TPD insurance policies will generally fall within two very distinct categories, and it is therefore crucial that proper advice is obtained prior to putting this cover in place.
Many Australians have some level of TPD insurance incorporated within their employer sponsored superannuation. TPD insurance held within a superannuation fund is subject to both the insurer's TPD definition and meeting a condition of release from super.
TPD insurance with an "own occupation" definition can be held inside superannuation but is less likely to be released from super compared to an "any occupation" policy. Own occupation means that you are unable to return to an occupation for which you are suited by way of education or training. For example, if you are a doctor then you would not be capable of returning to work as a doctor.
Therefore, people with specific qualifications should very seriously consider putting in place own occupation TPD insurance.
If you are aged over 55 and depending on your personal circumstances, there are even more variables to consider.
The key message here is to make sure you get advice before putting this cover in place.
Speak to one of our specialist advisers who would be happy to examine your personal situation and make appropriate recommendation