Why have TPD cover?
Rest’s Total and Permanent Disability (TPD) insurance cover is designed to provide a lump sum payment to support you with the financial expenses you may incur (such as medical treatment or ongoing care) if you have a sickness or injury and it’s unlikely that you will ever work again in a suited occupation.
How much cover is provided?
Our Rest Super default level of TPD cover has been designed to provide some initial financial support for a typical member, regardless of whether they are full-time, part-time or casual, based on the age of the member and how much we believe they can afford to spend on premiums while protecting their retirement savings. Our Rest Corporate default level of TPD cover is chosen by your employer and can be found in your Employer Plan Summary.
The default level of TPD cover might not be right for everyone, so you have the option to apply for a level of cover that is right for you – whether it’s higher, or lower than the default level.
What happens if I need to make a claim?
If you need to make a claim, Rest’s insurer will consider your ability to perform the same (or similar) role, taking into account your previous education, training and employment experience. If you didn’t work at all for 13 months or more before being certified by a doctor as disabled, Rest’s insurer will look at different aspects of your sickness or injury (such as not being able to look after yourself ever again without help, or losing limbs and/or sight), prior to determining how likely it is that you can return to work in a role that reasonably meets your education, training or experience.
If your claim is accepted by the insurer, the insurance benefits will be paid into your super account. If you then confirm that you want a lump sum paid to you, Rest is required by law to check that you meet what is known as a “condition of release” which means that you can have your super (including insurance benefits) released to you before reaching your retirement age. If a lump sum is paid to you, all or part of your withdrawal may be taxed.
Other terms and conditions apply to TPD insurance cover. You should read the relevant Insurance Guide here to determine if Rest’s TPD cover is right for you.