Superannuation Term Life Plus Total and Permanent Disability Insurance
Depending on the covers selected, Zurich Superannuation Term Life Plus Insurance offers:
- Life cover that pays a lump sum on your death or diagnosis of terminal illness, and/or
- TPD cover that pays a lump sum benefit on your Total and Permanent Disablement.
Superannuation Term Life Plus is a risk only superannuation policy, meaning it provides insurance cover through super without an investment component, allowing insurance to be funded with pre-tax income.
The benefits and options of the policy are restricted so that the cover is aligned with superannuation law.
TPD Insurance pays a lump sum if you become totally and permanently disabled and therefore are unlikely to ever work again. TPD is about ensuring that you retain as much quality of life as possible.
- Provide funds to allow a family member to give up work to care for you or, alternatively, to fund other home care
- Allow you to repay debts including mortgage, personal loans, guarantees, credit cards and store cards
- Pay for any major renovations required to your home (eg. to permit wheelchair access)
TPD cover is also available as an optional protection benefit with a Zurich Superannuation Plan allowing the insurance premiums to be funded by the superannuation balance.
A brief outline of the benefits provided under Zurich's TPD Insurance (via the Zurich Superannuation Term Life Plus policy) is set out below. Full details, including any benefit limitations and exclusions, can be found in the Zurich Wealth Protection PDS (pdf 2.3Mb).
TPD benefitA lump sum benefit is payable on your Total and Permanent Disablement. This policy offers an 'any occupation' definition of TPD cover.
In-built policy provisions which apply to all Protection Plus policies:
Interim coverWhile your application is being assessed, interim accidental TPD cover can apply for up to 90 days.
Inflation protectionCover can be increased each year to allow for inflation by the greater of the CPI and five per cent.
Future insurabilityOn certain specified occasions related to personal circumstances such as marriage or birth of a child, cover can be increased within guidelines without any further health assessment.
Financial planning adviceAfter a Death benefit is paid, up to $3,000 of financial planning advice cost can be reimbursed.
Premium holidayAllows a 3, 6, 9, or 12 month break in cover (max 12 months over life of policy) to ease financial pressure.
Additional (extra cost) options are available with TPD cover, allowing cover to be tailored to your needs.
Premium waiver optionYour premiums will be waived for all benefits under the policy if you are totally disabled prior to age 70.
Accidental death optionA nominated lump sum amount is payable on your accidental death. Cover is available from $50,000 to $1 million.
Business future cover optionIf cover is taken out for business insurance purposes, you can increase the cover annually in line with changes in the value of the business, without providing further evidence of good health.
Double TPD optionDouble TPD option can be added if you take TPD cover in conjunction with Death cover. If you make a TPD claim, your Death cover is reduced by the claim amount. This option allows the Death cover to be reinstated 14 days after a TPD claim. All future premiums for the reinstated Death cover are waived until the policy expiry date.