Permanent Disability Plus
In a perfect world we are all healthy enough to be financially secure - you can work to retirement age, on retirement, your finances are secure because you have a pension and you are also able to make financial provisions in case you die.
If you suffer an illness or serious accident without insurance you may be too ill to continue to work and so have no more income on which to live. You may also have additional expenses, such as the need for nursing or special care. This means for the remainder of your working life you and your family will suffer financial hardship.
Purchasing a Permanent Disability Plus protects you and your family to ensure your finances are secure.
The Permanent Disability Plus has important features:
- The cover is for Accident and Illness risks.Most other policies available cover accident risks only. You are six times more likely to be disabled from an illness than from an accident so it is important to be protected for both
- Like a Life Policy is pays a Lump Sum Benefit. If you are unable to work for 12 months and your condition is Permanent, the sum insured is paid in full as a lump sum.
- Cover is in addition to Life Assurance. If you already have Life Assurance this policy pays in addition. Many people buy the same limit for Disability Insurance (cover if you live) as they do for Life Assurance (cover if you die).
- Flexible Benefits. Policies are for options of USD 25,000 or USD 50,000, or USD 75,000 or USD 100,000. If you would like a higher sum insured, you buy up to a maximum of USD 500,000 any one person in all without a medical. Sums Insured over USD 500,000, up to USD 5, 000,000 at terms to be agreed and subject to a satisfactory medical. The premium is an annual premium which stays the same each year and cover expires at the age of 65 which is considered the normal retirement age. (At this stage any pension provisions made replace the need for this insurance and so this cover ceases).There are 2 different policy types - a cheaper premium where the sum insured reduces gradually to age 65 as the need for cover reduces, or a more expensive premium where the sum insured stays the same each year. You choose the premium and you choose the cover.
- Loan protection option. If you need to protect a loan this policy may be assigned to the lender to help your negotiations for the loan. Usually the sum insured selected is the same as the amount of the loan.
- Non cancellable other than for non payment of premiumYou may cancel the policy if you choose, but the insurers may only cancel if you do not pay the annual premium, or if they come out of the whole class - in the same way as for Life Assurance. This means that if you have an illness after the policy incepts from which you then recover, but which occurs again, you are covered.
- Application form but no medical.When you apply, we require you to complete an Application Form. We do not require you to have a medical in addition.
- Occupations. While insurers exclude members of the armed forces, other occupations may be insured, but not always for their usual occupation. If your occupation is not for desk duties please consult your broker.