Change your TPD option

Total and Permanent Disablement (TPD) insurance helps protect you if you can no longer work due to serious illness or injury. There are generally two types of TPD cover — TPD with an Own Occupation definition and TPD with an Any Occupation definition.

Switching from TPD with an Own Occupation definition to TPD with an Any Occupation definition can reduce your premiums, but it also means it’s harder to qualify for a claim. You’ll need to show that you can’t work in any occupation that suits your skills and experience, not just the occupation you had before.

Before making this change, it’s important to speak with a financial adviser to make sure it’s the right choice for you.

What is the difference between Own Occupation and Any Occupation?

There are two types of TPD cover — Own Occupation and Any Occupation. These are explained in your Product Disclosure Statement (PDS).

Here’s a quick summary:

TPD Own Occupation cover means you may be able to claim if you’re unlikely to ever work in your own occupation, after being continuously disabled for three months.
TPD Any Occupation cover means you may be able to claim if you’re unlikely to ever work again in any occupation that matches your education, training or experience, after being continuously disabled for three months.

Please ensure you read your PDS and any updates to fully understand the details of your cover. This webpage provides a general overview only and does not form part of your policy.

Why switch to Any Occupation?

Switching to Any Occupation definition can help lower your insurance premiums. This may be useful if you want to reduce your insurance costs while maintaining the same sum insured. But it’s important to know that it is more difficult to qualify for a claim under Any Occupation. The rules for claiming are stricter because you must be unable to work in any suitable occupation, that matches your education, training or experience — not just your current occupation.

In addition, if you change your TPD Cover to Any Occupation definition and later wish to revert to Own Occupation definition, you’ll need to reapply. This involves underwriting and approval, where we’ll assess your health, lifestyle, and financial details. Please note, Own Occupation cover may not be available again or could come at a higher cost.

Things you may want to discuss with your financial adviser before switching

How would this change affect your ability to claim?
Can you afford to keep Own Occupation cover?
Do you have other financial support if you can’t work?

Everyone’s situation is different. That’s why it’s important to get advice before making changes to your cover.

Speak to a financial adviser first

Switching from Own Occupation definition to Any Occupation definition is a big decision. A financial adviser can explain what this change means for you. They can help you understand the risks and whether this option suits your needs.

To organise a review of your life insurance, contact your financial adviser. If you don’t have a financial adviser, we can help you find one.