Total and Permanent Disability
What is Lump Sum disability cover?
What is insurance for Total and Permanent Disability?
It’s simple to assume that everyone is healthy. However, the truth is that if a catastrophic illness or accident strikes, we might never be able to return to work. If you become permanently disabled and are unable to work because of an accident or disease, Total Permanent Disability Insurance can offer you a lump sum payment and financial peace of mind that your lifestyle and family’s future will be protected.
If you are rendered permanently unable to work due to a sickness or injury, lump sum disability cover, often known as disability insurance, pays out a set cover amount. If you become unable to carry out your job tasks, this is meant to replace all or a portion of your lost future wages.
Why should you think about disability insurance?
Your most precious asset can be your income. How would you manage to pay for small everyday expenses like clothing and food or big ones like a mortgage if you were no longer able to produce an income?
Is a one-time payment that could be used to aid with expenses like medical care, hiring a caregiver, or recurring household costs. Also, may be applied to your mortgage, any outstanding debt, or any necessary property improvements. Any money that is left over might be used as income to pay for your daily expenses.
- Access up to $15,000 to aid with house or car modifications or the purchase of specialised medical equipment to help you cope with your new situation.
- You may be eligible for the Partial Permanent Disablement Benefit, which pays out the lesser of $100,000 or 25% of the sum insured under specific conditions (such as losing vision in one eye).
- Own Occupation cover: If it appears doubtful that you will ever be able to work in the occupation you were engaged in before becoming incapacitated, this option offers a lump payment.
- Total Permanent Disability Waiting Period Exemption
If an urgent medical evaluation demonstrates complete and irreversible disability and all other claim requirements have been satisfied, some insurers in their sole discretion, waive the three-month waiting period.
The Above benefits and/or similar are offered only by certain insurers, please consult our Financial Advisers.
What kind of protection does disability insurance provide?
Any illness or injury that renders you permanently incapacitated and unable to work will result in a lump sum disability payment. When requesting coverage, you can select either coverage for the job you’ve specified (own occupation) or coverage for any job that fits your qualifications in terms of education, training, and work experience (any occupation) which is a more generic definition of the jobs you can’t do.
Additionally, if you were to experience an impairment, your lump sum disability payment might pay out a lump sum. An impairment is a disease or injury that permanently impairs a bodily function, even if it has no bearing on your capacity to perform your job.
Please consult our Financial Advisers
Disclaimer
This document’s material does not represent advice. This document’s legal, technical, and product details are all subject to change at any time. A list of product features as of the time of release is provided in this document. The contractual terms and conditions (policy wording) will take precedence over this text in the event of a conflict.
