Total and permanent disability (TPD) insurance pays a lump sum if illness or injury means you can never work again. Income protection pays a monthly benefit, typically up to 70% of your income, if you're temporarily unable to work because of illness or injury.

In this short video, McKern financial adviser Kristian Tangan explains both covers and how waiting periods work: you choose how long you wait before income protection payments start, and the shorter the waiting period, the higher the premium.

In this video

0:00 What is TPD?

0:24 What is income protection?

0:45 How long does it take to get paid?

General information only, not personal advice.