Total and Permanent Disablement (TPD) insurance provides a lump sum payment if you fall ill or are injured and can’t work again. This money helps you pay off debt, cover medical and rehabilitation costs, establish an income stream and modify your lifestyle to accommodate your disability.
You can have Total and Permanent Disablement insurance through Mine Wealth + Wellbeing. Eligible employer-sponsored members automatically receive Basic Total and Permanent Disablement insurance upon joining, but if this isn’t enough for you or you’re not eligible, you can apply for Voluntary Total and Permanent Disablement insurance.
Did you know
The chance of being
disabled increases the older you get. In fact, the chance of a 40 year old male
becoming disabled before age 65 is 40% *
*Australian Bureau of Statistics. Disability, Ageing and Carers, Australia: Summary of findings – 4430.0.2012
Claiming on your total and permanent disability insurance
Unfortunately, too many people miss out on claiming on their Total and Permanent Disablement insurance because they either don’t know they have it (since it's often automatically provided to them through their super fund) or they don’t know they’re eligible to claim.
You can make a claim on your Total and Permanent Disablement insurance even if you:
- receive workers compensation payments
- become injured or fall ill outside of work
- are already claiming income protection benefits.
If you’re injured or sick and this stopped you from working, make sure you give us a call on 13 MINE (13 64 63) to see if you meet the Total and Permanent Disablement definition.
How much insurance do you need and how much will it cost?
The amount you need depends on your income, debts and how many people depend on you financially. As both Death and Terminal Illness and Total and Permanent Disablement mean you can no longer earn an income, both insurance types should provide for the same amount.
The cost of your insurance depends on how much insurance you have, your age, gender and job. Premiums are generally more expensive the older you are, if you smoke, have a history of illness or work in a dangerous job.
Don’t work underground?
If you don’t work in an underground mine, make sure you tell us your job classification. If you don’t tell us, you’ll be charged the mining rate. As this is the most expensive rate, you may pay more for your insurance than you have to.
Tell us your job classification