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Permanent Disability Insurance

If you became totally and permanently disabled, and you were unable to ever work again, you could receive a lump sum payment to take care of all those current expenses which won’t go away, and all the new ones which come as well.

25%
Cash Back
when you apply
online.
$100
New World Voucher
when your policy
is issued.
Be in to win a
$5,000
Flight Centre
Gift Card.

What is Permanent Disability Insurance?

Permanent disability insurance (also known as Total 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 to ever be able to resume 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.

  • Full, tax-free lump sum payment on permanent disability.
  • 24 x 7 worldwide cover – No Country Exclusions.
  • Future policy enhancements automatically included.
  • 3-yearly increases in cover available with no medical.
  • Superior ‘Own Occupation’ disability definition.
  • Partial Permanent Disability Benefit included.
  • Financial Advice Benefit included.
  • Free interim cover while your application is being processed.

Special Offer

New World Promotion

Apply online today and receive
25% Cash Back plus a $100 New World Voucher
when your policy is issued.
Cash Back details
New World Voucher details

Plus, be in to win a $5,000 Flight Centre Gift Card.
Flight Centre Gift Card details

Policy Features

Sovereign TotalCareMax Total Permanent Disablement cover includes all the following great features:


Rock-Solid Backing

The policy is underwritten by Sovereign, New Zealand’s largest life insurer. Sovereign has an A+ (Superior) financial strength rating from A.M. Best Company, the highest rating of any life insurance company in New Zealand.


Own Occupation Basis

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.


Permanent Disability Benefit

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.


Partial Disability Benefit

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.


24 x 7 Worldwide Cover

Whether you’re at home, or travelling or working anywhere overseas for any period, you remain covered for partial and total permanent disability benefits.


Financial Advice Benefit

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.


Lump Sum, Tax-Free Benefits

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.


Special Events Increase Facility

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.


Guaranteed Enhancement

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.


Free-Look Period

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 paid.

Customer Guide

Download or view the customer guide:

Total Permanent Disablement Customer Guide PDF

Total Permanent Disablement Customer Guide

Want to Know More?

Check out the FAQs for answers to frequently asked questions.

View or download a copy of the policy wording.

Sovereign
A+
(Superior) Financial Strength Rating from A.M. Best Company, Inc. Rating scale

Important Information

  • 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.