TPD is an abbreviation for “total and permanent disability”. Total and permanent disability is defined as the fact that you are currently unable to work, or that you will be unable to work in the future, due to a physical or mental illness.
What does TPD insurance aim for?
Total and Permanent Disability (TPD) insurance is a financial security that aims to support you and your family if you become incapacitated. It is a type of life insurance where you can request a lump sum payment if you become incapacitated during the term of your policy.
TPD Claims for Depression
Depression is one of the most common mental disorders that a person may encounter throughout his life. In order to be the subject of a TPD claim, depression must have a serious course. In addition, TPD can be claimed if this level of depression is so high that the person does not do usual work.
Not every case of depression will be considered a permanent disability. For this reason, you are expected to apply with a medical report stating the level of your condition.
Psychological illnesses and conditions are within the scope of TPD claims if they prevent you from being employed in your usual occupation.
What should be considered when claiming TPD for depression?
You should contact your pension fund before claiming TPD. So, you will find out what your insurance policy covers. Your policy will detail whether your policy allows for TPD, the eligibility requirements for making a TPD claim including their definition of TPD and when that TPD had to have occurred.
Also, you will need medical evidence to support that although you have depression, to what extent, that depression has affected your ability to return to work.
You will need a lot of evidence and documentation before you can claim TPD for depression. For example, a detailed medical report explaining why you cannot do your job, a document detailing your occupation, payslips, etc. If you’re requesting TPD for depression, conditions aren’t the best for you anyway. The claim process is also challenging enough and can add to your existing frustrations.
TPD lawyers work on your behalf to provide the necessary evidence during this process and make the process easy for you.
What TPD benefits can you get for depression?
The expected result of a TPD request is a single lump sum payment if the evidence is accepted and it is understood that you will not be able to return to work.
This lump sum amount is not the same for everyone. It depends on your situation and the coverage of your policy. To say an average payment amount; It ranges from $50,000 to $350,000. However, since each situation is different from each other, it has been observed that this amount has increased to $2,000,000. For this reason, it is recommended that you work with lawyers who will manage the process well for you.