs trauma insurance policies and provide further explanation around these:
- Key policy information
- How the premiums compare
- Your TPD policy definition options
- Advantages & Disadvantages of having TPD cover
- Your Critical illness (Trauma) insurance options
- Pros and Cons of having Trauma insurance