Life and TPD
Term life insurance is the preferred policy accounting for over 90% of new contracts written each year. This policy does not provide a savings component and initially can be inexpensive to purchase when compared to traditional life insurance policies.
These policies provide for the payment of a lump sum in the event that the insured dies within a specified period of time (term). The main disadvantage with term life insurance policies is that there is no surrender value payable.
Total and Permanent Disablement (TPD) contracts are normally attached to term life policies and pay a lump sum on the total and permanent disablement of the insured. Total and permanent means 100%. Payments can be denied if it is found that the claimant is not 100% totally and permanently disabled.
Payment of a lump sum TPD can be made:
- If unable to work;
- For loss of a limb(s) or sight; and/or
- If unable to perform basic daily living activities.
We have access to a range of products designed to meet your needs, contact us to arrange a free initial interview.