- Disability Insurance
Permanent disability insurance (also known as total and permanent disablement, or TPD, insurance) is a policy which pays a non-taxable lump sum benefit if you are unable to work in your own occupation due to illness or injury, and you are unlikely ever again to be able to resume work in that occupation.
From a financial point of view, permanent disablement is more catastrophic than death itself. Not only has your income-earning potential gone, but you remain alive and you have all the day to day consumption needs that everybody else has, such as feeding, clothing, caring, housing, heating, treating, transporting, communicating and entertaining. Permanent disablement is an expensive way to live.
If you suffer partial and permanent disablement, you could receive a partial permanent disability benefit of up to 25% of your total disability benefit, payable as a tax-free lump sum.
The disability definition is based on not being able to work in your own occupation, not just any occupation that you might be able to perform.
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Sovereign TotalCareMax Total Permanent Disablement cover includes all of the following great features:
The disability definition for assessing a benefit is based on you not being able to work in your own occupation, not an inability to work in any occupation which you might be suited to.
Receive a lump sum benefit payment if you become totally incapacitated through illness or injury, and you are considered unlikely to ever be able to resume work.
Receive a partial permanent disability benefit of 25% of your total disability benefit up to $25,000, if you suffer a partial and permanent disability as detailed in the policy.
Whether you’re at home, or travelling or working anywhere overseas for any period, you remain covered for partial and total permanent disability benefits.
After you receive your claim payment, you can spend up to $2,500 (including GST) on fees for financial advice obtained from an approved and accredited adviser.
Any and all benefits payable under your permanent disability insurance policy are paid as tax-free lump sum benefits under current legislation, directly to the policy owner.
Increase the amount of cover under your policy following certain life events, without any medical questions, examinations or tests. See the Benefit Appendix of the Policy Wording for details and terms.
If any change is made to the underlying policy in the future, and that change would be favourable to you, then guaranteed enhancement means that the change will automatically be applied to your policy.
If at any time during the 15 days following receipt of your policy you don’t wish to continue with your cover (for whatever reason at all), you can return your policy for a full refund of all premiums you have paid.
Download or view the Total Permanent Disablement Customer Guide:
The above identifies and provides a brief summary only of the principal benefits under the policy. Please refer to the policy wording, including the policy appendix and schedule, for full details of all the benefits and the terms and conditions under which they are provided.