TOTAL AND PERMANENT DISABILITY
(TPD)
Total and Permanent Disability (TPD) insurance provides you with a lump sum payment if you are unable to work due to a permanent disability. The lump sum is designed to help you modify your lifestyle.
There are two definitions within the Total and Permanent Disability cover: “Any” or “Own” Occupation.
Any Occupation
Is defined as being so incapacitated that it is unlikely you will ever be able to return to work. You are paid remuneration greater than 25% of your pre-disability earnings, in your own occupation or any other occupation/gainful employment for which you are reasonably suited by education, training, or experience.
Own Occupation
Is defined as suffering a permanent disablement that disallows you to work in your own occupation for which you are suited by training, education, or experience.
In order to meet the payment criterion (subject to the provider) you will be unable to perform at least two of the following activities without the physical assistance of someone else:
- Bathing
- Dressing
- Eating/Drinking
- Personal Hygiene
- Moving from place to place by walking, in a wheelchair, or with a walking aid.
Total Permanent Disability (TPD) Insurance is designed to help in the worst of times. It may be uncomfortable to think about the ‘what ifs’ in life but it could be overwhelming if you’re not prepared.
The TPD lump sum payment can help with costs should you become permanently disabled. Costs such as rehabilitation, on-going medical treatment, general living expenses (including changes made around the home to accommodate the disability), mortgage repayments, outstanding debts, and of course your family’s ability to survive either without your income or on a lower income.
Contact us today for free no obligation financial advice.
Compare Insurance Provider Benefits
The following information is provided as a guide with which to compare quality Total Permanent Disability Insurance providers available in NZ. Here we identify similarities and subtle unique differences specific to each insurance provider, as per their brochures, giving you the opportunity to tell us why this provider is right for you.
Partners Life
About Partners Life:
Partners Life is a relatively new company to the Life Insurance market in New Zealand (approximately 6 years).
We understand how difficult and stressful it can be when it comes time to submit a claim and at Partners Life there are no surprises or shocks. We have a philosophy embedded into the fabric of the company that all genuine claims are paid as quickly and with as much empathy as possible.
Partners Life has an A.M. Best secure rating of B++ (Good)*.
* Given by A.M. Best Inc., an approved insurance rating agency.
Sovereign
About Sovereign:
After taking care of New Zealanders for the past 25 years, Sovereign is turning insurance on its head by dedicating ourselves to helping you take charge of your health.
Sovereign has an A.M. Best financial strength rating of A+ (Superior)*.
* Given by A.M. Best Inc., an approved insurance rating agency.
AIA
About AIA:
We’ve been helping New Zealanders since 1981. And as part of the AIA Group, one of the largest life insurance companies in the Asia Pacific region, our customers have the assurance that we’ll always be there for them when it counts, whatever life may bring.
AIA has a Standard & Poor’s (Australia) Pty Limited financial strength rating of AA- (Very Strong).
* Given by Standard & Poor’s (Australia) Pty Limited, one of the world's leading providers of independent credit risk research across industries and benchmarks, asset classes and geographies.
Asteron Life
About Asteron Life:
To Asteron Life, life insurance is all about getting the most out of today – knowing that if things go wrong, you’ve got plans in place. Asteron Life has been named New Zealand’s Best Life Insurance Company and Women’s Employer of the Year for 2015.
Asteron Life has a Standard & Poor’s financial strength rating of A+ (Strong).
* Given by Standard & Poor’s, one of the world's leading providers of independent credit risk research across industries and benchmarks, asset classes and geographies.
OnePath
About OnePath:
We’ve been paying claims for over 12 years and throughout that time, we have remained committed to our philosophy of doing what’s right by our customers every time. That means we look for ways to pay claims – not how to get out of paying claims.
OnePath has a Standard & Poor’s (Australia) Pty Limited financial strength rating of AA- (Very Strong).
* Given by Standard & Poor’s (Australia) Pty Limited, one of the world's leading providers of independent credit risk research across industries and benchmarks, asset classes and geographies.
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