TPD Insurance
How would your life be affected if you were to suffer an injury or illness that resulted in you never being able to work again? Without insurance, it would result in financial ruin for the majority of Australians.
Centrelink benefits may be available, but paying a mortgage and raising a family on this income would be impossible. Private school fees would certainly be out of the question. Depending on the situation, funds may also be required for modifications to your home and vehicle to accommodate your changing needs.
The sale of disposable assets, along with savings and credit cards may keep you going for a while, but this is not a sustainable strategy, and would leave a huge dent in your financial goals.
TPD Insurance pays out a lump sum amount in the event of becoming totally and permanently disabled, and unable to perform your own occupation, or any other occupation to which you may be suited by experience or education (depending on the policy definition).
The lump sum payout can be used however you see fit. Common uses include reducing or extinguishing debt, investing an amount which will provide an ongoing income to replace your income, and for home or car modifications that may be required depending on the disability.
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