What is Split TPD and how does it work?
Last updated 09 September 2016
TPD cover pays a benefit if you become totally and permanently disabled. As it is designed to help with lost income, claims are assessed against your ability to work in the future, whether that is in your own occupation, or any occupation. TPD cover can be held inside or outside super and the definitions for ‘own occupation’ or ‘any occupation’ differ across the two.
Split TPD is a way to structure your TPD cover so you can have the benefits of TPD cover both inside and outside super. This means that any claim made is assessed against both ‘own occupation’ and ‘any occupation’ definitions, which could increase the likelihood of your benefit being paid.
There are other important factors to consider when deciding on whether Split TPD is right for you. It’s important you fully understand Split TPD and you can read more about it in the CommInsure Protection Combined Product Disclosure Statement and Policy.
Your financial adviser can help you work out whether Split TPD will suit your needs.
If you don’t have a financial adviser, a Commonwealth Financial Planner may be able to help you. To arrange a no-obligation consultation, simply call 1800 241 996.
You can call us on 13 1056 between 8am and 8pm, Monday to Friday (Sydney/Melbourne time) if you’d like more information on how Split TPD works.