What is total and permanent disability insurance?
Total and permanent disability (TPD) insurance pays a lump sum if you have a major injury or illness that prevents you from working for the rest of your life.
When will I use TPD insurance?
For some TPD policies, the triggering event is an illness or injury that prevents you working in your current occupation. Other policies are only triggered if you're unable to work in any occupation at all.
How much TPD insurance do I need?
Your level of TPD cover should be enough to clear debt and pay for both immediate costs and ongoing expenses from a career-ending illness or injury. This might include immediate medical and recovery costs (beyond what your health insurance pays), and ongoing nursing care or home help. Your CRA adviser will help you work out the level of TPD cover you need.
How much does TPD insurance cost?
The cost of TPD insurance depends on the amount of cover you need and your level of risk. Your CRA adviser will compare products from different insurers to get you the best policy to suit your requirements at a competitive price.
How easy is TPD insurance to organise?
When you're a CRA client, we take all the hassle out of organising TPD insurance. We look after everything from initial advice to completing applications to regularly reviewing your cover, especially when your circumstances change. If you ever need to make a claim, we'll help you through the process.