It’s a cover or protection strategy to pay a lump sum benefit if you become totally permanently disable and unable to work due to illness or accident.
Life is full of uncertainty and an accident or sudden illness can change everything in your life. Your debt or lifestyle can impact significantly if those events happen.
It may seem confusing to take both life insurance and TPD cover to look after your financial commitments. Remember, life cover mainly pays the benefit to your nominee when you will be no more around. But TPD will help you to continue your life if you become permanently disable. It’s a protection for you and for your financial commitment such as to settle any outstanding personal loans or medical expenses due to disability.