It’s hard to appreciate the value of insurance until something happens to you or someone close to you.
Becoming totally and permanently disabled is undoubtedly one of the most difficult adjustments a person may ever have to make in their lives. The emotional and financial effects on you, and those close to you, can be devastating.

From independence back to dependence

Could you cope if you suddenly found yourself needing to rely on others for everything, such as taking a shower, getting dressed or feeding yourself?

Suddenly finding yourself dependent on others would be a big life change, especially if you’ve spent your adult years providing for yourself or even taking care of others.

And it’s not just you who is affected. How would your family cope if they suddenly had to provide you with constant care?

These emotional effects will challenge you and your loved ones to the very core. You can’t prepare for the emotional upheaval but, fortunately, you can do something to remove the financial burden.

Remove the financial burden

If your ability to earn an income was taken away how could you fund your living expenses? Even if you have some assets behind you, would you want to be forced to sell them?

Total and permanent disability (TPD) insurance pays you a lump sum if you are permanently unable to work again as a result of sickness or injury so you can:  

• Pay out all your debts and retain your home
• Cover your anticipated medical costs
• Cover the additional costs of modifications to your home
• Provide for your current living expenses until age 65
• Provide education costs for your children until they reach university

 Do you need TPD insurance?

We are all at risk of becoming totally and permanently disabled even if our job involves sitting at a desk rather than working with heavy machinery.

All it could take is a car accident or even an accident during your leisure activities such as road cycling, skiing or boating which can result in serious injury.

The financial costs associated with becoming totally and permanently disabled can be substantial.

There are immediate and ongoing medical expenses and potentially home modification costs. And of course, there will still be the usual day-to-day living expenses and other debts, such as mortgage for example, that need to be covered.

So even if you are single and debt free having TPD cover can help you cover your future living costs.

Our purpose at GTC Financial is to help our clients exceed their goals so they become financially independent. Having TPD insurance that suits your circumstances is an important part of building the foundations of for financial independence. If you are not sure what your TPD insuance covers or if it is enough or you don't have any contact me on 07 49725177 / email: emma.brooke@gtcfin.com.au .

This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.