LIFE COVER This type of insurance provides a lump sum payment to a beneficiary, third party or an estate in event of your death. It would also be normal for all or part of the benefit to be paid should you be diagnosed as terminally ill.
Total & Permanent Disablement This type of insurance provides a lump sum payment if you become Totally & Permanently Disabled. The meaning of Total & Permanent Disability is defined in each policy document. Some occupations have an option as to which meaning of Total & Permanent Disability can be insured. The benefit is normally provided as an advance payment of a death benefit or on a stand-alone basis.
This type of insurance provides a lump sum payment in the event of you being diagnosed with one of a specified range of critical illness or injuries. The list of conditions covered is often optional and varies between companies, as do the definitions of those conditions. Some trauma benefits are subject to a ninety-day qualifying period. The benefit can be provided as either an advance payment of a death benefit or on a stand-alone basis
This type of insurance provides you with a regular source of income should you be unable to work for a period due to sickness or injury. You can generally insure for up to 75% of your earned income. There are a number of options available relating to waiting periods and benefit periods. Waiting periods usually commence when you are first off work due to injury/illness and can range from 14 days to 2 years. You are not normally eligible for any payment for the time off during the waiting period. There are 2 types of policy, Agreed Value or Indemnity. Agreed Value pays you a monthly benefit based on your salary at time of application, whereas Indemnity pays you a monthly benefit based on your previous 12 months salary before you went on claim. This means you can receive a reduced benefit if your salary has dropped within this period.
This is a specialised form of risk insurance designed for people who are self-employed or in a partnership. It provided for a regular payment to cover the costs of running the business should you be unable to work for a period due to sickness or injury.