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Total and Permanent Disability

Total and Permanent Disability is a lump sum paid to the insured should they become totally and permanently disabled through any illness or injury. This means that the insured person is possibly never going to go back to work. Insurance companies generally impose a 3 or 6 month waiting period before considering any possible payout.

Total and Permanent Disability may be taken out in the insured's name or through superannuation. One must however keep in mind that although through superannuation there may be tax advantages, the ability for the superannuation fund to release any money paid may be curtailed due to compliance of the Superannuation Industry Supervision Act.

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