If you’ve ever heard of a TPD claim, you may be wondering what it is and what happens if someone fills one out. In this blog post, we will discuss everything you need to know about TPD claims. We’ll cover what a TPD claim is, who can file one, and what to do if you know someone who is filing for a TPD claim.
In this article we will discuss:
- What is a TPD claim?
- What are the examples of a Permanent Disability?
- Who can file a TPD Claim?
- What are the benefits of having a TPD Claim?
- Where can you file the TPD claim?
- What to do if you know someone filling out a TPD claim.
What is a TPD Claim?
A Total and Permanent Disability (TPD) claim is a form of insurance that pays out benefits to an individual who is no longer able to work due to a permanent disability. TPD insurance is usually offered as an optional extra when you take out your income protection policy.
What are the examples of a Permanent Disability?
There are many examples of a permanent disability that can be covered under a TPD claim. A few of the more prevalent ones include:
– loss of limbs
– paralysis
– blindness
– deafness
– chronic illness or disease.
Who can file a TPD Claim?
In order to be eligible for a TPD claim, you must meet the following criteria:
- You must have been employed for at least 12 months in the last two years prior to becoming disabled.
- You must be unable to work in any occupation that you are suited for due to your disability.
- Your disability must be permanent and total. This means that you are not able to do any form of work, regardless of how much assistance you may require.
- You’ve got to be younger than 65.
- Your disability must have occurred within two years of the date you took out your income protection policy.
What are the benefits of having a TPD Claim?
If you are successful in your TPD claim, you will receive a lump sum payment that can be used to cover the costs of your disability. As a person with a disability, you also gain access to government programs like NDIS funds.
Average Lump Sum Payout
The average lump sum payout for a successful TPD claim is $100,000. However, the amount you receive will vary depending on your policy and the insurance company you are with. Other reasons that will affect the payout is the age of the claimant and whether they are single or have a family.
Where can you file the TPD claim?
You can file a TPD claim with the insurance company that issued your income protection policy. Other options are to file with an insurance broker or an independent claims assessor.
Insurance Broker:
An insurance broker can help you to understand your policy and the claims process. They will also be able to assess your eligibility for a TPD claim and help you to gather the necessary documentation.
Independent Claims Assessor:
An independent claims assessor is a specialist who is not affiliated with any particular insurance company. They can help you to lodge your claim and will work to get you the best possible outcome.
Conclusion
In this article, we have discussed what a TPD claim is and who can file one. We have also looked at the benefits of having a TPD claim and listed some of the more common examples of permanent disabilities. If you are thinking about taking out income protection insurance, be sure to ask your insurer about adding on TPD cover. And if you know someone who is disabled and unable to work, tell them about the possibility of filing a TPD claim.
What to do if you know someone filling out a TPD claim?
If you know someone who is considering filing for a TPD claim, the best thing you can do is provide them with support and information. There are many resources available to help individuals understand the process and make sure that they are making the best decision for their situation. You can find more information on our website or by contacting us today. We would be happy to discuss
