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[QUOTE="Emm, post: 168980, member: 3"] [JUSTIFY]There are times when it may seem that claiming for the two is the same. In some cases this is true. The two benefits are similar because both pay out the same amount. The difference however is that if you choose to claim on one of them then you cannot claim on the other. Here is what you need to know about these two benefits. If you currently have an entitlement to income protection or another benefit, you may be able to claim on a TPD. Unfortunately, in all instances where a benefit is being claimed on for both TPD and stand-alone income protection policies, it's advisable that you get some free professional advice first. It's worth remembering that the two policies are not always the same. So long as you are certain you are eligible, then you could be eligible to make a claim on your TPD. If you already have a medical expenses benefit, you may also be able to claim on this for both TPD and stand-alone income protection policies. For most medical expenses you do have to be receiving benefits from another policy for more than five years. You also have to be in receipt of a regular income supplement that has been credited to your medical expenses. In addition you may be eligible for medical expenses coverage under the New Zealand Life Insurance Company scheme. Speak to your provider or your plan provider to find out what is available to you. TPD benefits only last for a certain period of time. If you reach the end of the TPD period, you will lose your entitlements to monthly benefit. The longer you are unable to work, the longer you will have to continue paying for your cover. If you become unemployed you are still able to make monthly premium payments for the duration of the lump sum period. However after this time you will lose any remaining entitlements to monthly benefit. Income protection is a complex area of insurance so it's worth getting professional assistance when considering TPD or income cover. A personal advisor may be able to better understand your circumstances and therefore better advise you on which policy would be the most suitable one for you. The advisor will sit down with you and go over your unique situation and the options open to you. They will be able to provide you with advice as to whether TPD is the best type of protection for you. They will also sit down with you and discuss the implications of various scenarios including how your circumstances will change from early onset illness, through sickness, through redundancy and into retirement. When comparing TPD with other forms of protection, such as accident benefits, you should remember that you can only claim up to so much in accident benefits before you lose the right to it. The level of accident benefits you receive can be increased once you meet the criteria for personal disability. Once you become permanently unable to work you lose your TPD. However in certain cases you can claim back some of the benefits you were awarded during your TPD. This is known as an enhanced payout. It is important to remember that any money you are awarded in compensation for loss of income and/or other benefits will have to be paid back.[/JUSTIFY] [/QUOTE]
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