What is Total Permanent Disability Insurance?
A lump sum paid in the event of death. Essential to protect your family, your business or any other financial commitments you may have. Life insurance simply creates an asset when it is needed most. Apart from providing a lump sum on your death, it also provides a lump sum on the diagnosis of a terminal illness.
While no amount of money can ever replace a loved one, it can provide the surviving family members with financial security at a time when they are at their most vulnerable.
Benefits of Total Permanent Disability Insurance
Findings from the 2001 New Zealand Disability Survey showed that one in five New Zealanders reported some level of disability – this was an increase of 41,800 since the 1996-97 survey. This is one risk that shouldn’t be treated lightly. If you lost your capacity to work due to illness or an accident would you have the means to continue to fund your daily life and meet loan repayments? And if you were disabled for an extended period of time, what do you think would be the chances of meeting your long-term financial goals?
2 out of 5 people will be unable to work for 6 months or more because of sickness or an accident at some time between the ages of 30 and 65.
Who can have Total Permanent Disability Insurance?
Any person over the age of 16 and up to the age of 60 can avail Total Permanent Disability Cover.
What is covered?
Disability arising due accident or illness which results in total impairment and have Suffered the total and irreversible inability to perform at least 2 of the 5 Activities of Daily Living without the assistance of another person.
What isn’t covered?
The Insurance company will not pay any claim if a life assured, or child covered under the optional children’s benefit, suffers one of the covered conditions as a direct or indirect result of:
1) Self-inflicted harm including attempted suicide
2) Participating in criminal activity