It’s a cover or protection strategy to get a lump sum benefit if you become totally permanently disable and unable to work due to illness or accident.
Life is full of uncertainty. An accident or sudden illness can change everything in your life. Most importantly, your financial circumstances and lifestyle can be impacted significantly if those events happen.
Often, it may not seem very clear to take both life insurance and TPD cover. Remember, life cover mainly pays the benefit to your nominee when you will be no more around. However, TPD will help to continue your life if you become permanently disabled. It is a protection for you and your financial commitment. TPD cover can help to settle any outstanding mortgage or medical expenses due to disability.