Total Permanent Disablement
Provides a lump sum due to being permanently unable to ever work again because of an accident or illness…
You may find this benefit built into the trauma product as a condition with some insurance companies, for more information please ask.
Main events covered
This benefit pays a lump sum if you become totally and permanently disabled and will never work again according to definition Own, Any occupation or unable to preform 2 of 5 day to day listed duties.
Other definitions could result in a claim, Loss of sight or limbs, or significant cognitive impairment, depending on the insurance company, conditions apply.
Benefit is paid to the remaining policy owner(s)
Inflation adjusted option
Generally guaranteed renewable till age 65 – 70 once accepted into the policy
There are different ways that people can structure their premiums
Stepped option is rated on age, the price increases as the person ages
Level option is available which means you can average your payments over a certain number of years, level premiums generally are not guaranteed level premiums for this type of insurance and are annually reviewable as if claims rise the insurer can raise the underlying rate.
Life cover buy back option is a benefit offered by some insurance companies, where your TPD benefit is an early payment to your life cover, and after claiming the TPD benefit, your life cover benefit reduction is offered back to you a year later at the original terms.
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