TPD Insurance in Australia
Total & Permanent Disability cover pays a lump sum if illness or injury permanently stops you working, as defined in the policy. It is one of the most commonly overlooked covers for working Australians.
- Indicative lump sums from $250,000 to $5 million, subject to the product and underwriting
- Own Occupation, Any Occupation or split definitions, depending on the product
- May be funded through superannuation, where available
- Some insurers may offer different pricing when TPD is linked to life cover
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What is TPD insurance?
TPD (Total & Permanent Disability) insurance pays a lump sum if illness or injury permanently stops you working, either in your own occupation or any occupation you're suited to, as defined in the policy. The proceeds may be used for things such as clearing a mortgage, ongoing medical care, home modifications, retraining, or replacing income lost over a working life.
Depending on the product, TPD cover may be available using an Own Occupation, Any Occupation or split definition. Eligibility, ownership requirements and policy definitions vary. Some insurance products allow TPD cover to be structured inside and outside superannuation. Definitions, availability, costs and ownership requirements vary between products.
What may be included
Lump sum benefit
Where a claim is admitted, a lump sum may be paid to you, subject to the policy terms and definitions.
Different definitions
Depending on the product, cover may be available on an Own Occupation, Any Occupation or split definition. Eligibility and ownership requirements vary.
Linked with life cover
Some insurers may offer different pricing when TPD is linked to life cover. Actual premiums depend on the insurer, policy structure and applicant.
Super funding option
Some TPD cover may be funded from a superannuation balance, where available. Eligibility depends on the product, insurer, super fund and applicable superannuation rules.
Higher sums insured
Cover of up to around $5 million may be available on some products, subject to eligibility and underwriting.
Indexation options
Some products offer automatic CPI indexation of the sum insured, where available.
Who commonly considers TPD insurance?
- Tradespeople and manual workers exposed to injury risk
- Professionals whose income depends on specialised skills
- Sole income earners supporting others
- Anyone with a mortgage or significant personal debt
- Business owners with personal guarantees on lending
- Self-employed Australians without employer disability cover
What it costs
Indicative monthly premiums for $500,000 of TPD cover (Any Occupation, inside super), healthy non-smoker, stepped premiums. Figures are indicative only, are product-dependent and are subject to insurer eligibility and underwriting.
| Age | Indicative monthly premium |
|---|---|
| 30 | $20 - $40 / month |
| 40 | $45 - $80 / month |
| 50 | $110 - $200 / month |
| 60 | $280 - $480 / month |
- • Own Occupation TPD held outside super may cost more than Any Occupation cover, depending on the product.
- • Manual or high-risk occupations may attract higher premiums, depending on the insurer's occupation rating.
- • Some insurers may offer different pricing when TPD is linked to life cover. Actual premiums depend on the insurer, policy structure and applicant.
- • Figures are indicative only and not a quote. Every sum insured, condition and feature shown is product-dependent and subject to insurer eligibility and underwriting.
These figures are illustrative only and are not a quote. Premiums, features, limits and availability depend on the insurer, product, policy structure, occupation, health, age, smoking status, eligibility and underwriting. Refer to the relevant Product Disclosure Statement and obtain a current quote before making a decision.
Frequently Asked Questions
Straight answers from a specialist helping Australians.
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Approved Product List
Our product comparisons are limited to the life insurance products available through our licensee-approved product list. We do not compare every insurer or insurance product available in the Australian market.
Products currently available through our approved product list: Neos Protection, Encompass Protection, Futura Protection, PPS Mutual.
General Advice Warning
The information on this website is general information only and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness having regard to your own objectives, financial situation and needs, and consider the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and our Financial Services Guide (FSG).
Read our Financial Services Guide.