What is Total and Permanent Disability/Permanently Unable to Work Cover?

by

Ralph Gray

There are many types of insurance policies available, one being total and permanent disability insurance. This type of insurance offers a lump sum of money to the insured person in the case that he or she becomes totally and permanently disabled as a result of work, an accident or disease. If this disability occurs, it means that the person is unable to work in their own profession or in any profession, depending what is outlined in their contract.

Why is Total and Permanent Disability Insurance Important? Total and permanent disability insurance is also known as permanently unable to work insurance. The lump sum that is provided to the insured person is used towards anything that relates to the disability including medical costs, living expenses, home loans and day to day expenses. If your home cannot cater to your disability, you may have to make home alterations where this money may also be allocated. You can also pay for any type of cleaning service or nursing care in order to give you the best quality of life. How Much Will the Insured Receive? Regardless of what happens to you, you will still have things in life to pay for such as home and personal loans, debts and other financial commitments. You may not have enough in your savings to cover those situations in the unfortunate event that you are rendered unable to work, but it doesn’t mean that the bills won’t continue to come in the mail. The amount that you receive does depend on many factors, but you are normally able to adjust the figure according to your current financial expenses (however, always check your policy for these kind of changes). You can combine total and permanent disability insurance with your life insurance policy rather than taking out another insurance policy on its own. You may even be offered a better rate by having this cover as part of an existing policy. If you are unable to come up with a specific amount to be insured for, then you may want to consult an insurance professional who can analyse your expenses to find out how much the lump sum should be in the instance that you become disabled. If you go online, you can compare rates from several insurance providers who offer total and permanent disability insurance. You should be looking for a reliable provider who can offer you multiple types of cover under one contract. Going online gives you the ease of finding a reputable insurer while also comparing prices and policies. After all, you want to find the best possible cover for you and your family to ensure total peace of mind.

Medibank Private is Australia’s largest private health insurer and now offers flexible

life insurance

that can be tailored to your needs.

Article Source:

ArticleRich.com