TPI insurance is a product that protects against loss of earnings that may result from being unable to work for one’s occupation, or for the occupation designated by your TPI insurance company. One consideration of this type of insurance is that the insured person can never be completely disabled because an ability to earn money from alternate employment is assumed.
TPI insurance offers benefits in the event of sickness, injury, disease, childbirth, or maternity. The insurance company will pay the insured for a specified period of time, usually one year or less, depending on which policy is purchased, to perform their job. If the insured person receives benefits under other disability insurance policies and is unable to perform their TPI job, they can file a claim under their disability policy and the disability policy will pay the total of the two policies.
TPI coverage is different from health insurance coverage because it offers benefits only if you experience an injury while performing your TPI job.
What is TPI insurance?
TPI insurance is a type of Worker’s Compensation insurance that will provide benefits for certain injuries caused by occupational activities. In many states, an individual must be injured and unable to work within a specific period of time in order to be eligible for TPI coverage and those benefits are available even if the individual is not severely injured.
The only type of TPI that you can buy is medical TPI which pays you a specified amount when you are unable to perform your regular job in one year or less due to injury or illness. You may be able to buy other types of TPI policies, but they will have different limits of coverage.
Employees can purchase TPI coverage from their employer, but the amount of coverage depends on the employer’s policy. If you are self-employed, you will have to buy your own TPI policy.
How much does TPI insurance cost?
TPI insurance rates vary based on where you live and which type of coverage is chosen. As a general rule, medical TPI is more affordable than weekly or annual policies. Rates can also vary by age, gender, and occupation. The best thing to do is to talk to your local insurance agent or broker about the different types of policies available and what rates you may be eligible for.
If you are interested in medical TPI, then be sure to ask your insurance agent or broker what they think is the best type of policy for your situation. For example, if you have a bad back, and would prefer weekly coverage instead of medical TPI, your agent may benefit you more by suggesting either a daily or an annual policy. If you don’t buy the insurance from your employer but instead buy it from yourself (or another company), be sure to ask how the policy will change at renewal time.
Types of insurance
- Medical TPI pays you a specified amount of money every week when you are unable to work due to sickness, injury, or disease in one year or less.
- Weekly TPI insurance pays you a specified sum of money for the first two weeks (or shorter period) that you are unable to perform your regular job. After those two weeks (or a shorter period), the insurance company will start paying for your medical care under the medical TPI coverage.
- Annual TPI pays a specified sum of money for every 12 months (or shorter period) that you are unable to perform your regular job due to sickness, injury, or disease.
- Wage TPI pays you a specified amount of money every year if you are unable to perform your regular job due to illness, injury, or disease. There is no set time limit as to how long the insurance company has to pay the benefits but there is usually a cap on how much they will reimburse you during a specific year.
- Guaranteed maximum TPI pays a specified amount of money for every 12 months (or shorter period) that you are unable to perform your regular job due to illness, injury, disease, or childbirth. However, the insurance company will pay you for the number of weeks that you were unable to work more than the maximum amount specified in your policy within those 12 months.
Benefits of their insurance
- If you have a disability or injury and you cannot work, TPI will pay benefits.
- You lose the use of a limb or an organ, TPI will pay benefits.
- If you are injured and cannot work. TPI will pay benefits until you can return to your job or until your medical condition improves.
- The death of the insured person is caused by an injury on their job. The death benefit will be paid to loved ones. That depend on that income for support under specific circumstances.
- If you lose your job. TPI insurance will pay benefits while you search for a new job or if you cannot find employment.
- If your dependents become disabled or die. Because of an injury on their job, the dependents will be entitled to TPI benefits.
- TPI will pay for ancillary services such as physical therapy. And vocational training that may be needed after the injury or illness.
- You will be able to continue receiving full pay from your employer. If you meet specific requirements.
- If your injury or illness is job-relate. A TPI policy may replace lost wages after a one-year waiting period. As oppose to the two-year waiting period that is require by some other types of insurance.
- You were previously uninsured. Your premium may be less because of having to pay out-of-pocket health care expenses in the past.
- If you buy TPI from your employer. You may be able to receive a discount on your policy because it is an employee benefit.
- If you purchase the policy from your employer. It may help you to be promote or to keep your current job.
Disadvantages of this insurance
- If you don’t purchase your TPI insurance policy. Then you have to wait for the time limit for benefits to begin as outlined in your employer’s policy.
- If you are cover by another insurance policy (social security or disability insurance). The amount of TPI benefits that you could receive may be reduce by those policies.
- You can only receive benefits from one TPI policy at a time, regardless of which policy pays first.
- If you buy your own policy and become unable to work. You do not receive benefits until the waiting period is over.
- It may be difficult to find medical care if you are uninsured. Because there may be a delay in getting medical treatment. This could potentially result in an illness becoming more serious. Before treatment is provided, tiredness, and retarding of healing of an injury. Or the loss of limbs that can only be replace by the insurance claim.
- It may be difficult to get the discount premium if you are currently insure by another health insurance policy.
- If you have a pre-existing condition, your premiums may be higher than for others that do not have pre-existing conditions.
- It can be difficult to seek legal action against an employer who does not provide a workplace injury. Or illness policy for their employees. Because it is often very difficult for them to keep records of the facts. And circumstances that led to your injury or illness.
There are many types of health insurance and each one requires a different policy to be purchase. So you will need to read your policy carefully. If you want more information on the different types of insurance policies and the specific benefits of each one.
You can always talk to a health insurance agent or visit Google.com to search for “health insurance”. Or type in just the words your State name to find more information on health insurance in that State. Never buy health care without doing your research first.