Ensure financial support is in place if you suffer a total and permanent disability with ClearView
Life insurance is important to provide financial support and protection to your family when you are no longer around to provide for them. However, certain events may occur that may affect your ability to work and provide for your family. If you are the main breadwinner in the family, without a form of financial protection in place, consider whether your family's personal savings will be enough to cover your ongoing living expenses. Will you be able to afford the medical and rehabilitation expenses when required to assist your recovery?
This is when having a TPD Cover in place can be valuable to you and your family. ClearView LifeSolutions Total and Permanent Disability (TPD) Cover provides a lump sum benefit amount to you and your family if you suffer from a permanent disablement as the result of a sickness or injury, and you are unlikely to return to work ever again. ClearView allows you to choose a benefit amount which meets your family’s financial needs and goals, and covers a range of TPD definitions to apply to your working situation.
What does the policy cover?
Becoming totally and permanently disabled is not something any of us like to think about. However with TPD Cover, taking care of your family doesn’t have to be one of those things you’re no longer able to do, because with your choice of benefit amount, you can continue to maintain your family’s financial security.
Your ClearView LifeSolutions Total and Permanent Disability (TPD) Cover will also provide:
- Flexibility to nominate your cover amount: The minimum amount of TPD Cover you can apply for is $50,000. The maximum benefit amount that you can apply for will vary depending on your the type of cover you choose - $2 million for Home Duties TPD definition, $3 million for Non-Working TPD definition, and $5 million for Own or Any occupation TPD definition.
- Link policies for comprehensive cover: You can apply for TPD Cover as a stand alone policy from ClearView, or as part of a life cover policy, a trauma cover policy or a linked life cover and trauma cover policy.
- Hold your cover through superannuation: You can also obtain ClearView Total and Permanent Disability Cover inside superannuation, allowing greater flexibility for you to manage your finances easily with access to greater level of coverage.
- Waiver of Qualifying Period benefit (Day 1 TPD): In the event that you suffer from a specific medical event as listed in the policy, ClearView will waive the three months qualifying period, provided that your policy's TPD definition is met.
- Specific Loss Benefit: A partial benefit of 25% of your benefit amount is payable to maximum of $500,000 if you suffer from the loss of use of one limb or sight on one eye.
- Life Cover Buy Back Benefit: If your TPD cover is linked to a life cover policy, you can reinstate your life cover benefit amount when your TPD Cover benefit amount has been paid in full.
- Death benefit: is applicable to stand alone TPD Cover and a benefit of $10,000 is payable in the event of your death.
- Indexation Benefit: Every year, your benefit amount will automatically increased in line with the Consumer Price Index (CPI) or to minimum of 5%, so it can keep up with inflation for future claims.
- Accommodation Benefit: When a family is member is required to travel from their home to care for you whilst confined to a bed as advised by a medical practitioner, any accommodation costs of up to $250 per day for 30 days will be reimbursed.
- Financial Advice Benefit: If you require the assistance of a financial adviser in preparing a financial plan in the event of a successful TPD benefit payout, any professional fees of up to $2,000 will be reimbursed.
- Future Increase Benefit: You can increase your cover amount at any specific life events without having to undertake further medical tests.
- Premium Freeze Benefit: When you choose a stepped premium structure for your policy, you can lock in your premiums at a specific rate so it won't increase in the future as you get older.
- Suspending Cover Benefit: You can put your cover and premiums on hold for 12 months in the event that you are going through a financial hardship, unemployed or taking a long leave from work.
- Accelerated Life Cover Buy Back Option: is available if your TPD Cover is linked to Life Cover. With this option, you can reinstate the Life Cover benefit amount that has been reduced by a full TPD Cover benefit payment, and any future premiums will be waived until your policy anniversary, at the age of 65.
- Life Cover Purchase Option: If you have a stand alone TPD Cover, you can purchase Life Cover for the amount that has been reduced by a full payment of TPD Cover amount.
- Disability Premium Waiver Option: If you are totally disabled, your TPD Cover premiums will be waived up until the policy anniversary immediately after you turn 65 years of age.
- Business Guarantee Option: You have the option to increase your TPD Cover benefit for specific business-related events without needing to provide further medical evidence.
TPD definitions offered through ClearView LifeSolutions
Depending on your working role and status, you can apply for cover under different definitions of total and permanent disability, such as:
- Any Occupation TPD: means that as a result of a sickness or injury, you have been unable to work for three consecutive months and at the end of these three months you are disabled to the extent that you are unlikely to ever be able to work in any occupation for which you are reasonably suited by education, training or experience, and which is likely to generate an average monthly earning of at least 25% of your pre-disability income.
- Own Occupation TPD: is defined as you having been unable to work in your Own Occupation for at least three consecutive months as a result of a sickness or injury, and you are disabled to the extent that you are unlikely be able to engage in your Own Occupation ever again.
- Home Duties TPD: is where you have suffered a sickness or injury and have been unable to perform your home duties for three consecutive months, and remain disabled at the end of the three month period to the extent that you are unlikely to be able to perform home duties, or engage in Any Occupation for which you are reasonably suited by education, training or experience.
- Non-working TPD: is when you experience Loss of Limbs or Sight, Loss of Independent Existence or Cognitive Loss as the result of a sickness or injury.
Who can apply for ClearView TPD cover?
You can apply for TPD Cover with ClearView if you are 18 to 75 years old. Depending on the type of TPD Cover definition you choose, you can apply up to the age of 60 if you opt for either Own occupation, Any Occupation, or Home Duties TPD definition. If you are applying for Non-Working TPD definition, you can apply up to the age of 75. After your policy anniversary, immediately after your 70th birthday, your TPD Cover definition will convert to Non-Working TPD and your policy will continue to provide cover until the policy anniversary immediately after your 99th birthday.