What is Permanent Total Disability or PTD?

This is a severe and unfortunate condition when a worker is no longer capable of returning to his work because of the injuries. Commonly called Total Permanent Disability, this term is applicable to any person who can never go back to his work in this life again. But the person will not be entitled to Permanent Total Disability benefits in case there are curative options available. If the doctor believes that the person may get better with time, then too, the employee will not be entitled to PTD compensations.

 

PTD in Insurance

Permanent Total Disability may refer to the loss of limbs. This can prevent the worker from continuing to work like he used to do earlier. If the employee has Permanent Total Disability coverage in personal accident insurance, he is entitled to a specific amount of compensation. However, if the worker decides to leave the workplace, he will no longer receive the PTD benefits.

Generally, insurance companies follow a specific set of regulations, whereby they categorize disability as per the amount of work that a person can do within a given time period.

• Temporary disabilities restrain a worker from contributing full time. This is termed as Total Temporary Disability or TTD.
• Permanent disabilities stop a worker from working full time for the rest of his life. We call it Partial Permanent Disability. And in case the person will not be able to work anymore in his entire life, it is called Permanent Total Disability.

PS: A small tip for you! If your account is at least 5 years old, you can withdraw all the funds by using Roth IRA without paying any kind of penalty.

You have read about the problem. Now learn about the solution!

 

Permanent Total Disability Coverage

There are policies available out there using which workers can get themselves insured against PTD.  In case you are wondering about the amount that a worker will be receiving, know that it is a fixed percentage of his average wage. The best part is that there are no limitations on the number of weeks throughout which the employee can continue to receive Permanent Total Disability coverage.

Special conditions in PTD

• In some rare cases, where the wages and disability policy together are not sufficient to meet ends, the law may allow the person to engage in some business activities.
• Also, students facing the condition of Permanent Total Disability may get their loans discharged, given that the injury will last for a long duration or until his/her death.

 

Why Should You Opt for Permanent Total Disability Insurance?

• Compensation of medical bills: Managing hefty medical bills can become extremely difficult when the family's main bread-winner is bedridden and unable to work. Buying PTD insurance coverage can help in managing medical bills. The assured sum will come in handy in paying for treatment and medical expenses.
• Financial security: The coverage will bring a sense of financial security for you as well as your family. The coverage will help you meet your daily basic needs. You can manage a standard life as well.
• No hindrance in children’s education: One can continue to pay for his/her children’s education. The assured sum will help the children to go to continue their education.

 

How can you buy a PTD cover?

Know that not all insurance plans cover PTD and hence choose a personal accident insurance plan which offers broad coverage. Do not hesitate if you notice that the premium is a tad bit high. Think of the benefits that this policy will bring in case something goes wrong.

Go through the terms and conditions of different PTD covers insurance plans.

How to qualify for Permanent Total Disability?

An individual will not be able to qualify for PTD benefits if the associated medical condition is not stable and permanent. This indicated the fact that if the doctor thinks that the patient may get better with the passage of time, or in case some curative treatments are available, the person will not be entitled to Permanent Total Disability benefits. The person can wait until his treatment gets over and all options are closed for him.

 

FAQs

Q. Does personal accident insurance covers PTD expenses?

Ans.Yes! There are several personal accident insurance plans which cover PTD expenses.

Q. What is the scale of compensation in case a worker loses one limb and one eye?

Ans.The policyholder will be entitled to 50% compensation.

Q. What is the full form of PTD in insurance?

Ans. The PTD full form in insurance is Permanent Total Disability.

Q. What is the difference between PTD and PPD?

Ans.PTD (Permanent Total Disability) is the situation when an individual won’t be able to go back to work ever again.

PPD (Permanent Partial Disability) is the situation when a person is capable of functioning and working but to a limited extent.