Yes — in most cases you can claim both TPD and income protection simultaneously, and one doesn't automatically cancel the other. Income protection pays a monthly benefit while you're unable to work, starting after your waiting period. TPD pays a one-off lump sum once your disability is assessed as total and permanent. The two policies serve different purposes and are generally assessed independently.
However, some super-linked income protection policies include a clause that ceases monthly payments once a TPD claim is approved, since permanent incapacity effectively ends the "temporary" nature income protection is designed for. Standalone policies outside of super tend to be more flexible. If you hold both, understanding exactly how they interact before you're in a position to claim is critical. Finsol helps Australians review their existing policies and identify exactly what they're entitled to claim and when.
