TPD cover provides a lump sum payment if you suffer a disability before retirement and can’t work again, or can’t work in your usual occupation or chosen field of employment.
TPD can be purchased as an add on, or as a stand alone policy
You can buy TPD as an add on to term life insurance, or as a stand alone product. You can also get TPD as an extra benefit from your super fund or as part of a trauma insurance product.
Tax Treatment Outside Super
- Premiums are not tax deductible.
- The benefit payment is tax free if paid to the injured person or their relative.
Tax Treatment Inside Super
- Premiums are generally tax deductible for the super fund.
- Superannuation contributions made to fund premiums may attract various tax concessions.
- The benefit payment you receive may be taxed.
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