Permanent Disability Insurance
Nobody likes to think about becoming disabled, but permanent disability affects many New Zealanders. An illness can erode your health either gradually or quickly until you’re unable to work, or a serious accident could leave you totally and permanently disabled.
Statistics tell us that one in nine men and one in five women will become disabled and unable to work for more than 12 months before the age of 65¹. If your working life comes to a complete halt, there are both present and future financial needs to consider.
The solution is AIA Total and Permanent Disability Cover.
Permanent Disability Insurance
- AIA Total and Permanent Disability Cover
Providing financial support to make life easier if you become permanently disabled.
AIA Total and Permanent Disability Cover (TPD) provides a lump sum payment of up to $5 million if you’re permanently disabled due to illness or accident.
The payment can be used for any purpose – living expenses, a full-time carer or modifications to your home for instance. But it is particularly useful for eliminating or reducing debt so that you can maintain an affordable lifestyle.
Our Total and Permanent Disability Cover protects you anywhere in the world. It immediately lifts the burden from your family, making it easier to look to the future optimistically.
1 Insurance Alert, Winter 2000
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Guaranteed renewable to age 65
- Can be taken out as an accelerated benefit against Life Cover or as a standalone benefit
- Funeral benefit of up to $12,500
- Assistance benefit of $7,500
- Optional increases for special events
- Worldwide cover
You’ll receive a lump sum payment of up to $5 million if you become totally and permanently disabled due to accident or illness. You’ll also receive an assistance benefit of $7,500 to help you settle into your new life.
With AIA Total and Permanent Disability Cover (TPD) you can choose your level of cover based on either ‘own occupation’ or ‘any occupation’:
- Own occupation – you’re unlikely to ever work in your own or similar occupation (certain occupations only) – this option may be suitable for those whose occupation is highly specialised, or
- Any occupation – you’re unlikely to ever work in any occupation for which you are suitably qualified.
Funeral Benefit
Our TPD Cover also includes a funeral benefit of $12,500 (for standalone TPD Cover) if you die during the term of your policy and no TPD Cover benefit is payable.
Special Events Increase
When you have TPD Cover, you may be able to increase the amount of your cover without further medical evidence, making it easier for you to adjust to your changing life. Special events include getting married or a civil union, getting divorced or legally separated, giving birth or adopting a child, getting a salary increase, taking full-time care of a dependent person, your child attending tertiary education, or increasing your mortgage.
| Qualifying age* | 16 – 59 years* |
|---|---|
| Duration of Policy | Policies are annually renewable to age 65 |
| Type of cover | Level or inflation linked. Accelerated or standalone |
| Cover limit | $5,000,000** |
| Premium options | You can ensure that your premium stays the same by choosing the level option (not guaranteed), or by choosing a premium guarantee period of one year |
*Individual consideration will be given to ages outside this range.
**Up to $3,000,000 on ‘any’ or ‘own’ occupation basis, plus $2,000,000 on an ‘Activities of Daily Living’ basis.
53-year-old Robbie was on his way to work when a commercial van pulled out in front of him. The ensuing collision fractured Robbie’s leg as well as several ribs.
After three surgeries Robbie was left with a significant permanent disability and an ongoing need for medical care. He was unable to return to his teaching job.
But because he had an ‘own occupation’ policy with AIA Total and Permanent Disability Cover, he was able to make a claim that provided him with the funds necessary to help him plan for a new future.