Adding Disability Insurance to your Life Insurance policy can help make life a little bit easier if you become totally and permanently disabled.
We'll pay the owner of the policy a tax-free lump sum if you become permanently unable to work or meet our Total and Permanent Disability Definitions due to accident or illness.
Total and Permanent Disability cover (sometimes referred to as TPD) is an advance payment of your life cover. It is paid in a lump sum if you become
The lump sum payment is tax free and can be used however you need, whether that be modifications to your home, care at home or other assistance.
Yes, they simply need to apply. Note that it's the person getting insured who must provide the answers to the health questions on the application form and complete the declaration. When the policy is issued, the insured person will also be the policy owner. If they want to change that, they will need to request an update using the 'change of ownership' form included in the policy.
It’s a good idea to consider adding disability insurance to your life cover with Pinnacle Life. In this way, you’ll be covered for sudden changes in circumstances that affect your ongoing ability to work and take care of yourself, and you'll avoid a financial burden for you and your family.
You can pay your Pinnacle Life premiums monthly, six-monthly or yearly. We prefer it if you pay by direct debit, however we also accept internet banking/automatic payment, cheque (for six monthly or annual premiums only), or credit card. When paying via credit card, a charge of 3.95% is added to your premiums.
We do not accept weekly or fortnightly payments.
The cost of disability insurance varies depending on your individual circumstances, including things like your age, gender, your health, occupation and your chosen level of cover. It’s up to you to decide the level of disability insurance coverage you want, you can choose from anywhere between $100,000 up to $1 million.
If you were to become permanently unable to work due to an illness, accident or injury, you may be eligible to receive a disability insurance lump-sum payment. It includes some conditions, such as loss of limbs, that fall outside of our Critical Illness cover. Take a look at our Total and Permanent Disability Definitions to see exactly what’s covered.
You need to let us know as soon as possible. The additional information you provide may or may not affect your policy. Your policy may be placed on hold while we work through the assessment process, alternatively we may need to void your policy and issue you with a new policy once we have completed our assessment. If you are unsure whether you disclosed something on your application, please contact us and we will send you a copy of your application to review.
Disability insurance is an advance payment of life cover, paid out if you were to suffer an accident, illness or injury that resulted in your total and permanent disability. TPD insurance allows you to move forward with your life and account for any extra costs, including modifications to your home and care assistance.
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