CHEAPEST TERM AND TPD INSURANCE

GOLD WINNER AIA AUSTRALIA A safety net can protect your finances in case of serious injury or illness

Serious injury or illness can strike all of us, and if it meant you could no longer work even the best-laid plans can be thrown into chaos. That’s where TPD insurance provides a financial safety net. It’s almost always packaged with life cover, and the one-off payout that applies if you are totally and permanently disabled provides money to live on as well as funds to meet medical or rehabilitation costs.

AIA Australia takes out top place this year, leaving MLC, which won this award for each of the two previous years, in second spot.

AIA’s TPD cover includes a financial planning reimbursement for financial advice up to $3000 to assist with managing or investing a payout arising from death or terminal illness. It also comes with a premium freeze, which keeps the premium the same each year by reducing the amount you are insured for. But the level of cover automatically increases either in line with inflation (CPI) or by 5% annually (whichever is higher), unless the policy holder opts out of this feature. Cover is available for self-employed people.