INSURANCES

Life Insurance and Total & Permanent Disability (TPD) Insurance

Life Insurance

Life insurance pays a lump sum benefit upon the death of an insured member. The benefit is usually payable without the deduction of tax. A benefit may also be payable in the event of a Terminal Illness, which is when a specialist has diagnosed that the member is expected to die within 12 months.

Total & Permanent Disability (TPD) Insurance

Total and Permanent Disablement insurance provides a lump sum benefit. The insured member is deemed totally and permanently disabled if he/she is unable to work for six consecutive months after the date of disablement upon satisfactory medical evidence. The Total & Permanent Disablement definition is on an "own occupation basis" in respect of members aged 64 or under and for ages 65 to 69 inclusive is based on "activities of daily living".

TPD is an accelerated benefit which means any death sum insured is reduced by the amount of any TPD claim paid.

This information is provided as a product summary only.