Risk Insurance
TPD Insurance
Total and Permanent Disability (TPD) insurance is a type of insurance that provides a lump-sum payment to policyholders if they become totally and permanently disabled and are unable to work in their usual occupation or any occupation for which they are reasonably suited by education, training, or experience.
Types of TPD Insurance
Own Occupation TPD – Provides a benefit if you are unable to work in your specific occupation that you were engaged in before the disability.
Any Occupation TPD – Provides a benefit if you are unable to work in any occupation for which you are reasonably suited based on your skills, education, and experience.
Trauma Insurance
Trauma insurance, also known as Critical Illness insurance, provides a lump-sum payment to policyholders upon the diagnosis of specific critical illnesses or the occurrence of traumatic events covered under the policy. This insurance provides financial support when policyholders meet the policy’s definition and criteria for the covered condition.
Income Protection
Income protection insurance provides regular monthly payments to individuals who are unable to work due to illness, sickness, or injury. It is designed to meet your financial obligations, such as paying bills, mortgages, and daily expenses.
Key Features & Benefits
Maximum Benefit amount – Your income protection can cover up to 70% of your monthly income.
Waiting period – This is a period for which you need to wait before your regular monthly payments start.
Benefit Period – This is a period up to which monthly payments will be paid to you if you are unable to work due to illness, sickness or injury.
Insurance Cover Premiums
You can generally choose to pay for your cover with either –
- Stepped Premiums: These premiums start lower but increase as you get older.
- Level Premiums: These premiums remain relatively stable over time but are initially higher than stepped premiums.
Your choice of stepped or level premiums greatly impacts the cost of your premium now and in the future.
