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Imagine the devastation of learning you will no longer be able to work due to a permanent disability. It is a situation that no one wants to face, but should it happen, this cover will remove the stress and worry of wondering how you’ll cope financially.

Stroke is the third biggest killer and the greatest cause of disability in New Zealand.*

5 out of every 10 males and 7 out of every 10 females, aged 25 years are likely to become disabled due to an illness or  accident before they turn 65.**

49 years is the average age of our Provider's claimant.***

 * Source: Stroke Foundation of New Zealand

Permanent Disability Cover provides a lump sum payment in the event that you become permanently disabled, giving you financial stability when it’s most needed.

A permanent disability is a disability that is so severe that you cannot work at all for six consecutive months. In addition, following that period you are still so incapacitated by that illness or injury that you are unlikely to ever work again in your own occupation or any occupation depending on the type of cover you have selected.

You have two options:

1. Permanent Disability Cover – Own Occupation

If you choose Own Occupation, in the event of having to make a claim, the claim will be assessed on your ability to work in the

occupation you were employed in immediately prior to the claim being made.

2. Permanent Disability Cover – Any Occupation

Any Occupation assesses your ability to perform in any occupation for which you are reasonably suited – by education, training or experience – which would pay at least 25% of your pre-claim earnings (based on your last 12 months’ earnings in paid employment).

You have two options:

1. Permanent Disability Cover Accelerated – an advance payment of life cover

In this option, if you are permanently disabled and receive the permanent disability lump sum payment, the amount of your Life Cover will reduce by the amount paid for the permanent disability claim.

2. Stand Alone Permanent Disability Cover – a separate payment

In this option Life Cover is separate from Permanent Disability Cover. Should you claim on your Stand Alone Cover there will be no impact on any other Life cover you hold with our Provider.

This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves.

If you marry, have a child (by birth or adoption), divorce, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Permanent Disability Cover to be increased regardless of your state of health.

If you choose this option your sum insured will automatically be increased at the policy anniversary date by the annual rate of increase in the latest CPI. The premium will be recalculated for the increased sum insured. You will have an opportunity to decline the increase each year. There is no additional premium for this option.

(only for Permanent Disability – Accelerated Cover)

This allows the Life Cover sum insured to be reinstated by the amount of a permanent disability claim without the need for any further health information. An additional premium applies to this option.

Text courtesy of Tower Health and Life Ltd.