Stand Alone TPD Benefits & Options
Total and Permanent Disablement Benefit
The Stand Alone Total and Permanent Disablement (Stand Alone TPD) Benefit sum insured will be paid as a lump sum if you become totally and permanently disabled.
Within Stand Alone TPD you can apply for 1 of 2 types of TPD definition, according to your individual needs. The type of coverage provided by each definition is different, as is the cost. The 2 TPD definitions available are:
- own occupation TPD; and
- any occupation TPD.
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Limited Death Benefit
If you die and the Recovery Benefit is not payable, we will pay the Limited Death Benefit. The amount paid is $10,000.
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Automatic Increase Benefit
To help keep cover in line with inflation, the sum insured will increase on each policy anniversary unless the policy owner tells us not to. The increase in the sum insured will be the greater of the indexation factor and 3%. Premiums will then be increased to reflect the indexed sum insured.
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Premium Freeze Option
The policy owner can tell us to freeze premiums within 30 days of a policy anniversary if they are paying premiums on a stepped basis.
This means that future premiums will be fixed at the same amount as the premium immediately before the policy anniversary and the sum insured will usually reduce each year as you get older.
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Financial Planning Benefit
If the TPD Benefit sum insured has been paid, the recipient of the benefit will be reimbursed up to $1,500 (in total) in the event they obtain accredited financial planning advice.
If there is more than one recipient of the benefit, each recipient will be entitled to an equal share of the benefit.
Financial planning advice must be provided by an approved accredited Adviser and the Financial Planning Benefit claimed within 12 months of receiving the payment.
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Future Cover Benefit
If the TPD Benefit has not been paid before the policy anniversary when you are age 65, the policy will automatically convert to Term Life with death and terminal illness cover and Single TPD Payment Benefit with a modified TPD definition.
The sum insured for Term Life will be the lesser of:
- the sum insured at the expiry date; and
- $50,000.
The terms and premiums payable on the Term Life policy will be based on those offered to our Term Life policies at that time.
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Nominated Beneficiaries
If you and the policy owner are the same, you can nominate beneficiaries (such as your partner or children) to receive the benefit in the event of your death.
A nominated beneficiary must be an individual, a charitable foundation or a company. By validly nominating beneficiaries the possible delays of obtaining probate and administering the estate may be avoided. You can nominate up to 10 beneficiaries and change them at any time before your death.
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Permanent Disability Increase Benefit
Certain events in life such as marriage, the birth of a child, becoming a carer for the first time or an increase in your salary may have an impact on the need for insurance. To enable your level of cover to change with your circumstances, the policy owner can exercise the Permanent Disability Increase Benefit.
The benefit is available if you are age 55 or under when applying for the policy. The policy owner can increase the TPD Benefit sum insured, without the need for further medical evidence, if any of the increase events occur to you, and you are age 60 or under when the event occurs.
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Waiver of Premium Option
If you are disabled for an extended period of time, you may find it difficult to meet your financial responsibilities. Purchasing the Waiver of Premium Option may assist in easing this burden.
The Waiver of Premium Option is available if you are age 59 or under when applying for the policy.
The premiums for any period while you are disabled and covered for this option, will be waived, provided you have been continuously disabled for the previous 6 months.
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Child Recovery Option
You can apply for cover between $10,000 and $200,000 per child. The sum insured must be in multiples of $10,000.
If the Child Recovery Option applies, the Child Recovery sum insured will be paid in the event the insured child:
- dies;
- suffers a terminal illness; or
- suffers one of the following conditions or undergoes one of the following procedures:
| - blindness - brain Damage - cancer* - cardiomyopathy - chronic kidney (renal) failure - deafness - encephalitis - intensive care - intracranial benign tumour | - loss of limbs or sight - loss of speach - major head trauma - major organ transplant - meningitis - paralysis - severe burns - stroke* |
- the policy commencement date; or
- an increase to the sum insured (in respect of the increased portion only); or
- the most recent reinstatement of the policy.
- the cancer must be first diagnosed; or
- the stroke must first occur,
We will pay a partial payment of $10,000 if the insured child suffers;
- a serious accidental injury; or
- a single loss of limb or eye.
Child Recovery Increase Benefit
Under the Child Recovery Increase Benefit, the policy owner can increase the sum insured for an insured child by $10,000, without the need for further medical evidence when the insured child turns:
- 6;
- 10;
- 14;
- 18.
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