The benefit is a lump sum paid if you become totally and permanently disabled and unable to work. Many of the requirements for a term life policy will apply equally to the total permanent disablement benefit.
The benefit can be structured in conjunction with the life insurance as an early payment of the life cover. That is, it gets paid out and the life cover reduces by the same amount as the permanent disability claim.
Or as a Stand Alone cover and not as an early payment from the life cover. This means that the life and total permanent disablement benefit cover are separate from each other and any claim for total permanent disablement cover will not reduce the level of life cover.
For advice on how to best protect your family, or for more information the types of insurance available, please contact us.