Permanently Unable to Work cover has multiple naming conventions. Some may refer to it as Total and Permanent Disability (TPD) cover, or disability insurance. It is an additional cover option that can be added onto your Life cover.
Permanent disability can be financially as well as emotionally devastating and if you have not considered the consequences of losing your income, now is the time to do something about protecting it.
Our Permanently Unable to Work policy pays you a lump sum which can be used to help to minimise the impact permanent disability has on your way of life. The funds can be used for anything from paying off debts, replacing lost income for daily living costs, or assisting with ongoing medical and rehabilitation costs.
- Permanently Unable To Work cover
- What is covered?
Permanently Unable to Work cover can be added as an option to your Life cover policy and covers:
- Permanent Inability to Work in Any Occupation definition
We will pay a benefit when solely because of Sickness or Injury you have been continuously absent from work for a period of at least three consecutive months and due to that Sickness or Injury you are unlikely ever to work again in any occupation for which you are suited based on your work experience, your education and any training you have had.
- Major Physical Impairment
We will pay a benefit on:
loss of limbs or paralysis - total and permanent loss of use of two or more Limbs or, one or more limbs and the sight in one eye due to Sickness or Injury.
loss of sight - permanent Legal Blindness in both eyes due to Sickness or Injury.
loss of hearing - total and permanent loss of hearing in both ears due to Sickness or Injury.
All Australian permanent residents aged between 16 to 55 can apply.
|Age at application
|16 – 45
|46 – 55
|56 – 65
||Not eligible for cover
||Not eligible for cover
You can tailor the benefit amount to suit your needs; you can choose any cover amount between $100,000 and $1,500,000 depending on your age, however this amount cannot exceed the Life cover amount.
- Inflation Proofing
Permanently Unable To Work amounts automatically increase each year to keep pace with inflation (the increase will be the greater of the increase in the CPI over the previous year or 5%). Each year premiums will be adjusted to reflect this increase so you can rest assured your cover will be worth the same amount if you come to make a claim later down the track. Any increase can be declined by advising us in writing.
- Guaranteed renewable policy
Once a policy has been accepted and issued, and provided premiums are paid as due, we guarantee to renew it until the life insured’s 65th birthday.
All Australian permanent residents between the ages of 16 to 55 (inclusive) may apply for Permanently Unable To Work cover.
Allianz rated outstanding value for the fifth year by CANSTAR.
Allianz is proud to be named the winner of the Life Insurance Product of the Year Award at the 2012 Australian Banking and Finance Insurance Awards.
Product Disclosure Statement
For terms, conditions and exclusions of our insurance, please refer to the Product Disclosure Statement (PDS).