NobleOak’s Premium Life Direct products include comprehensive Total and Permanent Disability (TPD) Insurance cover for up to $5,000,000. This cover is available only when accompanied with Life insurance cover and the amount of cover can be equal to or less than the Life insurance cover.
In the event you become totally and permanently disabled due to severe sickness or injury, NobleOak will pay the full sum insured as a lump sum and this will be drawn down against the value of your Life Insurance cover.
Smarter TPD Insurance
With award-winning cover, personal service, and lower premiums NobleOak really is the smarter way to protect your life.
Award-Winning TPD Insurance
We are proud to provide outstanding value TPD protection to Australians, backed by a major global reinsurer for that extra security. It’s one reason why we have won the Strategic Insights Direct Life Insurance Excellence Awards for our TPD Rider cover in 2016 and 2017.
No Surprises Cover
We offer fully underwritten TPD Insurance cover. This means we take time to get to know you up front by asking health and lifestyles questions. This results in cover that is tailored to you, providing you and your loved ones with greater certainty in the event of a claim.
Life Insurance Features
To help protect you against inflation, your cover amount will increase each year using the Consumer Price Index (CPI). Your premiums will be adjusted accordingly with these increases.
Dedicated Claims Support
If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.
Cover with Global Backing
NobleOak’s products are backed by Hannover Life Re who is a leading global reinsurer. We are also an APRA regulated Life Insurer with a history dating back over 140 years.
If you become totally and permanently disabled due to a severe sickness or injury, NobleOak will pay you the full sum insured under your cover as a lump sum. If your sum insured is more than $3,000,000, the cover in excess of this amount will be assessed on our “Any Occupation” TPD definition.
Total and Permanent Disablement means, where solely as a result of your ill-health (whether physical or mental):
- You have been absent from work (or Domestic Duties) for a continuous period of at least 6 months, and at the end of those 6 months, we are reasonably satisfied that your ill-health (whether physical or mental) makes it unlikely that you will:
- If the ‘Own’ Occupation definition applies: ever again engage in your own occupation.
- If the ‘Any’ Occupation definition applies: ever again engage in any gainful employment for which you are reasonably qualified by education, training or experience.
- If the ‘Domestic Duties’ definition applies: ever again be able to perform your usual unpaid Domestic Duties; or
- You have suffered Loss of Limbs and/or Sight; or
- You have suffered Loss of Independence.
- If this cover is held by a trustee of a superannuation fund, the ‘Any Occupation’ definition will apply.
- If at the time of claim you are not gainfully employed for at least 15 hours per week and you are under the age of 65, the ‘Domestic Duties’ definition will apply.
Premium Freeze Option
You can fix the cost of your cover at any time by writing to us with a request to freeze your premium payment amount. This means that:
- Your future premiums will be fixed at the amount you were paying on the date of notification; and
- Each year your TPD cover sum insured will be reduced to match the amount of cover that could be purchased with frozen premium.
You can write to us at any time to end your Premium Freeze request and your cover will return to normal increases on the next anniversary of your cover.
Future Increases Benefit
You can increase your cover amount without the need to provide further medical evidence if one of the following events occurs:
- You marry
- You register a new business partnership
- You take out or increase a mortgage on your primary place of residence
- You or your partner gives birth to or adopts a child.
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How to Apply
Get a Quote
One of our friendly insurance specialists will help you complete your Life and TPD Insurance quote over the phone or online.
If you’re happy with the quote, you can apply immediately for Life and TPD cover either over the phone or book a time for a call back.
We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.
TPD Insurance Simplified
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Frequently Asked Questions
What is Total & Permanent Disability (TPD) Insurance?
TPD Insurance is a popular and important type of cover that is often purchased as an optional extra with Life Insurance cover. While Life Cover provides financial protection for your family in the event of your death, and Income Protection Insurance provides cover if you can’t return to work temporarily, TPD Insurance is there to help you and your family if you become severely disabled and unable to ever work again.
Having this type of cover in place can help ensure your family will not be left with a major financial burden. For example, a TPD Insurance benefit may be used to ensure:
- All major debts such as the home mortgage, credit cards and personal loans can be paid out
- You can afford to either move to a new house or make modifications to your existing home
- You can pay for any ongoing care and medical costs.
How much TPD Insurance cover do I need?
Working out how much TPD Insurance cover you need in the event of a catastrophic injury or illness can be challenging, however this need not be difficult. A simple ‘rule of thumb’ is 10 to 15 times salary as a starting point. The amount of TPD cover will depend on your individual circumstances and should always include your overall debts and replacement of lost (future) income.
How Your Future Income Could Be Impacted
How much do you currently earn and how much do you and your family rely on your income? TPD Insurance can cover your future living costs for you and your family by replacing your lost income.
If you become seriously disabled, your partner may be forced to give up work to help care for you, which could mean your family has no ongoing income stream. Alternatively, if your partner can continue to work, you may need to pay for a carer to help you on a daily basis.
Paying Your Debts
If you have a mortgage, you may want to ensure that you pay this off and clear any other outstanding debts such as credit card and car payments. This will reduce the financial stress for you and your family.
Caring for Your Dependants
How many children you have and their ages could be considered in your of TPD Insurance cover calculations. The younger your children are, the longer they will be financially dependant on you. You could factor in school fees and out of school activities, as well as health insurance premiums, annual holidays and other incidental expenses, on top of the day-to-day living costs.
Paying for Rehabilitation Expenses
If you were totally and permanently disabled and unable to work again, your TPD cover payment would also help cover the cost of any long-term care and ongoing medical expenses. These expenses can readily run into hundreds of thousands of dollars over many years, and having these costs covered will allow you to focus on your treatment and rehabilitation.
The Right Insurance for You
Having the right amount of TPD Insurance cover in place is crucial. Contact NobleOak to learn more about our TPD cover, and conduct research or speak with an adviser to learn more about getting the right amount of TPD Insurance cover for you.
What does Any Occupation TPD definition mean?
If the ‘Any occupation’ definition applies to your TPD Insurance cover, then the benefit will be payable if your disablement renders you unlikely to ever again engage in any gainful employment for which you are reasonably qualified by education, training or experience. Due to the broader nature of this definition compared to ‘Own Occupation’ definition, the premiums are lower under this cover.
If you are seeking Life Insurance and TPD Insurance cover under your self-managed superannuation fund, then under SIS legislation the ‘Any Occupation’ definition will be applicable to your TPD cover.
What does Own Occupation TPD definition mean?
If the ‘Own Occupation’ definition applies to your TPD Insurance cover, then as the definition implies, the benefit will be payable if your disablement renders you unlikely to ever again engage in your own occupation. As this definition is very specific to your occupation and the duties associated with your occupation, the premiums for this cover are higher than for the ‘Any Occupation’ definition. ‘Own Occupation’ TPD Insurance cover is available to all NobleOak’s occupation classes except for Heavy Blue Collar (HBC) clients.
As an example, Patricia is a Cardiac Surgeon and she has ‘Own Occupation’ TPD cover in place. She develops debilitating arthritis in her hands and she is no longer able to perform surgery. As she generates the majority of her income from her surgery expertise she will receive her TPD benefit payment.
Are there any standard exclusions on my TPD Cover?
NobleOak’s Total and Permanent Disability (TPD) Insurance cover only has one standard exclusion. This is related to any intentional self-injury or attempted suicide while sane or insane within 13 months from the commencement, reinstatement or increase of the insurance cover (but only to the extent of that increase).
Other Exclusions Specific To You
Other than the standard exclusion mentioned above, NobleOak’s Underwriters may have deemed it necessary to apply other specific exclusions to your cover after review of your initial Application (and reviewing any additional medical evidence obtained at that time). The exclusion(s) would have been determined after your health and pastime activities had been assessed. Any exclusions applied by our Underwriters are specific to your circumstances and are detailed within the Special Acceptance Terms which were agreed with you prior to the commencement of your cover.
Will my TPD claim payment be considered as taxable income?
If you have TPD cover outside super, as this is paid as a lump sum, any benefit payment will generally not be considered as taxable income.
If you are purchasing Life and TPD Insurance for business purposes, your tax situation may be different. In these situations, and for all queries about taxation, we recommend you seek advice from your accountant or financial adviser.
Is TPD Insurance tax deductible?
No, the premiums payable for Total and Permanent Disability Insurance cover are generally not tax deductible.
However, if you are purchasing Life and TPD Insurance cover for business purposes and the business will own the cover, then your tax situation may be different. In these situations, we would recommend that you seek advice from your accountant or financial adviser.
Is Trauma Insurance the same as TPD Insurance?
No, Trauma Insurance is different from TPD Insurance. A Trauma benefit is payable on the diagnosis of one of the listed medical conditions under the Trauma agreement, regardless of disability or your capacity to work. A TPD benefit is paid if you become totally and permanently disabled due to a severe sickness or injury and you are unable to ever work again.