Life insurance is one of the most important investments a person makes in their lifetime. A life insurance policy ensures that you and your family are financially secure if you become sick, are seriously injured or die unexpectedly. The level of life insurance you require depends on your individual circumstances and personal liabilities such as mortgages and other debts. Often people think of getting life insurance as they age. This is not ideal for two main reasons:

• the premiums are higher the older you are; and
• the level of cover is lower if you apply at a later age.

In Australia life insurance is regulated federally under:

• the Life Insurance Act 1995 (Cth) and its regulations;
• by the Australian Prudential Regulation Authority (APRA); and
• the Australian Securities and Investments Commission (ASIC).

Total and Permanent Disability or TPD is an additional insurance cover offered under a life insurance policy. Under this policy a benefit is paid to the policy holder if the insured person becomes totally and permanently disabled and as a consequence of their disability cannot work again.

This Legal Guide on TPD & Life Insurance provides consumers with information about various types of life insurance policies available in Australia. Before making important decisions it is advisable to obtain legal advice specific to your situation. LegalEagle’s™ free directory profiles all lawyers in Australia. You can use it to Find a Lawyer near you.

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Warning: Information provided through LegalEagle™ is for general guidance. It is not legal advice. Laws and procedures referred to may change and differ between states, territories and nationally. There may also be important exceptions or qualifications. Only a lawyer providing formal legal advice can assess your particular circumstances to determine how the law will apply.