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Is the National Disability Insurance Scheme Enough to Protect You and Your Family?

Currently, the National Disability Insurance Scheme (NDIS) has two trial sites in the Perth area. The NDIS is under the umbrella of the National Disability Insurance Agency (NDIA). It is currently available for residents of two Perth suburban areas: the Lower South West and Cockburn/Kwinana.

Financial Planner Discuss NDIS

What is the NDIS?

According to their Government website, the NDIS is a scheme in which the disabled are offered community assistance to help them live better lives. It is designed to assist not only people with disabilities, but their carers and their families. It is intended to provide those who suffer a significant and permanent disability. Assistance includes information, referrals, individualised supports and plans, early intervention and support to help access activities and community services.*

However, there is one thing that the NDIS isn’t: it is not Total and Permanent Disability Cover.

What is Total and Permanent Disablement Cover (TPD)?

TPD or Permanent Incapacity (PI) cover is a wealth protection vehicle that pays you a pre-determined lump sum if you are disabled while the policy is in effect. You receive the lump sum if you are never able to work in your own or another occupation you are suited to through your education, training or experience.

Our parent company, AMP, provides TPD or PI cover. It is designed to provide support for you and your family if you are unable to work again. It is usually used to cover debts and to compensate for the loss of income.

There are three basic types of TPD cover: Own Occupation, Any Occupation and Activities of Daily Living (ADL). PI cover definition allows for Any Occupation and ADL only.

Own Occupation TPD covers you if you are unable to work in your own occupation again. Any Occupation TPD/PI covers you if you are unable to work in any occupation. ADL TPD/PI covers you if you are unable to conduct two out of the five activities of daily living.

Call Approved Financial Planners Today

Each individual situation is different. The best way to know whether or not you would benefit from TPD cover is to talk to one of our financial planners. Call 08 6462 0888 today.

*NDIS: “What Help Can I Get.: http://www.ndis.gov.au/people-disability/what-help-can-i-get