Receive up to $1,500,000 in cover if you are unable to work again with HSBC
With HSBC Permanently Unable to Work Cover, you can benefit from having a financial buffer should you be affected by a permanent disability and you are unlikely to be able to work ever again. You have the peace of mind knowing that you can still keep on top of your financial obligations, while making the transition to your new condition with greater comfort.
HSBC Permanently Unable to Work Cover is also known as total and permanent disability insurance, or TPD. While the covers have different names, their features are essentially the same – providing you with a lump sum benefit amount if you are unlikely to be able to return to work because of illness or injury.
What does the policy cover?
With HSBC Permanently Unable to Work cover, not only will you be covered if you are unable to work again, but also in the event that you suffer from a major physical impairment. The main features and benefits of this cover includes:
- Linked to Life Cover: HSBC Permanently Unable to Work cover is available as part of the HSBC Life Cover package. You can nominate the amount of your TPD benefit, although it cannot exceed the amount you choose for your Life Cover benefit. The maximum benefit amount you can be paid under your HSBC cover is your Life Cover amount, before any other benefits have been paid.
- Choice of cover amount: The amount of cover that you can apply for will depend on your age at the time of application. You can apply for cover of up $1.5 million between 16 and 45 years old, and up to $1 million if you are between 46 and 55 years old.
- Own and any occupation cover: HSBC TPD cover will assess your claim based on whether or not you are likely to be able to ever return to work in your own occupation, as well as assessing your suitability for work in any occupation for which you have the relevant education, training or experience.
- Accidental injury benefit: If you are eligible for a payment under the accidental injury benefit, the life cover benefit is reduced by this amount. If this causes the permanently unable to work benefit amount to be more than the new Life Cover amount, the permanently unable to work benefit amount will be reduced to equal the new life cover amount.
- Eligible illness period: HSBC will pay a TPD insurance benefit if you have been continuously absent from work for at least three months due to and eligible illness or injury, and you are unlikely to ever work again in and occupation for which you are suited because of training or experience.
- Cover for major physical impairment: HSBC TPD insurance covers you for the loss of limbs or paralysis, the total and permanent loss of two or more limbs or the sight in one eye and more or more limbs. You are also covered for loss of sight and permanent legal blindness in both eyes, and the total and permanent loss of hearing in both ears.
- Inflation proof benefit: The benefit amounts you apply for on your critical illness cover will be carefully calculated based on your family’s financial situation, but what about as future costs increase? HSBC has thought about this, and include inflation proofing in all of their benefit amounts. This means that your TPD benefit amount will increase by 5% each year, or by the Consumer Price Index amount – whichever is greater. You can also choose not to have your benefit increased each year, and can opt into this feature in the future.
Steps to apply for cover
Being protected by HSBC in case you are permanently unable to work because of illness or injury can be done if you are an Australian or New Zealand resident, and you are living in Australia at the time you apply for cover. You must also be 16 to 55 years old to apply for Permanently Unable to Work Cover, and you must be working on a permanent basis, in an eligible occupation for at least 20 hours per week. Most occupations are eligible to TPD cover with HSBC, however you can easily check whether your job is covered by calling HSBC, if your work involves hazardous activities for example.
The minimum amount of Permanently Unable to Work Cover you can apply for is $100,000 and you can renew your cover until you are 65 years old. Your cover remains in place 24 hours a day, wherever you are in the world when you are struck by illness or injury.