TPD or Total Permanent Disablement can be applied to a person who is unable to work or receive an income in any way. This situation can be very stressful and overwhelming, both financially and emotionally, to the disabled person and his family.

Just the thought of being unable to work for a period of time is already stressful, how much more stress would you and your family incur if you think that there is possibility that you won’t be unable to work because of a severe illness or injury. The stress could add up when you have a family who depends on you.

What makes TPD Insurance different from life insurance is the fact that it covers for the total disablement you will have to face including all the costs that the disability could incur. These might include medical expenses, rehabilitation programs, equipment needed for the rehabilitation period, and the ongoing care received by the disabled person.

Just imagine all the financial strain it can bring to your family when you think about paying all these extra expenses. It might be somewhat calming if you have some savings; however, the question would be, how far would your savings go if the condition extends longer than you expect?

The Need for TPD Insurance

The debate on whether to get TPD Insurance or not is still on. Why would you get a policy, and how would it really benefit you. Furthermore, you might ask how big the possibility is of you being injured or disabled.

According to the Australian Bureau of Statistics Disability, Ageing, and Carers, there are at least 516,700 Australians between the ages of 15 to 65 who are profoundly or severely disabled because of illness, injury, or accidents.

Moreover, there are other reasons you need to consider why TPD Insurance is necessary.

• You have other expenses.
• You need capital to live and pay off your debts in the event of disability.
• You need to prepare for your retirement.
• You want your family to maintain the same lifestyle even if unlikely events, such as injuries and illnesses, occur.
• You have a business.

Benefits of Asteron TPD Insurance

Asteron represents life. Thus, the Asteron TPD Insurance was designed with life in mind – for you and your family to enjoy life even in the face of setbacks.

That’s why aside from the basic features such as a 24-hour worldwide cover, spouse and child cover, and provisions for your retirement, Asteron TPD Insurance has the following benefits and features:

• Automatic Increase Benefits

This feature was designed to keep your benefits protected against inflation. With the Automatic Increase Benefit, your sum insured increases every year until your policy ends.

The sum insured is increased by the greater of 5% and the indexation factor. You have the option to either accept or decline it within 30 days of the policy anniversary.

• Financial Planning Benefit

This allows you to receive financial advice from an accredited financial adviser on how to utilise your payments. In addition, you will be reimbursed for the financial advice you received for a maximum of up to $2,500.

• Medical Free Increases

What if certain changes in your lifestyle necessitate you to increase your cover? The Medical Free Increases allows you to increase your cover without providing additional medical information under the following circumstances:

• You get married
• Birth or adoption of a child
• Annual salary increase by $5,000
• Increase of value to a business where the business owns the policy and you are the key person
• You become a carer for the first time
• Increased financial interest by $25,000 in a business where you are a working partner

• Premium Freeze Option

This option allows you to freeze your premium for a period of time if you are paying under a stepped basis.

• Limited Death Benefit

This benefit pays a maximum of up to $20,000 when the insured person dies and no TPD Benefit or Recovery Benefit is payable.

• Lifestyle Conversion Benefit

What if you decide to convert part of your policy so you can use it for other purposes? The Lifestyle Conversion Benefit allows you to convert your Death Benefit under such circumstances:

• You got married
• You and your spouse started a domestic relationship which began within the previous months and is ongoing for 12 months
• You and your spouse have given birth or adopted a child

The Lifestyle Conversion Benefit applies if you are under 40 years old and no TPD or Recovery Benefit has been made.

Asteron TPD Insurance has other benefits which you have the option to include or not in your cover:

• Child Cover Option

This is a $10,000 premium-free cover for each of your kids in the event of a serious injury or illness.

• Cancer Cover Option

This cover will pay you a benefit if you are diagnosed or being treated of cancer or an early stage of prostatic cancer.

• Waiver of Premium Option

If you are 59 years old and above, you can include this option which allows you to continue your cover while you are disabled and unable to work for 6 consecutive months. By getting this option, you will be refunded the premiums made within the 6 months you’ve been disabled and will continue as long as you are disabled.

Asteron TPD Insurance can provide you and your family something to fall back on when you are rendered unable to work because of a serious injury or illness. With more than a century of experience and reputation of providing insurance in Australia, you can never be wrong in getting one.