Total and Permanent Disablement Insurance (TPD) pays out a lump sum in the event of a total and permanent disability caused by accident or illness. It is up to you to choose how to spend it. This can ensure peace of mind if you need to pay off your mortgage, getting the best medical care, improving access to your home and/or workplace, or ensuring your business survives.
Total and permanent disablement affects many New Zealanders. Some illnesses can affect your health gradually, and some rather quickly, until you’re not able to work. Or a serious accident could leave you totally and permanently disabled. It is easy to take good health for granted.
You can choose to be covered for any occupation, or just your usual occupation.
Why Total and Permanent Disablement Cover?
- Nearly 30 per cent of New Zealanders will be diagnosed with long-term illness or disability at some time in their life. (Statistics NZ, 2004)
- Every year, about 8000 people in New Zealand will suffer a stroke (or 22 people per day). (The Stroke Foundation of New Zealand, 2007)
- At the end of June 2010, 85,000 working-age people (aged 18–64 years) were receiving an Invalid’s Benefit. (Ministry of Social Development, National Factsheet June 2010)
- 92,700 adults (3% of the adult population in New Zealand) have a disability that requires a high level of support.
- Disease or illness is the most common cause of disability in adults, followed by accidents or injuries, with the most common type of accident or injury caused is one that occurs at work. (Statistics NZ 2006 Disability Survey).