It’s bad enough to have an accident or become sick and find yourself without an income, facing hefty medical bills. It’s even worse if you are not insured. And yet by Financial Services Council estimates, some 95 per cent of Australian households are underinsured.
Of course insurance isn’t just about life and death. What if you were to become incapacitated, for example? That’s where total and permanent disability (TPD) insurance is important.
What is TPD?
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This difference is significant. “Own” occupation is more specific than “any”, invariably costs more, and may only be available for professionals. Say you are a heart surgeon and lose a hand; clearly you can no longer operate. But perhaps you had previously lectured a job to which you could return. If your policy is worded “own” then you could still make a TPD claim; if your policy is worded “any”, then you might miss out as you can still work as a lecturer.