While TPD and TTD insurance are quite similar insurance coverages, there are some distinctions you should know.
TPD vs TTD Insurance Claims
Before making an insurance claim, it’s vital that you understand what each type of insurance covers.
TPD insurance
TPD, or Total and Permanent Disability, insurance is designed to support people who can’t work a regular job.
This inability to work is usually from a:
- Physical injury.
- Disability.
- Health problem.
- Psychological issue.
For a TPD claim to be successful, claimants must prove their illness, disability, etc. that prevents them from working a job that they otherwise have the skills for.
Successful TPD insurance claims allow people to get their superannuation funds earlier than normal if they so wish.
TTD insurance
TTD, or Total and Temporary Disability, covers injuries and illnesses over a shorter timeframe.
Some issues that may be eligible for a TTD insurance claim include:
- Physical injuries, such as a broken bone.
- Mental health issues after traumatic events.
- Post-surgery recovery.
- Illnesses like cancer.
TTD insurance also covers you if you’re still able to work but have to reduce your hours of work or take on a different role due to an injury or illness.
Like TPD claims, you’ll also need to prove that your injury or illness affects the duties of your current job.
But the major difference is that TTD payments are based on a percentage of your normal salary and you can only receive payments for a set period of time.
Major differences
- TPD insurance claims are usually paid as a lump sum while TTD payments are paid monthly for a set period of time.
- TTD payments are based on a percentage of your salary while TPD payments are a lump sum.
- TPD claims are for permanent medical conditions while TTD claims are for temporary medical conditions.
Do You Have a TPD or TTD Claim to Make?
It’s a good idea to schedule a consultation with an expert lawyer to figure out what you’re eligible for. And while most insurance claims are approved, there can be lengthy delays if the insurance provider questions your eligibility or denies your claim.
That’s why it’s vital to have a lawyer in your corner that knows about TPD and TTD claims. If you believe you’re eligible for a claim, get in contact with us today.