Everything about Total Permanent Disability Insurance totally explained
Total Permanent Disability (TPD) is a phrase used in the
insurance industry and in
law. Generally speaking, it means that because of a
sickness or
injury, a person is unable to work in their own or any
occupation for which they're suited by
training,
education, or
experience. An individual or group of individuals can insure themselves against it, often as part of a
life insurance package, as
worker's compensation, or separately.
Definitions of permanent disability
A
permanent disability is one that "will remain with a person throughout" his or her lifetime, or he or she won't recover, or "that in all possibility, will continue indefinitely."
Insurance companies often have slightly different definitions of what determines
permanent disability. However typical definitions would include:
- Loss of two of: eyes, arms or legs.
- Absence from work for six months due to an accident or illness, without expectation of returning to work.
United States
Under
Worker's compensation law, each
state and
province has a definition of permanent disability.
Under
No-fault insurance law,
New York defines
significant injury as including a
permanent loss of use.
Distinctions
TPD differs from
income protection insurance in that the insured person must be permanently disabled for the insurer to pay out, rather than just
absent from work for an extended period of time.
Further Information
Get more info on 'Total Permanent Disability Insurance'.
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