The term ‘Total Permanent Disability’ is given to the condition, when you’re permanently and completely unable to work due to injury or sickness. This means that in the event you suffer a lifechanging and irreversible disability that stops you from working, you are liable for compensation. Statistics show that the number of Total Permanent Disability Claims were victims did win compensation, stand at around 3% over the past decade, but there were a further 55% claims that were rejected, for not meeting the definition of totally and permanent disability.
The payout rates for Total Permanent Disability compensation stand at 90% in most critical illness plans, but most insurers generally tend to give a very low payout for the TPD, because of a general lack of understand among consumers about the TPD covers.
TPD – Just One Critical Illness Condition
You should know that Total Permanent Disability is only for a condition when you are unable for work due to a diagnosis from a specific condition. It doesn’t qualify for people who are working with a disability, and is covered in only 1 out of 35 conditions in a critical illness plan. Most claims made on critical illness policies are related to strokes, heart attacks, and cancer.
There is some confusion regarding paralysis, and whether it is covered under the critical illness plan, because if you are paralyzed for life, it is likely that you will never be able to work again. However, most critical illness plans do cover paralysis, so you don’t have to file it under TPD.
Options for Compensation
If you have become permanently disabled due to a work injury, which has a massive effect on the future income of your family, you do qualify for a Total Permanent Disability claim. This is only for people who are permanently disabled from returning to their jobs, if they had good jobs with great pay, and a company where they were planning to work for many years.
However, there is hope for people living with permanent disability, since there are multiple options available to them for making a complete recovery and getting back to work. The physical pain will not subside, and the reality is that the compensation benefits aren’t going to last forever. Therefore, the following options are going to lessen the financial burden of not being able to work any longer.
Option 1: Find a New Job
Most people with Permanent and Total Disability may qualify for some type of work, depending on their disability. This is also subject to doctor’s approval, for a person to get involved with physical activity, and there are times when doctors to recommend some light activity to keep the body and mind healthy.
Option 2: Settle
Settling is generally the most popular option out of all that are available for Total Permanent Disability workers, since it allows them to receive compensation benefits from the company where they worked in the form of weekly payments and medical benefits. This will only happen if the insurance company and the injured worker reach an agreement on a sum of money. Settlement can’t be reached by form, and the settlement amount is totally negotiable.