Income protection will pay the insured up to 75% of their regular monthly income if they become disabled because of sickness or injury and are unable to work. The premium for income protection is generally tax deductible. You are able to select a variety of waiting and benefit periods to adjust the premium cost.
Term Life insurance provides a lump sum amount paid to beneficiaries in the event of the insured’s death or being diagnosed with a terminal illness.
Total & Permanent Disability Protection
Total & Permanent Disability Insurance will provide a lump sum in the event the insured becomes totally and permanently disabled. This is defined by two different medical practioners diagnosing that the insured is totally and permanently disabled, one of these practioners must be a specialist in the relevant field. Typically, the loss of use of two limbs, two eyes or a combination of both does satisfy TPD, but it is up to the medical practioners to decide.
Critical Illness Protection
Critical Illness Protection provides a lump sum payment to the insured should you suffer a specified serious medical condition.