Commonwealth Bank TPD Insurance - Features And Benefits

The total and permanent disability insurance was created to ensure that if you are unable to work due to illness or injury, then you will have access to a lump sum payment. There are several insurance providers who offer various versions of the TPD insurance, and you have the option of getting your insurance cover from the Commonwealth Bank. TPD insurance policy is offered by this bank and is uniquely designed to ensure that in the event that you are unable to work, then you will be adequately cushioned financially.


If you have the Commonwealth Bank TPD insurance policy, you will get a lump sum payment if you are unable to work due to illness or injury for at least three months. When acquiring your TPD insurance policy, you can decide to either bundle it with life care insurance or purchase the policy as a standalone cover. You also have the option of accessing your benefits from the first day, but this is limited to specific kinds of illness or injury


There are certain specific benefits that come with the Commonwealth Bank TPD insurance policy. The death benefit cover applies if you have a standalone TPD cover. A payment of 10,000 dollars will be made in the event of your death if you do not have any other TPD benefit that should be paid out on your death. An accommodation benefit will cover the cost of having a member of your family close to you if you are immobile and away from home.

The severe hardship booster benefit enables you to access a higher benefit amount for specific severe conditions, while the interim accident cover offers you a benefit if you are involved in an accident while your claim is being processed. With the loyalty bonus benefit, you get an additional five per cent with your benefit if you have had your TPD insurance for five years, and the financial planning benefit covers the expense of having a financial expert help you plan your finances once you get your TPD payout.

An indexed benefit takes into consideration the rate of inflation and therefore increases your cover annually to compensate you for the inflationary losses. If you are a full time home maker, there is a TPD cover that is specifically designed for you.

End Of TPD Cover

If you have a Commonwealth Bank TPD insurance policy, the cover is deemed to have ended when certain events happen. Once you are paid the TPD cover benefit, the cover will end. Your TPD cover will also end if you are paid the life care or terminal illness benefit. When your policy anniversary is before your 80th or 65th birthday depending on the type of policy you have, then it will have ended. If your cover has an expiry date, then that is the effective end of your policy.

If you are paid a TPD cover benefit for partial disability, the TPD cover will not end, but your cover will be reduced by the amount that has been paid out to you. However, if the amount of cover remaining after you receive your benefit is less than 10,000 dollars, then your TPD insurance cover will end.

Kerrie Peacock is an adept personal insurance researcher and you can benefit from her extensive research. For more information and tips on what can work for you, visit

This article was published on 24 Aug 2014 and has been viewed 601 times
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