Medical care doesn’t come cheap.
And this can take some of the financial pressure off getting that care.
Chances are your family relies on your ability to work. But if you become totally and permanently disabled, this Total and permanent disability (called TPD for short) policy can help you get the care you need – and ensure your family is looked after. You can add it into your Life cover or take it as a stand-alone policy.
TPD is paid out if you become totally and permanently disabled and are unable to work – whether that’s in a workplace, home or even if you’re a student.
Well, the debts and bills don't stop – especially if you need ongoing medical care or therapy.
You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. If you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed.
You can keep this insurance going even after retirement age – so your policy still works for you. It’s important to note though that if you’re not working, the definition of what totally permanently disabled means does change. Also, if you get married or have a baby for example, you could increase the value of your cover any time before the age of 55 without needing to give us medical evidence (check out the TPD info sheet for details are there are a few conditions). You can increase your cover at any time up to age 75 though, but we may need to do health and financial checks.
We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the info sheet.
Yes - you’ll need to be between 16 and 64 if you want this cover.
Your cover extends past retirement age – and will only finish up once you turn 100. It is important to note that the definition of what is considered to be Totally Permanently Disabled does change, depending on your working status and duties.
You can also choose to inflation-proof your policy by having the amount you are insured for increase each year.
You can pay fortnightly, monthly or annually – whatever works best with your budget.
At the start of the policy you can choose whether you want your premiums to increase each year (called Yearly Renewable Term) or be fixed for the life of your policy (called Level Term).
With Level Term, the premiums start out a bit higher than yearly renewable, BUT the amount you pay remains the same for the term of the policy.
With Yearly Renewable Term, your premium increases each year based on things like your age, gender, smoker status and your amount of cover. You’ll receive a note letting you know your adjusted premium.
A combination of Level Term and Yearly Renewable Term can help provide flexibility and certainty. Ask your adviser about this, or give us a call on 0800 88 22 88
You can choose to have your TPD included as an ‘accelerated benefit’ (which means it’s deducted from your total Life cover amount), or as a ‘standalone benefit’, which won’t reduce the total amount in your Life cover (basically, if you choose this option, the amount in your Life cover doesn’t change.)
If you choose to have your TPD cover paid as an accelerated benefit, you can choose the optional extra of buying back the amount that’s deducted from your Life assurance if you’d like.
You can increase your TPD cover, up to the age of 55, if you get married or enter a civil union, have kids or take out a mortgage, along with a number of other things, without having to provide medical evidence. You can find out more by taking a look at the info sheet.
You can choose to suspend your payments for up to a year (without the need to update us on your health) if you’re made redundant, bankrupt, travel overseas or study at university. You can find out more by taking a look at the info sheet here.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit fidelitylife.co.nz/about-us/our-financial-strength/
Disclaimer – the information contained in this webpage is a summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.
Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy documents for specific details. This webpage does not provide a personalised financial advice service.